A casino operator is suing three insurers that said policylanguage excluded their paying flood damage and rejected $346.5million in claims from the business after Hurricane Katrina hit itsBiloxi, Miss., location.
Pinnacle Entertainment filed suit in U.S. District Court in LasVegas against Allianz Global Risks U.S. Insurance Company, ArchSpecialty Insurance Company, and RSUI Indemnity Company, on Aug. 1,for failure to pay its claims.
According to Pinnacle, the companies provided $300 million ofcoverage in excess of $100 million provided by other insurers. Inits court filing, Pinnacle said it has received $50 million fromprimary carriers and has received promises of $50 million from theremaining primary carriers.
Continue Reading for Free
Register and gain access to:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
