A New Jersey appeals court overturned a lower court and ruled against an Atlantic City casino and in favor of units of Zurich Insurance Group Ltd., American International Group Inc. and Allianz SE in COVID-19-related business interruption coverage Thursday. LitigationProperty
The litigation was filed by the Ocean Casino Resort, a 138,000-square-foot casino and gaming entertainment facility that is the largest gaming suite in the U.S., according to the ruling by the Superior Court of New Jersey appellate division in Jersey City in AC Ocean Walk, LLC v. American Guarantee and Liability Insurance Co., AIG Specialty Insurance Co. and Interstate Fire and Casualty Co. and National Fire & Marine Insurance Co.
Earlier in the week, the same court had affirmed seven lower court rulings dismissing similar litigation.
The Zurich, AIG and Allianz units, along with National Fire & Marine Insurance Co., a Berkshire Hathaway Group unit, had provided a total of $50 million in coverage on a quota share basis, according to the report.