Media Coverage
Source: Crain’s New York Business, Business Insurance
Media Coverage
10.25.13
Four New York Plaza, near the waterfront in lower Manhattan, was closed for three months after Superstorm Sandy struck last year. While the tenants temporarily moved out, the owners, an investment group, spent tens of millions of dollars on repairs.
The owners were later sued by two of their insurance companies in a pre-emptive bid to avoid paying a flood-insurance claim for $19.2 million.
Peter Gillon, who is representing the owners and is a Washington, D.C.-based partner in Pillsbury’s insurance recovery and advisory practice, said such types of shrewd legal maneuvers are hardly uncommon. “We are seeing insurers suing their clients because they want to establish that there is no obligation to pay.”