Magic City CasinoMagic City Casino Sues Insurers Over Coronavirus Losses
Magic City is suing AXA XL Insurance Group, AXA subsidiary Indian Harbor Insurance Co., Hallmark Specialty Insurance Co. and Ategrity Specialty Insurance Co., saying they sold "all risk" property insurance policies to the casino that include covering business-interruption losses.
July 29, 2020 at 07:55 AM
3 minute read
As similar disputes play out across the country, a Miami casino has filed a lawsuit arguing that insurers should cover financial losses stemming from the facility being shut down because of COVID-19.
The lawsuit, filed last week in federal court in South Florida by the operators of Magic City Casino, contends that four insurance companies wrongfully denied coverage for "business interruption" losses. Such disputes have high stakes for businesses and insurers as they tangle over whether policies cover losses from a pandemic that shuttered large parts of the economy.
Magic City is suing AXA XL Insurance Group, AXA subsidiary Indian Harbor Insurance Co., Hallmark Specialty Insurance Co. and Ategrity Specialty Insurance Co., saying they sold "all risk" property insurance policies to the casino that include covering business-interruption losses. The casino said it is not suing other insurers that sold policies that excluded coverage for such things as viruses.
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