Broadway theater owner Jujamcyn Theaters is suing its insurance companies, Federal Insurance Company and Pacific Indemnity Company, for paying merely $250,000 to cover what the company claims should be “tens of millions of dollars” in coronavirus-related losses.
NETFLIX ANNOUNCES CAST FOR NEW ‘PINOCCHIO’ ANIMATED MUSICAL
The lawsuit, filed with the Southern District of New York, alleges that Federal Insurance Company “flatly denied coverage, refusing to pay even a penny to help Jujamcyn” while Pacific Indemnity paid the company $250,000, a fraction of what it claims it should’ve been paid under its insurance policy.
“Federal and Pacific knew, and publicly acknowledged, that they could be obligated to pay for massive losses in the event of a pandemic. Federal and Pacific also knew that they could use common and widely available exclusions to guard against being obligated to pay for pandemic-associated losses,” Jujamcyn said in the lawsuit. “However, they decided not to