New Jersey Supreme Court Rules Against Ocean Casino Owner in $50m COVID-19 Lawsuit Against Insurance Companies

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Ocean Casino Resort

AC Ocean Walk LLC was thwarted by nan New Jersey Supreme Court successful its $50m suit against 4 insurers complete gross losses incurred during nan COVID-19 shutdowns. [Image:]

AC Ocean Walk LLC, nan proprietor of Atlantic City’s Ocean Casino Resort, has mislaid its $50m suit against 4 security companies complete compensation it believed it was owed from mislaid gross during nan COVID-19 shutdowns. The New Jersey Supreme Court ruled unanimously against Ocean Walk Wednesday, directing nan original proceedings judge to disregard nan suit pinch prejudice.

“best successful class” coverage

Ocean Walk bought what it called “best successful class” sum from American Guarantee and Liability Insurance Co., AIG Specialty Insurance Co., Interstate Fire & Casualty Co., and National Fire & Marine Insurance Co., nan 4 defendants successful nan case. It was forced to adjacent nan casino successful March 2020 because of an executive bid from nan governor, conscionable arsenic casinos astir nan world had to astatine nan outset of nan COVID-19 pandemic. It reopened pinch constricted capacity connected July 2, 2020, yet revving backmost up to afloat operations.

The Supreme Court shot down Ocean Walk’s 2 arguments: 1) that it incurred “direct beingness nonaccomplishment aliases damage” and 2) that COVID-19 is not a contaminant, arsenic nan policies had a “contaminant exclusion” that does see viruses.

Though Ocean Walk was unsuccessful successful its bid for $50m, it was granted $850,000 mixed from American, AIG, and Interstate Fire for business stoppages caused by a “communicable disease.”

Source Vegas