Real Estate Giant Thor Equities Sues Insurer for COVID-19 Losses

NEW YORK — Commercial real estate giant Thor Equities has sued Factory Mutual Insurance Co. in New York federal court, demanding coverage for at least $20 million it has sustained in lost rental income and other costs due to the COVID-19 outbreak.

In an April 30 complaint filed in the U.S. District Court for the Southern District of New York, Thor maintains that the “Communicable Disease Response” coverage in its policy’s Property Damage section was triggered by COVID-19 and resulting civil authority orders.

The policy’s contamination exclusion cannot apply to anything defined as communicable disease because neither the exclusion nor …