Tech Company Cannot Recoup COVID-19 Losses from Insurer, 2nd Cir. Affirms

NEW YORK — A 2nd Circuit U.S. Court of Appeals panel has upheld dismissal of a technology company’s COVID-19 coverage action against Factory Mutual Insurance Co., affirming that it failed to allege “physical loss or damage” to insured property, as required by the policy.

On Jan. 31, the panel agreed with the U.S. District Court for the District of Connecticut that while ITT Inc. may have been deprived of the full desired use of its properties, there was no actual loss; rather, the property was unharmed and remained in the same condition it was before the pandemic.

ITT manufactures products …