Zurich American Sued for Refusing to Cover $20 Million in Superstorm Sandy Damages

NEW YORK — A New York building owner has sued Zurich American Insurance Co., seeking $20 million in coverage under a builder’s risk policy for property damage and “delay in completion” losses caused by Superstorm Sandy.

In an Aug. 22 complaint filed in New York Supreme Court, El-Ad 250 West contends that Zurich has refused to pay the company “a single dime” for even uncontested Sandy-related losses that occurred while the company was converting the building into a luxury condominium.

El-Ad maintains that it paid Zurich in excess of $340,000 in premiums for the builder’s risk policy, which provided varying …