Law360, New York (October 19, 2011, 4:55 PM EDT) -- RSUI Indemnity Co. launched a suit in Alabama federal court Tuesday over the amount it owes a real estate company for tornado-damaged buildings under a $563 million policy, arguing claims should be paid per building rather than on an aggregate basis.
The insurer should be liable only for, at most, the total value of each building damaged, according to a complaint for declaratory judgment filed against Sealy Realty Co. Inc.
The suit stems from wind damage to 14 Sealy-owned residential apartment buildings caused by a tornado...
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