Zurich Says Atlantic City Resort Is Hiding Its Value

Law360, New York (April 5, 2012, 7:12 PM EDT) -- Zurich American Insurance Co. on Wednesday sued Atlantic City's Borgata Hotel, Casino & Spa, accusing the owners of flouting the terms of an insurance policy by refusing to report the value of a new resort.

The policy covered construction of an 800-room hotel, an apparent reference to The Water Club, which was built on the Borgata’s bayfront property during the policy’s 2006-08 coverage period, according to the insurer's complaint filed in New Jersey federal court.

The lawsuit targets Borgata developer Marina District Development Co. LLC, a...
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