Magyar Sues Great Lakes For Coverage Of Condo Damage

Law360, New York (July 19, 2012, 10:01 PM EDT) -- Magyar Bank sued Great Lakes Reinsurance Co. U.K. in New Jersey state court Tuesday for allegedly failing to provide owed excess coverage above a $1 million primary policy limit in connection with extensive vandalism damage at a condominium complex.

In a complaint filed in Middlesex County, Magyar accuses Great Lakes, a Munich Re company, of breach of contract and bad faith for allegedly failing to pay the remainder of its substantial damages and applying a duplicative deductible.

Magyar acquired the 10 condominium units under construction in...
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