NJ Insureds Benefit From Broad Reading Of Physical Loss
Law360, New York (December 19, 2014, 1:18 PM EST) -- Commercial property insurance coverage protects policyholders against the consequences of "physical" loss or damage to their insured property. Insurers have long argued that such coverage is narrow, applying only where the insured property sustains some physical damage resulting in a structural alteration of the property requiring repair or replacement. Consequently, insurers have urged that coverage is unavailable, even when the policyholder's property is unusable or uninhabitable as a result of the loss event, unless the structure of the property was altered. A New Jersey federal court recently rejected the insurance industry's narrow application, however, holding in Gregory Packaging Inc. v. Travelers...
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