NY Real Estate Investors Lose Virus Coverage Suit

By Caleb Drickey (October 22, 2021, 6:17 PM EDT) -- Westport Insurance Co. was not responsible for $11 million in lost rental revenue caused by COVID-19 business closures, a New York federal judge ruled on Thursday.

U.S. District Judge Jesse M. Furman tossed a breach of contract lawsuit by commercial landlord and real estate investment trust Spirit Realty Capital against its insurer, holding that the REIT's losses were not caused by physical damage and were not covered by property insurance policies.

"Spirit fails to plausibly allege that the presence of COVID-19 virus in the air and on surfaces constitutes direct physical loss or damage to insured property," Judge Furman said....

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