The owner of two Texas malls is asking a state appeals court to let a jury hear the story of its denied commercial insurance claim in the wake of Hurricane Ike in 2008. According to Triyar Companies, the owner of the malls, the property damage was covered under its insurance policy with Fireman’s Fund Insurance Company. According to the insurance company, the mall owner did not hold a policy with them at all.
When Hurricane Ike struck the Houston area almost five years ago, it caused an estimated $37.5 billion dollars in damage in Texas alone. This made it one of the costliest and most destructive tropical storm events in history. The Greenspoint Mall and San Jacinto Mall, owned by Triyar, withstood approximately $50 million in damage caused by high winds and rains during the storm.
In legal documents, Triyar states that the insurance claim was going smoothly up until the insurance company learned that it would have to pay for $50 million in damages. At that point, the company denied the claim, stating that Triyar simply didn’t have commercial insurance with them.
Triyar explained that it has paid premiums to the Fireman’s Fund since 2006. Fireman’s Fund even chose to insure them under the name Triyar for the sake of convenience even though the group consists of thirty individually owned commercial properties held by single-asset entities. Fireman’s Fund said that Triyar is simply not the legal owner of the malls and is not covered. Fireman’s Fund has collected premiums and even paid out claims to Triyar since 2006.
Commercial property owners and businesses are still struggling to collect the money they are owed in the wake of Hurricane Ike. If you require the assistance of an experienced commercial insurance attorney regarding a denied insurance claim, call the Voss Law Firm today at 888-614-7730.