Caesars Sues Insurance Carriers For More Than $2B lost To COVID-19
Caesars Entertainment Inc. has lost more than $2 billion over the course of the COVID-19 pandemic. Now it wants its insurance providers to pay up.
The Reno-based company filed a lawsuit against its insurance carriers on Friday for refusing to pay for pandemic-related business interruption losses.
Caesars had paid more than $25 million in premiums to secure ‘all risk’ coverage, a broad property insurance plan meant to protect any physical loss or damage and resulting business interruption unless specifically excluded by policies, according to a Monday filing with the U.S. Securities and Exchange Commission.
‘This risk was covered and not excluded in the All Risk Policies at issue,’ Caesars argued in the lawsuit, but ‘insurers have failed to pay a single penny for the business interruption at Caesars’ properties caused by … the novel coronavirus.’