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CU sues insurer alleging potentially billions in COVID damages
(Courtesy University of Colorado-Boulder)
This story first ran on BizWest.com, a BusinessDen news partner.
The University of Colorado Board of Regents has filed a lawsuit against its insurance company alleging that the insurer has failed to pay claims related to losses sustained from the COVID-19 pandemic.
The claim, potentially worth more than a billion dollars, seeks to force Factory Mutual Insurance Co., which does business as FM Global, to respond to the university’s claim and pay damages under multiple provisions of the university’s “all risks” insurance policy.
The suit was filed Wednesday, March 10, in order to be within the policy’s stated one-year period of time in which to file suit. Claims were filed with the insurer March 12, 2020.