FWTX Building, the corporation that owns the Landmark Tower building in Fort Worth, which was severely damaged in a March 2000 tornado, recently sued the building’s insurance carrier for not providing coverage for the tornado damage.
According to the Fort Worth Star Telegram the building owner filed suit in federal court accusing Lexington Insurance Co. of failing to adequately provide coverage for the damages under a policy issued in May 1999.
The lawsuit filed in U.S. District Court in Dallas alleges restoration of the building has been delayed more than 2 1/2 years and that the company has lost over $52 million in loan and partnership money because of inaction by the insurer. Landmark is seeking punitive awards in addition to over $110 million in damages.
Landmark’s suit reportedly counters a lawsuit filed in August by Lexington against Landmark that asks the court to define the insurer’s obligations under the policy.
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