Zurich declares sick village using COVID to avoid $4.8 million payment

By Morgan Conley (February 15, 2022, 7:53 PM EST) – Insurance giant Zurich has accused a Chicago suburb in Illinois state court of wrongfully refusing to reimburse the company $4.8 million in taxes for redevelopment project costs arguing that the insurer fell short of an employment standard under their contract during the COVID-19 pandemic.

In a lawsuit filed Monday in Cook County Circuit Court, Zurich American Insurance Co. said its redevelopment agreement with the Village of Schaumburg stipulates that the village will reimburse the company for 65% of the facility’s additional property taxes as long as certain conditions will be met. Zurich argues that such a condition – an employment provision – only imposes…

Stay one step ahead

In the legal profession, information is the key to success. You need to know what’s going on with customers, competitors, practice areas and industries. Law360 provides the intelligence you need to stay an expert and beat the competition.

  • Access to case data in articles (numbers, filings, courts, nature of lawsuits, etc.)
  • Access to attached documents such as briefs, motions, complaints, decisions, motions, etc.
  • Create custom alerts for specific article and case topics and more!

TRY LAW360 FREE FOR SEVEN DAYS

Comments are closed.