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Woodcrest Capital, LLC v. Zurich American Insurance Co.

Court: WD Tx  08/11/2021  Court Holds Chapter 542 Claims Subject to Four-Year Limitations Period Despite Two-Years-and-One-Day Policy Limitation

A court of the Western District of Texas granted summary judgment in favor of insureds under commercial property policies, finding insureds' Texas Insurance Code Chapter 542 claims for interest on delayed payment for covered property damage losses were not barred by Chapter 541's two-year statute of limitations or by the policies' Legal Action Against Us provision which provided legal action on the policies must by brought within "2 years and a day," holding that Chapter 542 claims for losses that were contractually owed were subject to the residual four-year statute of limitations in Texas Civil Practice and Remedies Code Section 16.051, and awarding insureds interest on multiple losses but not for those measured by replacement cost value.

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