A civil jury has awarded more than $18 million in damages to the owner of a dormant Oklahoma City office complex damaged by hail storms in 2009, court records show.
Lincoln Plaza Renaissance Center sued Lloyd's of London for breach of contract in 2010, claiming the insurance underwriter failed to promptly, thoroughly and fairly investigate its claim, denying policy coverage and refusing to pay the cost to repair “significant damage” to the structures at 4545 Lincoln Boulevard.
Attorneys characterized Lincoln Plaza Renaissance Center as a “total loss” after water from the storms damaged the building's interior, and claimed the owner was prevented from developing the property. The company sought in excess of $10 million in damages.
Jurors, after hearing nearly two weeks of testimony in the case, found that Lloyd's of London “recklessly disregarded its duty to deal fairly and act in good faith with its insured,” court records show.
The panel awarded $11.629 million in actual damages and $7.023 million in punitive damages, finding that the underwriters at Lloyd's of London, “intentionally and with malice breached its duty to deal fairly and act in good faith with its insured,” records show.
“The jury found it was Lloyd's responsibility to fix the damage to the property and it did not do that,” said Shannon Davies, a partner in the Edmond law firm that represented the property’s owner.
Attorneys for Lloyd's of London claimed the insurance underwriter promptly investigated the claim and paid all amounts due under the policy. Delays in the investigation, they said in court papers, “were caused by the plaintiff and its failure to cooperate with Lloyd's.”
Attorneys for the underwriter could not be reached for comment Friday.
Continue reading this story on the...