Real estate developer EMF Panther Island, LLC has filed a breach of contract lawsuit against several insurance companies over the denial of an insurance claim for the repair of a Dallas apartment complex parking garage that suffered catastrophic structural damage during construction.
In 2019, piers supporting the parking garage sank six to eight inches during construction and caused cracks to exterior panels and supporting grade beams. EMF Panther Island had purchased an insurance policy to protect the company from this type of incident, and it paid premiums for a builder’s risk policy with an estimated value of $48.9 million.
According to the lawsuit, EMF Panther accrued costs when the insurance companies delayed and ultimately denied its covered claim, hid results, failed to develop a plan to repair the parking garage, and postponed construction of the apartment complex.
The suit claims breach of contract, violations of the Texas Insurance Code and breach of the duty of good faith and fair dealing.
PMR Law attorney Tej Paranjpe represents EMF Panther Island.
The case is EMF Panther Island, LLC vs. WNC INSURANCE SERVICES, INC., HIGHLAND INSURANCE SOLUTIONS LLC, PRECISE ADJUSTMENTS, INC., TOKIO MARINE KILN SYNDICATE 1880, Case No. DC-21-08222, in the Dallas County District Court.