SPG Successfully Recovers Six (6)-Figure Payment in Additional Loss of Business Income Insurance for New Jersey Automobile Dealership

Kieran M. Dowling, of Schiller, Pittenger & Galvin, P.C. and the Auto Dealership Law Team successfully represented a Union County Automobile Dealership to recover unpaid loss of business income insurance under its policy.  The dealership’s parts and services department had suffered a devastating fire, and the dealership filed an insurance claim to recoup the lost business income during the rebuild.  The dealership’s insurance company, however,  significantly reduced the amount of coverage extended, asserting that the income earned by the dealership’s other locations had offset the business income losses at the dealership’s Union County location.   Working with the dealership, SPG produced and explained the dealership’s financial records to refute the carrier’s coverage position.  Following an impasse, SPG and the dealership invoked the commercial insurance policy’s appraisal provision.  After months of negotiations, the dealership and the carrier reached a settlement that paid the dealership nearly one hundred percent (100%) of the amount of additional insurance coverage it had requested.