The looming battle over lost-income insurance claims during the coronavirus pandemic has migrated from the New York State Legislature to a courtroom in Chicago, the Real Deal reports. A Las Vegas-based company called Vegas Image has filed a class-action lawsuit in federal court in Chicago, arguing that its lost-income insurance policy, also known as business income insurance, does not exclude losses caused by “the spread of viruses.” …..The lawsuit could have major implications for co-op and condo boards in New York, where most insurers have stated they will not cover claims related to income lost due to the coronavirus, such as rental from businesses in the building that were shuttered by state decree. Read the article…………………………
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