Billionaire Giants owner James Tisch sues city for $2M after $21M townhouse is flooded with sewage

Mail Online | 10/29/2017 | Chris Spargo For Dailymail.com
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The billionaire heir to the Loews fortune who now serves as CEO of the company and his wife are name in a lawsuit filed against New York City by their insurance company after sewage flooded their home.

James and Merryl Tisch are listed as plaintiffs in the complaint filed Monday in New York Supreme Court by Chubb Indemnity Insurance.

Couple - Claim - Home - Fifth - Avenue

The couple claim that their home at 926 Fifth Avenue - which they paid $21 million for a 49-year lease on in addition to $37,500 in rent each month - became a toxic swamp due to the city's mismanagement of the sewer system.

As a result, Chubb has been forced to settle $1,891,937.80 worth of claims filed by the pair.

Lucky - Couple - Apartment - Street - Beaux

Lucky for the couple, they had purchased a $32 million apartment just down the street shortly before their Beaux Arts mansion turned into a latrine.

'On or about October 29, 2017, the Plaintiff's Insureds discovered a sewage back-up in their basement and sub-basement,' reads the complaint filed on Monday.

'Thereafter - Plaintiff - Insureds - Claim - Damages

'Thereafter, the Plaintiff's Insureds submitted a claim for damages to CHUBB pursuant to its policy of insurance [redacted] issued by CHUBB regarding said premises and property.'

It continues: 'Thereafter, CHUBB, paid the claim in the sum of $1,891,937.80 to date, and became subrogated to the rights of the Plaintiff's Insureds against the defendants.'

Department - Environmental - Protection - Defendant - Case

The Department of Environmental Protection is also listed as a defendant in the case in addition to the City of New York.

It is stated that in addition to mismanaging the sewer system and causing the basement to flood, the defendants also...
(Excerpt) Read more at: Mail Online
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