Construction Biz Lied About Contractors, Lloyd's Says
Law360, London (September 12, 2019, 2:47 PM BST) -- U.K.-based underwriters at Lloyd's have asked a New York state judge to void a contractor's $2 million insurance policy after they accused the company of lying about its business and understating its risk.
The Lloyd's of London underwriters accused Maga Contracting Corp. of misrepresenting the true nature of its business when it took out an insurance policy written in the United States, according to a complaint filed Sept. 11.
Maga wrote that it was a general contractor with no employees but in reality the opposite was true and it employees worked as subcontractors on projects — meaning that instead of hiring others to...
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