Developer Says It Didn't Profit From Insurer's Payments
Law360, London (October 23, 2019, 7:21 PM BST) -- Insolvent property developer Camco Estates Ltd. has argued it doesn't have to reimburse its insurer for deposits paid to buyers in an aborted residential development because it did not benefit financially.
Camco pushed back against Casualty & General Insurance Co.'s lawsuit seeking to recoup approximately £429,000 ($553,000) that it paid out under an insurance policy after plans to build homes on the site of a former elementary school in northwest England lapsed.
In its defense filed in with the High Court on Oct.15, Camco said that CGIC’s “erroneous payments” hit its profits and caused the company to lose business.
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