Chris Pickett and Peter Syregelas obtain a Stipulated Judgment of Rescission on a Property Coverage Policy Issue
LPP attorneys Chris Pickett and Peter Syregelas recently obtained a stipulated judgment of rescission on a property coverage policy issued by our client to the recent purchaser of a building on Chicago’s southside. Following the issuance of the policy, the building’s roof collapsed, and the entire building was ordered demolished. Our client was presented with a $2 million claim following the collapse by the building’s new owner.
LPP aggressively pursued documents including closing documents from the building purchase, conducted an examination under oath of the purchaser, and filed suit for rescission after it was discovered that the purchaser obtained the policy by not disclosing that the building was vacant both at purchase and at the time of collapse. The evidence obtained by LPP was so strong, that the insured stipulated to a judgment of rescission of the policy and chose to forego the $2 million claim.