A Paris court ruled that AXA must pay a restaurant owner two months’ worth of coronavirus-related revenue losses after the restaurant owner filed a lawsuit demanding the insurer to cover the operating losses incurred due to the Covid-19 pandemic.
The report on the Reuters said, “A Paris court ruled that insurer AXA [AXAF.PA] must pay a restaurant owner two months’ worth of coronavirus-related revenue losses, the restaurateur’s lawyer said on Friday, potentially opening the door to a wave of similar litigation.
“The ruling will be of interest to restaurants, cafes and nightclubs in Britain and the United States which are also threatening legal action against insurers who have not paid out on business interruption policies. Axa said it would appeal.
“The case was brought by Stephane Manigold, who owns four Paris restaurants. He filed a lawsuit demanding AXA cover his operating losses after a government order in mid-March to close bars and restaurants to slow the spread of the coronavirus.”
You can read the full story here on the Reuters.