Legal Question in Insurance Law in Nevada

Limited Partnership, Limted Partner, Coverage from Insurance
General Partner purchased flood insurance on two of four buildings financed by the bank as one collateralized property. All four buildings are in the flood zone, are at the same elevation, and are next to each other. It is a group of wraehouse/office tilt up walls, 30 indiviual units divided into four buildings, two back to back style. The two farthest from the river were insured, the two closest not. The same insurance company had an existing policy on the four buildings insured with fire and genreal liability. As a limited partner, I was paying for insurance protection. Insurance company is saying I have no claim as a "limited partner", since I was in a building not covered by the flood policy. I can't determine who made the mistake of not covering the other two buildings- no one admitting. Is there any link of claim to the insurance company that I can justify?

Asked on 9/23/98, 8:36 am

Steven Murray Steven W. Murray, APC

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Re: Limited Partnership/Partner

You do have remedies involving the partnership

agreement (what happens upon destruction of a substantial

part of the partnership property) as well as the policy, particularly the

"persons insured" provisions. Who knows - you may have a liability claim

against the insurer, the agent/broker as well as the

general partner. Be careful of the statute of limitations -

some policies require suit in as short as one year from the loss.

Steven Murray

Steven W. Murray, APC

16055 Ventura Blvd., Ste. 900

Answered on 3/17/99, 9:41 pm

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