French three-Michelin-star chef Michel Troisgros is suing insurance company Allianz SE for loss of earnings, and is looking for €1.6 million to cover what his restaurant lost during the pandemic.
Bloomberg reports that Troisgros is looking for the German insurer to cover pandemic-era losses at his Maison Troisgros restaurant, as well as another, Le Central, both in France. A source was quoted as saying that Troisgros was also looking for AXA SA to cover losses at a third restaurant.
The insurance industry has resisted efforts by restaurants to have them cover business interruption costs, however last week saw AXA in France offer $300 million to 15,000 policyholders as a settlement.
“As restaurants are finally allowed to welcome their customers again, we are taking this initiative so that everyone can look to the future and focus on the restart of economic activity. Such a large initiative is unprecedented for AXA France. It will be implemented throughout the country by our 3,000 tied agents and all our distribution partners with the support of our teams,” said Patrick Cohen, CEO of AXA France.
Despite believing that their insurance policies covered business interruption, many restaurants have so far been unsuccessful in getting the insurance to pay out, and cases are playing out in the courts in the US and in Europe.
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