P.F. Chang’s China Bistro Inc. lost a $50 million insurance coverage dispute against Lloyd’s of London over the restaurant chain’s pandemic losses after a California state appeals court ruled in favor of the insurer.
The insurance policy provides only $1 million for pandemic coverage instead of the full $50 million limit on business income losses, the California Court of Appeal said in an unpublished opinion Wednesday. The ruling adds to a series of losses for restaurants, hotels, and other businesses seeking insurance payments for pandemic-related losses.
P.F. Chang’s, which owns more than 200 restaurants in the US, sued its insurer .
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