Insurer entitled to deny claim as a result of insured's failure to timely submit "satisfactory" proof of loss.
This week the Court of Appeals affirmed the Genesee County Circuit Court judge's ruling that the Cincinnati Insurance Company could avoid paying in full for flood damage to the Genesee Towers. The Court noted that the owner of the building submitted "insufficient documentation" of its losses after a 1998 flood, and therefore did not owe interest on the almost twenty-year-old debt. The case has been in arbitration and on appeal since 1999, with the parties disputing the arbitrator's award totaling more than $600,000.00 and the owner seeking interest on the award. The high court ruled that since the proof of loss was inadequate, no interest was owed.