Kearny Bank has filed a lawsuit against National Fire and Marine Insurance Company, a Berkshire Hathaway unit, and insurance agent Allied Solutions LLC, seeking nearly $1.8 million in unpaid coverage following a vandalism and/or theft incident that caused substantial damage to bank-owned property in Wayne, New Jersey.
The legal action, filed Wednesday in the U.S. District Court for the District of New Jersey, alleges that while Kearny Bank has received approximately $105,000 in insurance proceeds to date, the insurer has failed to cover the full extent of the $1.9 million in damages sustained in August 2023.
Kearny Bank claims it was covered under a hazard/liability insurance policy issued through Allied Solutions, which named the bank as an additional insured. The complaint further asserts that Allied failed to secure sufficient insurance coverage, breaching its duty to act in the bank’s best interest.
The lawsuit brings one breach of contract claim against National Fire and four claims against Allied Solutions, including:
