Hat tip to John Parnass and his fine construction law blog for writing about this case. A bank evacuated its building, which housed other tenants too, after a structural engineer’s report said the building was ready to fall down. A few days later, it was found the report was wrong and there was nothing wrong with the building. I wonder what the engineer said: "Whoops! Hey, these things happen, right?"
The court correctly analyzed the bank’s property insurance policy, including the bank’s claim it was owed expenses for acting in case of "imminent loss or damage." The court said the policy meant an imminent real loss, not an imminent fake loss. The court also rejected the bank’s argument that the word "or" means "imminent" applies only to "loss" and not to the word "damage."