It’s no secret that the NHL has lost a substantial amount of money due to COVID-19, but leveraging a lawsuit against five insurance companies and alleging $1 billion USD in losses is due to a breach of contract is an interesting way to address it.
The lawsuit, which includes the owners of Canadian teams, US teams and the league itself state that the all-risks policies, which cover “known and, more importantly, novel, unknown risks” are meant to protect the plaintiffs (i.e., the owners) against the loss of revenue if they cannot use their insured properties — those insured properties being NHL arenas.