Lyon Files $7-Million Suit Against Insurance Broker
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Orange County developer William Lyon on Wednesday filed a $7-million lawsuit against the insurance broker who sold him his personal liability policies, claiming that the New York company--Frank B. Hall Insurance Brokers Inc.--failed to inform him of various policy limitations.
Because of those limitations, the suit says, Lyon was held personally liable for $7 million in damages stemming from a 1986 fire at a Puerto Rico resort hotel in which he was a partner. Lyon is appealing the 1992 court decision that held him liable.
His suit, filed in Orange County Superior Court, seeks payment of the $7 million, plus costs, interest and punitive damages.
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