I know nothing about business interrupton insurance, perhaps someone can enlighten me.
If PNK were to reopen Biloxi, it wwould be relatively easy to figure out how much business they had lost - just count the days from when it closed to when it reopened, and go from there. there would be all sorts of quibbling over ramp up time and other things, but the rough amount would be pretty clear.
But what if they don't reopen Biloxi? Then how do you figure how much time was lost? By not reopening, PNK is saying they'd rather have the money than the casino, and the insurers would probably say, "great". You didn't want a casino, you don't have one. Count your blessings.
Moreover, if they don't rebuild, they probably won't get much political help from the Mississippi insurance commissioner.
Sorry, Brig, but then that leaves my question unanswered...
If PNK takes the money and doesn't rebuild, how does anyone (PNK, the insurers, a judge) determine what business was interrupted? Ohmy seems to be saying at least a year, but I don't see where you get that.
Ordinarliy, I disagree with insurance companies when they try to get out of paying claims, but in this case I would think they would have a point.
I suppose PNK could say that the replacement facility is being built in St. Louis, and the fact that it is a couple of states way is no more relevant than it would be if they elected to rebuild Biloxi a few hudred feet inland. I would have trouble with that.