(Bloomberg) — The Houston Rockets and billionaire owner Tilman Fertitta are suing their insurer for denying the National Basketball Association team’s bid to tap its business interruption insurance policy over revenue losses from the COVID-19 pandemic.
Fertitta’s Rocket Ball Ltd. and Clutch City Sports & Entertainment L.P., the respective holding companies for the team and Toyota Center where the Rockets play, sued Affiliated FM Insurance Co. Wednesday in state court in Rhode Island. That company is a division of commercial property insurer FM Global Group, which is based in Johnston, Rhode Island.
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