OKO Group filed a lawsuit on Apr. 7 against four insurance companies, seeking to recover $22.4 million for damages and delays linked to the construction of the Missoni Baia condominium tower in Miami’s Edgewater neighborhood.
The dispute centers on alleged unpaid claims related to foundation damage that occurred during construction in 2021. OKO Group, led by billionaire Vlad Doronin, alleges that Zurich American Insurance, Allianz Global Risks U.S. Insurance, ACE American Insurance, and National Fire Marine Insurance have not paid the full amount claimed after the incident caused significant project delays.
According to the lawsuit filed in Miami federal court, fixing the building’s foundation resulted in a delay of at least 16 months before obtaining a temporary certificate of occupancy for the 60-story tower at 777 Northeast 26th Terrace. The complaint states this pushed back sale closings and led to additional business interruption costs and financing expenses.
The developers—OKO Group and Cain International—completed Missoni Baia in 2024 as the first residential project branded by Italian fashion house Missoni. The project began construction in 2019 with a $243.3 million loan and marketed units priced up to $9 million each.
OKO’s affiliate reportedly submitted insurance claims totaling $55.7 million starting in 2023; insurers paid out $33.9 million but allegedly refused payment on the remaining balance despite being notified more than a year ago.
Missoni Baia’s condominium association also sued OKO’s affiliate earlier this year over alleged construction defects throughout the building—including cracks, water intrusion issues, defective alarms and plumbing problems—which it said have prevented securing a final certificate of occupancy due to unresolved code violations.
