In Georgitsi Realty, LLC v. Penn-Star Ins. Co., 2013 N.Y. LEXIS 2857 (N.Y. App. Ct., October 17, 2013), Georgitsi Realty, LLC owned a four-story apartment building which it insured pursuant to a “named perils” policy issued by the defendant, Penn-Star Insurance Company. The policy provided coverage against “direct physical loss or damage .