Insurance Journal » Sandy loss

N.Y. Assemblyman Takes Aim at Anti-Concurrent Causation Clauses

Wed, 22 May 2013 07:38:02 +0000

A New York State Assemblyman has introduced a bill that seeks to prohibit the insurers’ use of anti-concurrent causation (ACC) clauses in the state. The bill, A07455, was introduced on May 17 by Assemblyman Phil Goldfeder (D-Rockaway Park). “In the …

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NOAA Report Says Feds’ Warnings About Sandy Were Confusing

Fri, 17 May 2013 06:17:55 +0000

Federal weather forecasts for Superstorm Sandy were exceptionally accurate last fall, but the warnings themselves were confusing, an internal review found. The gigantic October storm lost tropical characteristics hours before landfall in New Jersey, so the National Oceanic and Atmospheric …

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Demolition Begins on N.J. Coaster Wrecked by Sandy

Thu, 16 May 2013 16:58:21 +0000

Riding the Jet Star roller coaster as a girl vacationing at the Jersey shore, Nicole Jones said there was always that one breath-catching moment when the passenger cars swerved toward the ocean, as if threatening to dump riders into the …

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N.J. Law Requires Insurers to Provide 1-Page Summary of Homeowners Coverage

Tue, 07 May 2013 16:34:15 +0000

New Jersey Gov. Chris Christie has signed into law on Monday a bill that aims to help homeowners better understand their insurance policies. The legislation (A3642/S2502) requires homeowners’ insurers to give policyholders a one-page summary of the policy explaining “notable …

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In Connecticut, Sandy Aid Tops $367M; Flood Insurance Payouts Reach $220M

Mon, 06 May 2013 14:56:41 +0000

More than $367 million in federal assistance has been approved to help the state with disaster expenses related to Superstorm Sandy, Connecticut Gov. Dannel P. Malloy said on May 3 as other officials highlighted recovery needs along the shoreline. The …

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Key Figures on Superstorm Sandy, 6 Months Later

Wed, 01 May 2013 15:30:34 +0000

Superstorm Sandy, a hybrid of a hurricane and two cold-weather systems, struck six months ago on Oct. 29, concentrating most of its fury on New Jersey, New York and Connecticut and becoming one of the most expensive storms in history. …

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Eminent Domain May Be Used in Mantoloking, N.J., for Beach Replenishment

Thu, 25 Apr 2013 15:23:27 +0000

Having gotten only so far with “friendly persuasion,” the Jersey shore community that was hardest hit by Superstorm Sandy is ready to take out the stick. Mantoloking is preparing to use eminent domain to take control of small strips of …

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Hundreds of Cars Unclaimed in Sandy to Be Auctioned in New York

Tue, 23 Apr 2013 16:03:25 +0000

More than 500 BMWs, Cadillacs, Toyotas and other vehicles damaged and towed during Superstorm Sandy remain unclaimed and will be auctioned off next month, New York City officials said. The city is working with auction house David R. Maltz in …

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I.I.I. : 93% of New Jersey/New York Sandy Claims Settled

Mon, 22 Apr 2013 16:58:47 +0000

Insurance regulators in New Jersey and New York — the two states hardest-hit by Superstorm Sandy — report that insurers have settled 93 percent of the claims they received in the wake of Sandy, according to the Insurance Information Institute.More …

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Feds Give Sandy Victims Up to 1 Year Break on Mortgage Payments

Mon, 15 Apr 2013 06:51:46 +0000

Federal mortgage payment relief has been extended up to one year for more than 200,000 homeowners whose houses were damaged by Superstorm Sandy. U.S. Housing and Urban Development Secretary Shaun Donovan announced the extension for homeowners with Federal Housing Administration-insured …

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In New York, Sandy Cleanup Work in 3 Long Island Towns Probed

Wed, 10 Apr 2013 16:33:22 +0000

The Suffolk County district attorney’s office has issued subpoenas to three Long Island towns as it investigates how local governments spent tens of millions of taxpayers’ money on Sandy cleanup. According to Newsday, municipal officials in Brookhaven, Islip and Babylon …

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New Rules Announced for Homeowners Using Sandy Disaster Aid to Rebuild

Mon, 08 Apr 2013 14:50:53 +0000

Homeowners and businesses using federal disaster aid to rebuild from Superstorm Sandy will have to take additional flood protection measures, top federal officials announced last week. The new standard, announced on April 4, will require that residential, commercial or infrastructure …

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U.S. Announces $1.4B in Sandy Transit Aid to New York, New Jersey

Mon, 01 Apr 2013 16:02:53 +0000

The federal government announced $1.4 billion in aid last Friday, March 29, to transit agencies affected by Superstorm Sandy. Most of the aid announced by U.S. Transportation Secretary Ray LaHood is going to four agencies in New York and New …

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Dunes vs. Property Rights in Storm-Battered New Jersey

Fri, 22 Mar 2013 03:18:16 +0000

The sand dune that ruined Harvey and Phyllis Karan’s view of the ocean allowed their beachfront home to see another day when Superstorm Sandy’s surge crashed ashore. They still want the $375,000 a court awarded them for the blocked sunrise, …

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N.Y. Regulators Identify 10 Banks With Worst Sandy Aid Statistics

Wed, 20 Mar 2013 17:02:55 +0000

New York Gov. Andrew Cuomo and the state’s Department of Financial Services announced the “bottom 10″ banks with the worst statistics for paying out insurance claims to Superstorm Sandy victims. Officials said they have notified these banks to speed up …

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Superstorm Sandy Battered the Poor Hardest, Studies Show

Wed, 06 Mar 2013 15:16:27 +0000

Superstorm Sandy punished low-income people in New York and New Jersey, especially renters who are now at risk of being unable to find new homes, according to a pair of studies released on Wednesday said. Forty-three percent of the 518,000 …

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NYC’s South Street Seaport Still a ‘Ghost Town’ Months After Sandy

Tue, 26 Feb 2013 17:59:25 +0000

The historic cobblestone streets and 19th-century mercantile buildings near the water’s edge in lower Manhattan are eerily deserted, a neighborhood silenced by last year’s Superstorm Sandy. Just blocks from the tall-masted ships that rise above South Street Seaport, store interiors …

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Submerged Superstorm Debris Raising Pollution, Boater Safety Concerns

Wed, 20 Feb 2013 18:00:15 +0000

On the surface, things look calm and placid. Just beneath the waterline, however, it’s a different story. Cars and sunken boats. Patio furniture. Pieces of docks. Entire houses. A grandfather clock, deposited in a marsh a mile (1.6 kilometers) from …

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N.Y.-N.J. Port Authority: Sandy Caused $2B in Damage

Mon, 11 Feb 2013 17:58:21 +0000

The Port Authority of New York and New Jersey will spend more than $2 billion to repair damage from Superstorm Sandy, but the agency’s executive director said last week that the ultimate financial impact should be minimal. At its monthly …

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N.Y. Lawmaker Aims to Clamp Down on Unfair Claim Settlement Practices

Wed, 30 Jan 2013 17:30:03 +0000

A New York state lawmaker recently introduced a piece of legislation that aims to prevent unfair claim settlement practices during a declared state emergency.Assemblywoman Nicole Malliotakis (R,C,I-Brooklyn, Staten Island) announced on Jan. 13 that she has drafted legislation that would …

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W.R. Berkley’s 2012 Q4 Profit Up 41%; $40M in Sandy Loss Reported

Wed, 30 Jan 2013 13:45:09 +0000

W.R. Berkley Corp. said its 2012 fourth quarter net profit was $165.49 million, up 41.4 percent compared to the same period in 2011 when it had $117.03 million profit. For the full-year 2012, the Greenwich, Conn.-based commercial lines insurer reported …

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Sandy Hit N.J.’s Maritime Industry Hard; Insurer Says 25,000 Boats Damaged

Tue, 29 Jan 2013 17:35:57 +0000

Capt. Harold “Smitty” Smith couldn’t believe it — they were everywhere, hundreds of them.Stacked in piles by the dozen. Leaning against homes and on top of cars. Peeking out from murky waters and marshes up and down the New Jersey …

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Some Decry Damaged Cars at New York Runway Site on Long Island

Tue, 22 Jan 2013 02:54:38 +0000

Environmentalists are decrying the placement of 18,000 damaged automobiles on a runway at a defunct defense plant on eastern Long Island, N.Y. The vehicles were destroyed by flooding from Superstorm Sandy. The town supervisor in Riverhead disputes the idea that …

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N.J. Gov. Christie: Congress ‘a Little Late’ With Sandy Aid

Fri, 18 Jan 2013 17:48:12 +0000

New Jersey Gov. Chris Christie said the Hurricane Sandy aid package Congress approved Tuesday will help expedite rebuilding after the superstorm, but he poked federal lawmakers for being “a little late to the party.” Christie reminded an overflow audience at …

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N.J. Bill Would Require Homeowners Insurers to Provide Policy Summary

Thu, 17 Jan 2013 15:34:54 +0000

The New Jersey Assembly’s financial institutions and insurance committee gave approval Monday, Jan. 14, to a recently introduced bill that seeks to make it easier for homeowners to understand what their policy covers and does not cover. The bill, A3642, …

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N.J. Gov. Criticizes Some Oceanfront Property Owners Who Reject Sand Dunes

Wed, 16 Jan 2013 17:59:37 +0000

The New Jersey shore town of Bradley Beach came through Superstorm Sandy in better shape than many of its neighbors that sustained serious to catastrophic damage from the waves and storm surge.A major reason: Bradley Beach had protective sand dunes …

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New York Senator Pitches Mold Relief in Sandy Aid Bill

Fri, 11 Jan 2013 18:02:16 +0000

New York Sen. Charles Schumer, D- N.Y., says the second part of the Sandy relief aid package includes as much as $1 billion to help homeowners deal with mold remediation.Schumer estimates as many as 300,000 homes in New York alone …

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List of Company-Specific Sandy-Related Loss Estimates

Young Ha — Thu, 10 Jan 2013 17:34:01 +0000

Since Superstorm Sandy slammed into the New Jersey coastline on Oct. 29, 2012, dozens of insurers and reinsurers have publicly announced their Sandy-related preliminary loss estimates. The following are the latest company-specific estimates as of Jan. 8, 2013 (in alphabetical …

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For Returning Residents of Seaside Heights, N.J., ‘It’s Paradise, Being Home’

Wed, 09 Jan 2013 18:09:25 +0000

The utterly mundane task of bringing a garbage can back from the curb put a broad grin on Guy Mazzanti’s face Monday, Jan 7. Seaside Heights’ retired police commissioner had been living with a daughter in Maryland since Superstorm Sandy …

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Busy, Stressful Year of Storm Recovery Ahead in New Jersey

Wed, 02 Jan 2013 17:36:30 +0000

Tricia McAvoy is busily preparing for a Christmas party — now set for next summer. She’s making a list of who to invite to a party she’s having. She’s planning the food and drink menu, mentally checking off what can …

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