Insurance Journal » Sandy

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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Nearly 95% of N.Y. Sandy Claims Closed, Insurers’ Response Report Card Shows

Wed, 17 Apr 2013 18:35:30 +0000

New York State regulators’ latest Sandy response report card shows that almost 95 percent of Superstorm Sandy-related personal and business insurance claims in the state have now been closed. The report card, which is frequently updated, compiles data from 24 …

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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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N.Y. Gov. Cuomo: Banks Release $112M to Sandy Victims

Mon, 18 Mar 2013 07:36:25 +0000

New York Gov. Andrew Cuomo’s administration says banks and mortgage service companies have released $112 million in insurance checks intended for victims of Superstorm Sandy, but delayed by bureaucracy. The New York Department of Financial Services had sought to free …

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Banks Sitting on $208M in Insurance Checks for N.Y. Sandy Victims

Wed, 13 Feb 2013 15:34:57 +0000

Nearly $208 million in insurance payments in 6,600 checks haven’t been released from banks to victims of Superstorm Sandy, according to New York Gov. Andrew Cuomo.He says his administration is working with banks to pay the money more quickly. The …

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PCI Welcomes N.J. Gov.’s Decision to Adopt Tougher Rebuilding Standards

Mon, 28 Jan 2013 16:18:58 +0000

A national insurance association is applauding New Jersey Gov. Chris Christie’s decision to adopt new advisory flood maps issued last month by the Federal Emergency Management Agency and implement more stringent rebuilding guidelines for flood zones. “The Property Casualty Insurer …

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Sandy Blow to N.J.: Costly Work or Costlier Flood Insurance Premiums

Sat, 26 Jan 2013 03:47:43 +0000

Superstorm Sandy landed one final stunning blow to New Jersey on Thursday, Jan. 24, as the state adopted rebuilding guidelines that come with sticker shock. They will force homeowners in flood zones to spend tens of thousands of dollars to …

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N.Y. Insurers Sandy Response ‘Report Card’ Shows 0.48% Claims Complaint Rate

Thu, 24 Jan 2013 17:58:56 +0000

The New York regulators’ latest “report cards” on the performance of insurers in the wake of Superstorm Sandy shows that 1,830 consumer complaints have been filed from 381,827 Sandy-related claims — at the rate of 0.48 percent. The information in …

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Should Worst-Flooded Areas Be Left After Superstorm Sandy?

Wed, 23 Jan 2013 17:57:45 +0000

Superstorm Sandy, one of the nation’s costliest natural disasters, is giving new urgency to an age-old debate about whether areas repeatedly damaged by storms should be rebuilt, or whether it might be cheaper in the long run to buy out …

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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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Superstorm Sandy Challenges Definition of Basement in New Jersey

Tue, 22 Jan 2013 02:20:11 +0000

Irene Sobolov believes the first floor of her house in Hoboken, N.J., is just that. The federal government and her insurance company say it’s a basement. The semantics, Sobolov has learned, are very expensive. Sobolov and others whose lower-level apartments …

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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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After Sandy, N.Y. Assembly Advances ‘Homeowners Bill of Rights’ Legislation

Thu, 17 Jan 2013 17:46:13 +0000

A leading New York lawmaker introduced two pieces of legislation this month to help homeowners better understand their insurance coverages and to tighten the timeframe requirements for insurers when responding to claims following catastrophes.Details of the proposed legislation are as …

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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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Flood Walls for Subways: N.Y. Commission Urges Safeguards Against Future Storms

Mon, 14 Jan 2013 16:26:22 +0000

A commission formed to examine ways to guard against storms like Sandy released a report Jan. 11 that calls for flood walls in subways, water pumps at airports and sea barriers along the coast. The final report was first obtained …

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Readying for Sandy, New Jersey Transit Erred in Modeling Storm

Sun, 13 Jan 2013 20:14:59 +0000

New Jersey Transit incorrectly used federal government software that otherwise could have warned officials against a disastrous decision to leave hundreds of millions of dollars worth of equipment in a low-lying rail yard before Superstorm Sandy struck, a Reuters examination …

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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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Harmful Contaminants at Sandy Cleanup Sites Still Within Permissible Limits

Fri, 11 Jan 2013 16:59:15 +0000

The levels of harmful contaminants at Superstorm Sandy cleanup sites in New York and New Jersey have so far not exceeded federal workplace exposure limits, officials said Wednesday, Jan. 9. The Occupational Safety and Health Administration tested dozens of cleanup …

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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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Northeastern Fishing Industry Hoping for Help With Sandy Storm Losses

Tue, 08 Jan 2013 16:39:40 +0000

While Superstorm Sandy did highly visible damage to homes, boardwalks and roads, it also walloped the Northeastern fishing industry, whose workers are hoping for a small piece of any future disaster assistance that Congress might approve. The storm did millions …

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After the Storm: Insurance Agents E&O Lessons Learned

Tue, 08 Jan 2013 08:26:43 +0000

More often than not, a second wave of claims against insurance agents by their clients follows a natural disaster. As parties find themselves without the coverage they expected after a catastrophe, it appears to be a natural reflex for them …

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Sandy Victims in N.J., N.Y., Blast Delays in Flood Insurance Aid

Sun, 06 Jan 2013 18:09:22 +0000

Even as Congress passed the first part of an aid package for victims of Superstorm Sandy, many victims seethed, wondering why it took so long. The $9.7 billion measure approved on Friday, Jan. 4, allows the National Flood Insurance Program …

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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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U.S. House Skips Vote on Sandy Aid, Angering Members From Storm-Hit States

Wed, 02 Jan 2013 13:58:03 +0000

The U.S. House of Representatives adjourned on Tuesday night without acting on a $60.4 billion Superstorm Sandy disaster aid bill, prompting angry denunciations from members from the states hardest hit by the storm.”I have just been informed that we will …

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N.Y. Officials Suspend Staten Island Storm Home Repair Program

Fri, 28 Dec 2012 17:59:20 +0000

An initiative that sends workers into storm-damaged Staten Island homes in New York to make electrical repairs for free is being suspended because officials say it’s getting expensive.Borough President James Molinaro tells the Staten Island Advance in a story published …

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Sandy-Flooded Inland Towns in N.J. See No Solutions

Thu, 27 Dec 2012 17:56:15 +0000

Images of New Jersey’s devastated shoreline captivated the nation in the days after Superstorm Sandy.Less noticed was the enormous damage caused inland when earthen barriers along or near the Hackensack River were breached, sending a tidal surge washing over parts …

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Up to $25 Million in Sandy Losses for N.Y.-Based Navigators Group

Thu, 27 Dec 2012 01:37:00 +0000

The Navigators Group Inc. announced on Dec. 21 that its preliminary estimate of losses relating to Superstorm Sandy ranges between $18 million and $25 million, net of reinsurance and the effects of reinstatement premiums.The Rye Brook, N.Y.-based Navigators Group’s preliminary …

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