Insurance Journal » Superstorm Sandy

N.Y. Assembly’s Anti-Concurrent Causation Bill Moves Forward

Fri, 24 May 2013 16:58:11 +0000

The New York State Assembly’s insurance committee on Thursday approved a bill that would prohibit the insurer’s use of anti-concurrent causation (ACC) clauses in the state. The bill, A07455, is now eligible to be voted on by the entire Assembly. …

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$3.7B in Additional Sandy Relief Aid Announced for N.Y., N.J. Transit Agencies

Fri, 24 May 2013 08:13:43 +0000

U.S. Transportation Secretary Ray LaHood announced on Thursday an additional $3.7 billion in disaster relief funds to help the four major transit agencies in New York and New Jersey that sustained the greatest damage from Hurricane Sandy. In addition to …

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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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Christie Unveils Buyout Offer to New Jersey Flood Victims

Fri, 17 May 2013 23:49:56 +0000

Some 350 homeowners in the central New Jersey towns of Sayreville and South River whose properties have flooded repeatedly will be eligible to sell their homes in the first phase of a new federally funded buyback program, New Jersey Gov. …

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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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Work Crews Begin Demolishing Storm-Wrecked Homes in Mantoloking, N.J.

Wed, 08 May 2013 16:53:52 +0000

Work crews are beginning to demolish storm-damaged homes in the Jersey shore town that was hit hardest by Superstorm Sandy. Minor debris removal has already started in Mantoloking, and the first of 50 storm-wrecked houses were expected to be demolished …

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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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After Sandy, Underwriters, CAT Models View Northeast Like Southeast: NAPCO

Amy O' Connor — Mon, 06 May 2013 16:43:21 +0000

Superstorm Sandy may not have hardened the insurance market, but it has changed the way underwriters view the Northeast, a view that catastrophe models will reflect going forward. According to NAPCO’s Spring 2013 State of the Market Report, underwriters and …

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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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25 New York Gas Stations Settle Post-Sandy Price-Gouging Claims

Fri, 03 May 2013 16:59:06 +0000

Twenty-five gas stations have settled price-gouging claims made against them immediately after Superstorm Sandy hit New York, state Attorney General Eric Schneiderman announced Thursday. The stations settled for a total of $167,850 and investigations are pending against dozens of others, …

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N.J. Commissioner: Residents With Unresolved Sandy Claims Can Turn to Mediation

Fri, 03 May 2013 15:09:16 +0000

New Jersey Department of Banking and Insurance Commissioner Ken Kobylowski said on May 1 that New Jersey residents with unresolved non-flood insurance claims related to Superstorm Sandy can have their cases mediated through the American Arbitration Association (AAA). Application forms …

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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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Sandy Lesson for Business Owners: Read Policy, Keep Track of Notice Provisions

Sun, 28 Apr 2013 23:39:46 +0000

It’s been six months since Superstorm Sandy made its landfall on the coast of New Jersey and became one of the costliest storms ever recorded in the U.S. Many businesses in the region are still recovering from the effects of …

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Connecticut Panel Poised to Fund Superstorm Repairs

Thu, 25 Apr 2013 15:35:39 +0000

The Connecticut State Bond Commission is expected to approve funding for repairs and improvements to Connecticut recreation and maintenance facilities damaged by Superstorm Sandy. Gov. Dannel P. Malloy announced Tuesday the commission, which he chairs, will vote Friday on $1.7 …

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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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N.J. Gov. Christie: Federal Grants for Homeowners May Still Take Months

Wed, 24 Apr 2013 16:58:46 +0000

New Jersey Gov. Chris Christie says that he expects federally funded grants for New Jersey business owners hit by Superstorm Sandy may arrive soon. But he says homeowners may have to wait until July to see their grants because 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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2 N.J. Gas Stations Settle Suit Over Alleged Price Gouging After Sandy

Thu, 18 Apr 2013 16:17:17 +0000

Two gas stations in New Jersey will pay a combined $46,000 to settle claims they gouged gas prices following Superstorm Sandy. The state attorney general’s office and the division of consumer affairs announced the settlement Wednesday with the stations in …

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New Jersey Official: State to Buy Flood-Prone Homes in ’13

Thu, 18 Apr 2013 03:20:01 +0000

New Jersey officials plan to unveil a plan in the next two to three weeks for buying out roughly 1,000 flood-prone homes from owners who want to sell them, a state Department of Environmental Protection spokesman said Tuesday. Since Superstorm …

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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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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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N.J. Transit: Post-Sandy Costs $450M and Still Rising; Federal Funds, Insurance to Cover Losses

Fri, 12 Apr 2013 16:21:11 +0000

The costs continue to mount for New Jersey Transit in the wake of Superstorm Sandy. At its monthly board meeting Wednesday, the agency approved paying another $28 million to a Canadian company to repair locomotives damaged when the rail yard …

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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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Hurricane Center Learns Lesson from Sandy; Changes Warnings

Jennifer Kay — Mon, 08 Apr 2013 13:24:14 +0000

Responding to criticism after Superstorm Sandy, the National Hurricane Center says it will change the way it warns people about tropical storms that morph into something else. At the height of Sandy, as the hurricane knocked on the Northeast coast, …

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N.Y. Charities to Provide 200 Coordinators to Help in Storm Recovery

Fri, 05 Apr 2013 16:40:05 +0000

New York officials and Catholic Charities have announced a $38.5 million program to provide more than 200 coordinators to help residents hurt by Superstorm Sandy recover and get access to needed services. The Disaster Case Management Program provides supplemental federal …

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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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Lloyd’s Bounces Back from 2011 Loss: Posts $4.517 Billion 2012 Profit

Thu, 28 Mar 2013 11:26:06 +0000

Lloyd’s announced an overall profit of $4.517 billion for 2012, making the $800 million loss in 2011, the costliest year on record for natural catastrophes, a fading memory. Controlled growth in 2012 saw gross written premium income reach a record …

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NYC Sandy Home Repair Program Wraps Up After Fixing 20K Homes

Tue, 26 Mar 2013 13:45:04 +0000

A novel endeavor to make flooded homes habitable after Superstorm Sandy is wrapping up after repairs to more than 20,000 houses and apartments, Mayor Michael Bloomberg said last Friday, March 22. As officials faced the challenge of housing thousands of …

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