AIG Agrees to $2.4M Storm Settlement With Greenwich

The town of Greenwich, Conn., has reached a $2.4 million settlement with its insurance company to cover damage to municipal buildings and other property by Superstorm Sandy in October, 2012.

The Greenwich Time reports the settlement with insurer AIG also resulted in a 10 percent rise in insurance premiums for the town.

AIG currently charges Greenwich about $1 million a year for property insurance. Officials say the costs have been rising due to several tropical storms in recent years.

The town also received a $1.6 million reimbursement check on Monday from the Federal Emergency Management Agency to cover cleanup costs incurred during Sandy.

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