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.
.
Copyright 2024 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
Popular Today
- Chubb CEO Greenberg: Some Financial Lines Underwriting Practices ‘Simply Dumb’
- Florida’s Home Insurance Industry May Be Worse Than Anyone Realizes
- 2024 Wildfire Forecast Calls for ‘Below Average’ Season
- Work Safety Group Releases List of ‘Dirty Dozen’ Employers
Popular This Month
- Mother of 8-Year-Old ‘Violently Sucked’ into Houston Hotel Pool Files Wrongful Death Suit
- California Sees Two More Property Insurers Withdraw From Market
- Poll: Consumers OK with AI in P/C Insurance, but Not So Much for Claims and Underwriting
- California Chiropractor Sentenced to 54 Years for $150M Workers’ Comp Scheme