Insurers Sued by New Jersey Transit Over Sandy Damage Payment
New Jersey Transit is suing its insurers for more help paying to repair damage caused by Superstorm Sandy.
The agency filed a federal lawsuit earlier this month claiming that Lloyds of London and other insurance companies capped payments after Sandy at $100 million, because that was the cap for flood damage.
But the agency says that should be the limit only for flooding coverage. The agency says its policies are supposed to pay out up to $400 million for “named windstorms” such as Sandy.
The firm says it sustained $625 million in damage from the storm and is expecting $342 million in federal aid.
The lawsuit was filed Oct. 1 and was reported by The Star-Ledger.
Copyright 2024 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
Popular Today
- Insurers Get Green Light to Pay Less Than Billed Charges in Florida PIP Cases
- Apollo Accused in Lawsuit of Illegal Human Life Wagering Scheme
- 2024 Wildfire Forecast Calls for ‘Below Average’ Season
- EPA Designates PFAS Chemicals as Superfund Hazardous Substances
Popular This Month
- Poll: Consumers OK with AI in P/C Insurance, but Not So Much for Claims and Underwriting
- EVs Head for Junkyard as Mechanic Shortage Inflates Repair Costs
- Millions of Recalled Hyundai and Kia Vehicles, With Dangerous Defect, Remain on Road
- California Chiropractor Sentenced to 54 Years for $150M Workers’ Comp Scheme