NJ Justices Unsure Insurers Can Dodge $400M Sandy Bill
By Bill Wichert (January 4, 2021, 10:18 PM EST) -- The New Jersey Supreme Court on Monday challenged a group of insurers' stance that they were only obliged to provide New Jersey Transit Corp. up to $100 million to cover flood damage caused by Superstorm Sandy, questioning the purpose of a separate "named windstorm" definition in policies affording $400 million in coverage.
The justices dug into the meaning of the provision covering losses caused by a "named windstorm" in weighing bids by RSUI Indemnity Insurance Co. and other insurers to overturn a 2019 state appellate opinion that the damage in question entitles NJ Transit to full coverage under that policy language...
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