NY Tells Insurers To Cover Irene Flood Damage

Law360, New York (September 1, 2011, 9:01 PM EDT) -- New York’s insurance regulator said Thursday that flood insurance would cover flood damage from Hurricane Irene and warned insurance companies in the state not to tell policy holders otherwise.

New York Department of Financial Services Superintendent Benjamin Lawsky told insurers that they should honor their commitments under flood insurance policies, saying damage wreaked by last week’s storm was clearly covered.

He also said that hurricane deductibles shouldn’t apply to insurance policies because by the time Irene reached New York early Sunday morning, it had been downgraded...
To view the full article, register now.