Md. Seeks New Hurricane Deductible Rules Post-Sandy

Law360, New York (January 2, 2013, 2:17 PM EST) -- In the wake of Hurricane Sandy, Maryland's insurance regulator proposed a rule Friday to specify when carriers could apply hurricane deductibles, which are higher than standard deductibles.

The recent proposal from the Maryland Insurance Administration calls for carriers to apply hurricane deductibles only for residential property damage that happens when a hurricane warning from the National Weather Service is in effect or within 24 hours after the last hurricane warning is nixed.

Hurricane deductibles typically range from 1 percent to 5 percent of an insured property's...
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