NY Tells Insurers To Pay For Mediation Of Sandy Claims

Law360, New York (February 25, 2013, 5:08 PM EST) -- New York's insurance regulator said Monday it has set up an insurer-funded mediation program for resolving Superstorm Sandy claims, also announcing that carriers in Sandy-affected areas have already shelled out most of the $4.6 billion they expected to pay for nonflood claims.

The New York Department of Financial Services said that homeowners who are unhappy with insurers' handling of Sandy claims can turn to a voluntary, nonbinding mediation process administered by the American Arbitration Association.

Regulators in Florida, Mississippi and Louisiana established similar programs after hurricanes...
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