Ace Loses Deductible Fight Over Oil Terminal's Sandy Damage

Law360, New York (January 3, 2014, 7:44 PM EST) -- A New York state judge held Thursday that a New York City fuel oil terminal owner that suffered nearly $2.28 million in Superstorm Sandy losses could pay a $250,000 deductible to receive flood coverage from Ace American Insurance Co.

Judge Mary Smith agreed with Castle Oil Corp. that the proper deductible for flood losses was $250,000, not $2.49 million, as Ace had argued when it turned down coverage for Castle Oil's losses at a Bronx terminal that supplies energy to New York City and receives, stores...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.