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...
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