NY Car Dealership Seeks Return Of $2M Sandy Deductible

Law360, New York (February 28, 2014, 3:18 PM EST) -- A Queens, N.Y.-area Nissan dealership asked a state judge on Thursday to declare that a Zurich Insurance Group Ltd. unit wrongly applied a deductible for each of 450 inventory vehicles wiped out by Superstorm Sandy to strip away $2 million in due coverage.

Five Towns Nissan LLC told New York Supreme Court Judge Jeffrey Oing that a $300,00 aggregate deductible applies as a matter of law to post-Sandy losses the dealership claimed from Zurich unit Universal Underwriters Insurance Co.

According to Five Towns, Zurich issued a master...
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.