STORY FROM: Superstorm Sandy Insurance Litigation
Broker Lacks Standing to Appeal Dismissal of Claims Against Insurer in Sandy Case, 3rd Cir. Rules
February 1, 2016
PHILADELPHIA — An insurance broker lacks Article III standing to appeal a dismissal of claims asserted against an insurer by a policyholder in a Superstorm Sandy coverage case because the broker suffered no financial loss from the dismissal order, a federal appeals court has ruled.
In a Jan. 27 opinion, the 3rd Circuit U.S. Court of Appeals explained that the dismissal increased the financial risk to the broker from a possible state court judgment, but whether that risk will ever mature remains purely speculative.
In 2007, Standard issued Standard Flood Insurance Policies (SFIPs) on Bay Point’s four buildings, which ...