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 ...
Associated Documents
Opinion
