STORY FROM: Superstorm Sandy Insurance Litigation
Deductible for Manhattan Property’s Flood Coverage is $19.2 Million, N.Y. Federal Judge Rules
March 1, 2016
NEW YORK — The deductible for an excess flood insurance policy is $19.2 million, rather than $100,000, because the Manhattan property at issue was properly added to the policy’s “high hazard flood location” endorsement, a New York federal judge has ruled.
On Feb. 25, Judge Paul A. Crotty of the U.S. District Court for the Southern District of New York rejected the policyholder’s argument that the flood deductible provision is ambiguous, noting the provision clearly states that the deductible will be more than $100,000 if the property is included in the endorsement.
In May 2012, NYP acquired 4 New York ...
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