STORY FROM: Superstorm Sandy Insurance Litigation
Deductible for Fuel Oil Terminal Subsumes Sandy Coverage Claim, N.Y. Appeals Court Rules
March 10, 2016
NEW YORK — A New York appellate court has overturned an award of summary judgment to an insured in a Superstorm Sandy coverage action, ruling that the policy’s applicable deductible to the loss was $2,494,020, and that the insured's claim did not meet the deductible.
In a March 9 ruling, the New York Appellate Division, 2nd Department, disagreed with the insured’s argument that its coverage is rendered illusory, noting that if Superstorm Sandy had instead caused $5 million of damage, the insured would have been paid the entire $2.5 million coverage sublimit.
Castle Oil Corp. owns and conducts operations ...
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