STORY FROM: Superstorm Sandy Insurance Litigation
N.Y. Federal Judge Upholds Appraisal Award in Insurer’s Favor in Sandy Art Gallery Action
July 26, 2016
NEW YORK — A New York federal judge has upheld an appraisal award issued in favor of an insurer in a case involving an art gallery’s photographs that were destroyed or damaged during Superstorm Sandy, ruling that the umpire did not exceed his powers in adopting the fair market value approach in determining the photographs’ worth.
In a July 19 order, Judge Valerie Caproni of the U.S. District Court for the Southern District of New York concluded that the umpire’s adoption of the fair market value approach was consistent with the terms of the personal policy, which was one of ...
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