STORY FROM: Superstorm Sandy Insurance Litigation
Insurer Satisfied Obligation to Furrier for Sandy Business Loss Expenses, N.J. Appellate Court Rules
May 5, 2017
NEWARK, N.J. — An insurer properly refused to pay a furrier additional business loss expenses stemming from an electrical transformer that was downed during Superstorm Sandy, a New Jersey appellate court has affirmed, noting the policy only provided coverage for direct physical damage to the insured property.
On May 3, the New Jersey Superior Court, Appellate Division, concluded the insurer satisfied its obligation under the policy by paying Schultz $2500 for business interruption due to power outage.
Schultz Furriers operated a business selling luxury outerwear and fur garments, in addition to garment cleaning, storage, and repair services. Schultz was insured ...
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