Condominium Association, Insurer, Reach Settlement in Superstorm Sandy Coverage Action

TRENTON, N.J. — A New Jersey federal judge has dismissed a Superstorm Sandy coverage action asserted against Lexington Insurance Co., explaining that the parties have reached a settlement agreement.

Judge Robert B. Kugler of the U.S. District Court for the District of New Jersey dismissed the case without costs and without prejudice to the right to reopen the action if the settlement is not consummated within 60 days.

Beachfront North Condominium Association Inc.’s Long Branch, N.J., property sustained Superstorm Sandy-related wind damage on Oct. 29, 2012.

BNCA gave Lexington notice of its claim on Nov. 1, 2012. Lexington partially denied …