In a victory for the owner of a fuel oil terminal in the Bronx that was severely damaged during Superstorm Sandy, a judge has said that a property insurance policy cannot have a flood damage deductible nearly as high as the insurance limit.
January 09, 2014 at 12:00 AM
1 minute read
A property insurance policy cannot have a flood damage deductible nearly as high as the insurance limit because that would render the policy “illusory,” a White Plains judge has determined.
The ruling was a victory for the owner of a fuel oil terminal in the Bronx that was severely damaged during Superstorm Sandy.
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