Certain losses absorbed by a luxury condominium project due to Hurricane Sandy are subject to an insurance policy’s flood limits and deductible, Manhattan Supreme Court Justice Shirley Kornreich (See Profile) has held.
The judge’s June 27 decision in El-Ad 250 West v. Zurich American Insurance, 652964/2013, turned on the question of whether non-physical damage suffered by El-Ad, a limited liability company, in the wake of the storm was still subject to a $5 million annual aggregate limit for losses caused by flood.
