New York Governor Andrew Cuomo announced that hurricane deductibles in homeowners’ policies were not triggered because there were no hurricane force winds at the time that Sandy hit New York. In addition, the New York Department of Financial Services has imposed a 30-day moratorium on cancellation of homeowners’ policies in “storm-stricken areas.” The Department also indicated it will be monitoring how insurers will be handling such claims.
These pronouncements, however, do not alter policy language, so it will be interesting to see whether there is any impact on insurer’s coverage determinations.
Thanks to Mendel Simon for his contribution to this post.