On November 5, 2012, the New York Department of Financial Services issued an Insurance Circular Letter No. 8 (“Circular”), which provides that
it would be dangerous to public health and against public policy for insurers to enforce provisions of their policies that operate to bar insureds from disposing of damaged property before the insurer has
…
On November 5, 2012 (effective October 26, 2012), the New York Department of Financial Services issued an Amended Order Regarding Suspension of Certain Insurance and Banking Law Provisions for New York, Bronx, Kings, Richmond, Queens, Nassau, Suffolk, Westchester, Rockland, and Orange Counties (“Designated Counties”), which provides the following, in relevant part:
…
Following Maryland, Connecticut, and Rhode Island’s leads, on November 2, 2012, the Delaware Department of Insurance issued a bulletin advising that the hurricane deductible will not apply to losses in Delaware due to Sandy. In a prior post we advised that New York and New Jersey are also reportedly advising that the hurricane deductible should…
On October 31, 2012, North Carolina’s Commissioner of Insurance issued Bulletin 12-B-07, which provides an expanded list of counties previously designated (by Executive Order 129 issued on October 26, 2012) as in a “State of Emergency.” When a particular county is so designated, the Bulletin indicates that N.C.G.S § 58-2-46 is triggered, which…
Following Maryland, Connecticut, and Rhode Island’s leads, New York and New Jersey are reportedly advising that the hurricane deductible should not apply to claims due to Sandy.
This article published on-line by NBC, indicates that the New York State Department of Financial Services has advised the insurance industry that the hurricane deductible should not…
Insurers are starting to deploy adjusters to handle claims from Hurricane Sandy. An article in yesterday’s Wall Street Journal reports that “Disaster-modeling firm AIR Worldwide estimates the industry’s share of losses at $7 billion to $15 billion. At the high end of that range, Sandy would become the third-most expensive storm for insurers in U.S.…
Connecticut, Maryland, and Rhode Island Insurance Departments have issued bulletins regarding hurricane deductibles with respect to insurance claims due to Sandy:
Connecticut
On October 30, 2012, the State of Connecticut Insurance Department issued the following Notice:
Please be advised based on information received from the National Hurricane Center (NHC) and the National Weather Service (NWS)…
Connecticut, Delaware, New Jersey, and Rhode Island Insurance Departments have issued several bulletins regarding general claims handling for Hurricane Sandy. Links to the bulletins are provided here:
Connecticut
http://www.ct.gov/cid/lib/cid/Bulletin_IC-28_Storm_Sandy_October_2012.pdf
http://www.ct.gov/cid/lib/cid/Bulletin_IC-30_Storm_Sandy_October_2012.pdf
http://www.ct.gov/cid/lib/cid/Bulletin_IC-32_Storm_Sandy_October_2012.pdf
Delaware
New Jersey
http://www.state.nj.us/dobi/bulletins/blt12_12.pdf
Rhode Island
http://www.dbr.ri.gov/documents/divisions/insurance/consumers/IndustryAlert2012-3.pdf
We will continue to monitor affected states’ insurance department websites for further bulletins regarding Hurricane Sandy.
