Search
 

N.Y. Regulator Says Sandy Complaints Show Need for Uniformity, Clarity in Policies

New Yorks top insurance regulator said during a state Assembly hearing that Superstorm Sandy has highlighted the need for uniformity and clarity in property-insurance policies. He also vowed to examine anti-concurrent causation clauses.

By Mark E. Ruquet | Updated on February 27, 2013

New York’s top insurance regulator says Superstorm Sandy has revealed glaring gaps in consumer knowledge about coverages, and has highlighted the need for uniformity and clarity in property-insurance policies.

Addressing members of the State Assembly Standing Committee on Insurance at a hearing in New York yesterday, the state’s Department of Financial Services Superintendent Benjamin M. Lawsky said complaints to the department after Sandy showed many consumers did not understand that their homeowners policy does not cover flood. The fact that 50 percent of affected homeowners did not have flood insurance when the Oct. 29 storm brought storm surge that was measured as high as 15 feet in some places underscores the point. 

Want to continue reading?
Become a Free
PropertyCasualty360 Digital Reader.

INCLUDED IN A DIGITAL MEMBERSHIP:

  • All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
  • Educational webcasts, resources from industry leaders, and informative newsletters.
  • Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.

Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Recommended Stories

PropertyCasualty360

Join PropertyCasualty360

Don’t miss crucial news and insights you need to make informed decisions for your P&C insurance business. Join PropertyCasualty360.com now!

  • Unlimited access to PropertyCasualty360.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including BenefitsPRO.com, ThinkAdvisor.com and Law.com
  • Exclusive discounts on PropertyCasualty360, National Underwriter, Claims and ALM events

Already have an account? Sign In Now
Join PropertyCasualty360

Copyright © 2024 ALM Global, LLC. All Rights Reserved.