Superstorm Sandy: bad-faith claims
By Geoffrey J Greeves and Victoria N Lynch
New York continues to face significant challenges in recovering from the extensive losses caused by Superstorm Sandy. The storm caused unprecedented damage to coastal areas, tidal surges that inundated Lower Manhattan, severe flood damage to airports, subways, and tunnels, and damage to electrical systems supplying numerous businesses.
As New York businesses and property owners attempt to pursue claims under their insurance policies, they should be aware that state law protects them against bad-faith claims handling by insurers. In such circumstances, policyholders may be entitled to recover the consequential damages they have suffered as a result of the insurer’s delayed or improperly denied payment.
Loss of customers, interest and penalty payments, and loss of goodwill are just some potentially recoverable damages…
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