February 20, 2013
New York officials are calling on the U.S. Army Corps of Engineers to include Hudson River communities in a $20 million study of flood-prone areas in the wake of Superstorm Sandy. Sen. Charles Schumer says local governments and groups like …
February 17, 2013
Up and down the Atlantic coast, people are telling horror stories about how long it has taken to get an insurance check for flood damage caused by Superstorm Sandy. Nearly 40 percent are still waiting for the final settlements they …
February 15, 2013
On Tuesday Feb. 12, New Jersey’s Congressional delegation sent a letter to Federal Emergency Management Agency Administrator W. Craig Fugate, expressing their concern over what the delegation described as “the backlog of claims” in the National Flood Insurance Program (NFIP). …
February 14, 2013
Superstorm Sandy was the deadliest hurricane in the northeastern U.S. in 40 years and the second-costliest in the nation’s history, according to a report released Tuesday, Feb. 12.The storm’s effects reached far and wide, according to the National Hurricane Center …
February 13, 2013
Nearly $208 million in insurance payments in 6,600 checks haven’t been released from banks to victims of Superstorm Sandy, according to New York Gov. Andrew Cuomo.He says his administration is working with banks to pay the money more quickly. The …
February 11, 2013
The Port Authority of New York and New Jersey will spend more than $2 billion to repair damage from Superstorm Sandy, but the agency’s executive director said last week that the ultimate financial impact should be minimal. At its monthly …
February 7, 2013
The Federal Emergency Management Agency is defending its handling of Superstorm Sandy-related flood insurance claims following sharp criticism by New Jersey’s governor.FEMA says more than half of the more than 140,000 flood insurance claims filed in all the states hit …
February 7, 2013
Policyholder education about insurance coverage wording is a critical challenge for the property/casualty insurance industry. But who should be doing the teaching — agents or carriers? During a recent industry meeting, a personal lines insurance industry expert suggested that agents …
February 7, 2013
At least one industry analyst says that good risk management is protecting insurers as they face a new normal level of catastrophe losses. Other experts believe luck is playing a bigger role than skill. Speaking at the Property/Casualty Insurance Joint …
February 6, 2013
New Jersey Gov. Chris Christie said Tuesday the National Flood Insurance Program’s handling of claims in New Jersey has been “a disgrace,” complaining that the program has been far too slow to resolve claims from Superstorm Sandy, with 70 percent …