Superstorm Sandy devastated the east coast last Oct. 29, causing billions of dollars of damage to New York. Businesses suffered extensive property and business interruption losses. As the one-year anniversary of the storm has just passed, businesses and communities are still struggling with their insurers while trying to get back on their feet. This article addresses some of the key issues that policyholders affected by Sandy need to consider at this one-year juncture.

Not All Losses Were Caused by Flood

Insureds with flood exclusions or even flood sublimits in their policies may be told by their insurers that their losses were entirely caused by flood. However, this is not necessarily the case. Some losses may have been caused by service interruption, faulty workmanship or defective design, rain, explosion or other causes. Many commercial policies also provide additional coverage for losses from, for example, service interruption, debris removal, decontamination costs, civil authority, and protection and preservation of property.

Download: Property Insurance Issues Linger at Sandy's One-year Mark