Filed Under:Markets, Regulation/Legislation

Pennsylvania Tells Insurers Hurricane Deductible Won't Apply After Sandy

Pennsylvania joined three other East Coast states telling insurers they cannot impose hurricane deductibles for losses suffered from Superstorm Sandy.

Gov. Tom Corbett issued a statement yesterday telling residents that they will not pay hurricane deductibles on their insurance claims on damage stemming from Sandy.

NY, NJ and Conn.: No Hurricane Deductibles After Sandy

“Insurance deductibles could have added significant costs to Pennsylvanians already struggling to clean up and rebuild after Hurricane Sandy,” Corbett said. “Insurance companies have deployed catastrophe teams to Pennsylvania, and they have been advised that hurricane deductibles should not be applied to any homeowners' insurance claims.”

Insurance Commissioner Michael Consedine says the state is “very pleased” with carriers’ response throughout Pennsylvania and added the department is “actively monitoring the insurance industry to ensure they are fulfilling their commitments to their policyholders.”

On Wednesday, New York, Connecticut and New Jersey issued similar orders to insurers, reasoning that Sandy was no longer a tropical storm when it struck the Mid-Atlantic states leaving devastation along the coast.

Featured Video

Most Recent Videos

Video Library ››

Top Story

ACE acquiring Chubb brings on insurers’ M&A fever

Evan Greenberg just took dealmaking to the next level.

Top Story

Willis Group, Towers Watson agree to $18B merger

Willis, the world’s third-largest insurance broker, and risk adviser Towers Watson agreed to an all-stock merger creating a firm with a combined market value of $18 billion.

More Resources

Comments

eNewsletter Sign Up

PropertyCasualty360 Daily eNews

Get P&C insurance news to stay ahead of the competition in one concise format - FREE. Sign Up Now!

Mobile Phone

Advertisement. Closing in 15 seconds.