New York Insurance Superintendent Howard Mills has written insurers urging them not to act hastily and cancel the insurance of homeowners in flood-hit areas, while reminding carriers he has the power to halt policy terminations.
"In particular, I would hope adjusters and underwriters exercise care and responsible judgment in making determinations regarding claims, cancellations and non-renewals of policies," he wrote.
"The cooperation of all insurers in this matter will assist the superintendent in his assessment of the situation, and in determining whether or not it will be necessary to exercise the emergency [legal] authority" to impose a moratorium on cancellations, he advised.
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