Last week's giant steam-pipe explosion in midtown Manhattan will turn out to be a huge business interruption loss for insurers, said a local broker who was there when the pipe burst in New York.
Sharon Emek, a partner in the New York City-based insurance brokerage firm CBS Coverage Group and former chairwoman of the Independent Insurance Agents & Brokers of New York, said “this will be a big business interruption loss.”
New York City court filings show insurers anticipate millions of dollars in claims, according to an Associated Press report.
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