(Reuters) – Insurers that cover New York residents whose homes suffered damage from the superstorm Sandy are required to accept homeowners' documentation of losses rather than send inspectors to survey the damage, a state regulator said on Monday.
New York Governor Andrew Cuomo directed the state's Department of Financial Services to issue the order so that residents will be able to discard debris before a second storm hits the region later this week.
The state also imposed a 30-day moratorium on canceling or terminating insurance policies for homes and small businesses, even if the policy-holders do not pay premiums.
"We are acting to preserve homeowners' insurance rights when much is beyond their control," Cuomo said in a statement. "They have suffered enough and should not be hurt further by red tape or technicalities."
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
- Educational webcasts, resources from industry leaders, and informative newsletters.
- Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.