Insurance companies and trade groups continue to appeal to state regulators over the decision made by nine jurisdictions to prevent insurers from imposing hurricane deductibles for losses suffered from Superstorm Sandy.
New York, Rhode Island, New Jersey, Delaware, Massachusetts, Connecticut, Pennsylvania, Maryland and the District of Columbia declared the hurricane deductibles invalid after the National Weather Service (NWS) reclassified Sandy as an “extra-tropical cyclone” before the storm made landfall in the Garden State on Oct. 29.
But representatives of the trade groups and carriers are telling state regulators that they based their rates on the contract language they negotiated with those states and that they are concerned about Sandy's potential to threaten their solvency.
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