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Due in no small part to major flooding in Manhattan’s subway system, New York City’s Mass Transit Authority reports estimated Sandy-related losses of $5 billion—of which private insurers should kick in more than $1 billion.

MTA officials say the authority sustained infrastructure damage of $4.75 billion and operating losses of $268 million.

The MTA says it has $1.075 billion maximum coverage for infrastructure damage. Operating losses will be covered by Business Interruption and Extra Expense coverage.

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