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Four New York Plaza in Manhattan was badly damaged by Hurricane Sandy in October of 2012. (Photo: Screen capture from Google Maps)

The U.S. District Court for the Southern District of New York has ruled, in a Hurricane Sandy case, that a flood coverage deductible was $19.2 million, as insurers contended, and not $100,000, as the insured argued.

On May 22, 2012, 4 NYP Ventures LLC acquired 4 New York Plaza, the court explained. In anticipation of that transaction closing, it earlier hired CBRE Group Inc., to manage the property and Edge Financial Advisors to obtain property insurance.

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