In a novel ruling that affects insurance coverage for $500 million in losses claimed by New Jersey’s largest utility company as a result of Hurricane Sandy, a judge held on March 23 that the carriers for Public Service Electric & Gas cannot rely on policy language concerning floods to limit coverage for damages caused by Sandy’s storm surge.
Essex County Superior Court Judge Thomas Vena granted summary judgment for PSEG in Public Service Enterprise Group v. Ace Insurance, and denied a cross motion by the insurance companies.
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