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NJ Court: Storm Surge Claims Not Subject to Insurance Policies’ Flood Limits

NJ Court: Storm Surge Claims Not Subject to Insurance Policies’ Flood Limits

Author: Charles A. YuenDate: May 4, 2015

The issue in Public Service Enterprise Group v. Ace Insurance was one of first impression in New Jersey.

Hurricane Sandy’s storm surge significantly damaged PSEG’s property throughout New Jersey, resulting in a $500 million insurance claim under its first party property policies. The applicable policies did not contain sublimits for “named windstorms,” other than those in Florida. There was, however, a $250 million submit for losses caused by “flood,” and a $50 million limit for losses to property “located in Flood Zones A & V.”

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