Superstorm Sandy, which struck the East Coast in October 2012, is estimated to have caused $19 billion in private insurance losses and an additional $12-to-$15 billion in losses covered by the National Flood Insurance Program.
Stroke-of-the-Pen Risk in Insurance Coverage
The actions taken by New York in the wake of Sandy, and the recent news that such measures will be the new normal, suggest a move from the rule of law to the "rule of man" that should be troubling for insurers going forward.
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