Battle With Insurers Over Sandy Claims Ends With Big Settlement
The parent company of New Jersey’s largest utility has reached settlements worth more than $200 million with insurance providers over claims from Hurricane Sandy, according to a quarterly filing, ending a legal dispute stemming from the October 2012 storm, reports NJ.com.
PSEG filed a lawsuit in the summer of 2013 claiming that its insurers wrongly denied the company full coverage for its losses during the storm, NJ.com reports. A state Superior Court judge in Essex County sided with PSEG in that case in March, finding that the company’s damages from storm surge were not subject to a limit for flooding.