Hurricane Sandy Legal and Insurance Updates
Industry Update: During the second week of November, several law firms have released alerts pertaining to legal and insurance aspects of Hurricane Sandy:
- Insurance departments of those states hit hardest by the storm have taken various actions. These actions fall within four main categories: (1) orders concerning the non-applicability of hurricane deductibles to Sandy-related claims; (2) the temporary suspension of premium collection and policy cancellation, termination or non-renewal; (3) the relaxation of insurance adjuster licensing requirements; and (4) the extension of time periods for processing Sandy-related claims.
Sutherland Asbill & Brennan LLP: State Insurance Department Responses to Superstorm Sandy
- Superstorm Sandy and the damage it caused in the Northeast are an unfortunate reminder to lenders and servicers of the issues that arise after catastrophes. This checklist provides guidance about immediate issues lenders, servicers and special servicers must address now. It is non-exclusive, of course; a lesson from prior disasters is that they have a tendency to generate unforeseen problems
Cox Smith: Sandy and Beyond: Immediate Issues for Servicers and Lenders
- If Hurricane Katrina is a good model, Sandy’s direct property damage and business interruptions may be exacerbated by future environmental harms that will require costly environmental cleanup well after the flood waters subside.Companies should be aware they may be able to rely on existing insurance policies to cover these costs.
Gilbert LLP: Mold, Asbestos, and Raw Sewage – The Toxic Stew that Sandy Left Behind
Safeguard Properties is the largest privately held field services company in the country. Located in Cleveland, Ohio and founded in 1990 by Robert Klein, Safeguard has grown from a regional preservation company with a few employees and a handful of contractors performing services in the Midwest, to a national company with more than 1,600 employees. Safeguard is supported by a nationwide network of subcontractors able to perform any requested superintendence, preservation, and maintenance functions, as well as numerous ancillary services in the U.S., the Virgin Islands, and Puerto Rico.