Insurer groups address issue of deductibles in Sandy-hit states

11/5/2012 | PropertyCasualty360

Insurer groups are working with regulators in states hit by Hurricane Sandy and its remnants to address governors' decisions to scrap hurricane deductibles. The moves were a result of the National Weather Service's reclassification of the hurricane to a "post-tropical cyclone" shortly before the storm made landfall in New Jersey. Insurance rates are based on contract language approved by state regulators, the groups said, adding that the governors' decisions could pose a risk to insurers' solvency. "Whether windstorm, hurricane or standard, we want to make sure the deductibles are applied fairly and according to the terms of the contract," PCI's Donald Griffin said.

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