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2nd. Circ. Upholds Insurer s Win On NYU Storm Coverage
Law360 (July 26, 2021, 4:26 PM EDT) The Second Circuit ruled Monday that New York University cannot tap into a general $1.85 billion policy limit with Factory Mutual Insurance Co. for losses sustained during Superstorm Sandy, upholding a lower court s decision that NYU cannot get coverage beyond the $40 million sublimit.
A three-judge panel said it kept intact a Factory Mutual win in New York University s suit for coverage of damages inflicted by Sandy in the school s Langone Medical Center, saying there wasn t any ambiguity in the policy s limit of liability for flood losses. NYU has argued that the policy should cover additional costs relating to its damages.
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