US insurer Chubb has had a legal ruling previously made in its favour overturned by an appeals court. The ruling concerns the paying of claims from a New York-based chocolate company made after Hurricane Sandy. The policyholder had made combined claims for more than $50m in damages following the storm. Chubb initially paid the customer close to $4m, denying the remaining balance based on a flood exclusion included in the policy. In his ruling, Judge William Alsup said that while he was sympathetic to the claimant, it did not matter whether the policy covered all claims.
US insurer Chubb has had a legal ruling previously made in its favour overturned by an appeals court. The ruling concerns the paying of claims from a New York-based chocolate company made after Hurricane Sandy. The policyholder had made combined claims for more than $50m in damages following the storm. Chubb initially paid the customer close to $4m, denying the remaining balance based on a flood exclusion included in the policy. A district court had previously ruled in Chubb's favour after the chocolate company took legal action against the insurer.