Dive Summary:

• Public Service Enterprise Group, the parent company of New Jersey’s PSE&G, filed suit with the New Jersey utility on June 18 against 11 insurers that the utility claims short-changed the company of full coverage after last October's Superstorm Sandy, which caused $426 million in damages.
• The suit named 11 insurers, including Allianz Global Risks U.S. Insurance Co., Liberty Mutual Insurance Co., National Union Fire Insurance Co., (a unit of the American International Group) and the Associated Electric & Gas Insurance Services.
• According to the suit, the utility had $1 billion worth of coverage, after a $10 million deductible, and a total of 17 primary and surplus insurance policies all in effect at the time Sandy surged.

From the article:

“…these same insurers have interpreted Public Service’s Sandy losses as falling under a section of the policies that limits payouts for flood losses to just $50 million, the utility said.”