With local governments actively involved in the process of evaluating insurance claims related to the effects of Superstorm Sandy, Allstate (Northbrook, Ill.) and Allstate New Jersey announced that tropical cyclone and hurricane deductibles on property policies will not be applied for Northeast and several Mid-Atlantic states heavily impacted by Sandy. In determining whether the deductibles would apply, Allstate and Allstate New Jersey followed the standard process of analyzing the National Weather Service data and policy provisions by state.
Based on the applicable deductible criteria in Allstate's policy provisions, tropical cyclone and hurricane deductibles will not be applied for customers in New York, New Jersey, Delaware, Virginia, Maryland, District of Columbia, Pennsylvania, Connecticut and Rhode Island, the company reports, adding that all peril deductibles will apply.
"This decision will hopefully provide some additional measure of comfort and relief for our customers who are struggling to get back on their feet after this devastating storm," said Thomas J. Wilson, Allstate chairman, president and CEO, in a press release. "Our catastrophe team and mobile claim centers are on the ground in hard-hit areas helping our customers assess their losses, file claims, find temporary shelter, and tend to basic needs."
[What are Sandy's implications for the P&C insurance industry? Read Sandy's Lessons Emerging for P&C Industry.]
Katherine Burger is Editorial Director of Bank Systems & Technology and Insurance & Technology, members of UBM TechWeb's InformationWeek Financial Services. She assumed leadership of Bank Systems & Technology in 2003 and of Insurance & Technology in 1991. In addition to ... View Full Bio