On Wednesday, the Supreme Court of New Jersey unanimously approved two decisions in the lower court and ruled that New Jersey Transit Corp. is entitled to its entire $ 400 million insurance coverage in connection with damage caused by Superstorm Sandy, rather than just a $ 100 million sublimity, in lawsuits against Lloyd & # 39 ;s in London and several other exaggerated insurers.
"The Court relies primarily on the Appellate Division's analysis of the common language of the relevant insurances," the State Supreme Court said in its decision New Jersey Transit Corp. against certain insurers in Lloyd & # 39 ;s London.
According to court documents in the case, the coverage provided a sublimit of $ 1
The dispute was settled in October 2014. The trial court announced its decision in NJT's favor in September 2017 and the Board of Appeal announced its decision in November 2019.
NJT lawyer Kenneth Frenchman, managing partner of Cohen Ziffer Frenchman & McKenna LLP in New York, said in a statement, "We are very pleased with the court's decision which will have a significant impact on the coverage of water damage caused by major storms ahead.
An insurance lawyer in the case had no comment.