N.J. Transit Suing Insurers For Money To Pay Sandy Repairs
TRENTON, N.J. (CBSNewYork/AP) - New Jersey Transit is suing its insurers for more help paying to repair damage caused by Superstorm Sandy.
The agency filed a federal lawsuit earlier this month claiming that Lloyds of London and other insurance companies capped payments after Sandy at $100 million, because that was the cap for flood damage.
But the agency says that should be the limit only for flooding coverage. The agency says its policies are supposed to pay out up to $400 million for ``named windstorms'' such as Sandy.
The firm says it sustained $625 million in damage from the storm and is expecting $342 million in federal aid.
The lawsuit was filed Oct. 1 and was reported by The Star-Ledger.
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