New Jersey – Public Service Enterprise Group Inc., New Jersey’s largest power utility, may be entitled to recover hundreds of millions of dollars more from its insurers for losses caused by the storm surge associated with Superstorm Sandy in 2012, a state court has ruled.
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New Jersey Superior Court Judge Thomas Vena said in a ruling released on Monday the company’s insurance policy was not subject to flood-damage limits imposed by its insurers because a storm surge is included under the definition of a “named windstorm,” in this case Sandy.
PSEG had said its insured losses exceeded $500 million, but that its insurers had limited its recovery for losses caused by flood to $250 million.
