Pennsylvania joined three other East Coast states telling insurers they cannot impose hurricane deductibles for losses suffered from Superstorm Sandy.

Gov. Tom Corbett issued a statement Thursday telling residents that they will not pay hurricane deductibles on their insurance claims on damage stemming from Sandy.

|

"Insurance deductibles could have added significant costs to Pennsylvanians already struggling to clean up and rebuild after Hurricane Sandy," Corbett said. "Insurance companies have deployed catastrophe teams to Pennsylvania, and they have been advised that hurricane deductibles should not be applied to any homeowners' insurance claims."

Insurance Commissioner Michael Consedine says the state is "very pleased" with carriers' response throughout Pennsylvania and added the department is "actively monitoring the insurance industry to ensure they are fulfilling their commitments to their policyholders."

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
  • Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.