(Source: Reuters, June 24, 2015)
NEW YORK — Amtrak suffered a big setback in its attempt to recoup an estimated $1.1 billion of losses from Superstorm Sandy, when a federal judge on Wednesday rejected the railroad’s efforts to recover much of that sum from its insurers. U.S. District Judge Jed Rakoff in Manhattan agreed with Amtrak’s insurers that Sandy was a single “occurrence” under the railroad’s policies. He also said the inundation of Amtrak property in the storm’s aftermath was part of the railroad’s “flood” damage rather than a separate loss.
Full story: PhillyVoice