As the one year anniversary for Sandy is rapidly approaching (it will be in approximately two weeks), I wanted to remind those with Hurricane Sandy claims that New York allows the statute of limitations period to be shortened by the insurance contract. The statute of limitations in New York can be shortened to as little as one year from the date of loss. The statute of limitations period is the drop-dead date that a lawsuit must be filed to be able to recover insurance benefits for that loss. Filing after that could result in the lawsuit being dismissed as untimely.
Should you be handling Sandy claims in New York and have a dispute with the insurer, you need to check and double check the policy to make sure it does not shorten the limitations period. If the policy does shorten it to one year from the date of the Sandy loss, then time is of the essence for the policyholder to seek legal counsel to protect his interest in recovering insurance benefits.
Should you have any question about the limitations period, do not hesitate to contact coverage counsel with experience in this area of law to review the situation sooner rather than later. Action would have to be taken quickly and some lawyers may not be have adequate time to review the claim and prepare a lawsuit at the eleventh hour of the filing deadline. Perform this review so you do not give the insurer an argument that any limitations period has passed.
