The town of Greenwich, Conn., has reached a $2.4 million settlement with its insurance company to cover damage to municipal buildings and other property by Superstorm Sandy in October, 2012.
The Greenwich Time reports the settlement with insurer AIG also resulted in a 10 percent rise in insurance premiums for the town.
AIG currently charges Greenwich about $1 million a year for property insurance. Officials say the costs have been rising due to several tropical storms in recent years.
The town also received a $1.6 million reimbursement check on Monday from the Federal Emergency Management Agency to cover cleanup costs incurred during Sandy.
.
Was this article valuable?
Here are more articles you may enjoy.
Munich Re: Insured Losses From Wildfires, Storms and Floods Hit Record High 
Allianz Built An AI Agent to Train Claims Professionals in Virtual Reality 
Tesla, EEOC Plan Talks to Settle Factory Racism Suit 
Surging Oil Tanker Insurance Points to Growing Black Sea Chaos 
Want to stay up to date?
Get the latest insurance news
sent straight to your inbox.