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.
Iran Delivers New Proposal to US as Hormuz Remains Shut 
US Weighs Tougher Auto Import Rules to Accelerate Reshoring 
Bayer Gets Mixed Reception at Supreme Court on Roundup Suits 
Bayer Banking on US Supreme Court’s Help to Rein in Roundup Lawsuits 
Want to stay up to date?
Get the latest insurance news
sent straight to your inbox.