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Superstorm Sandy: Case Study

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This is a Property CAT loss involving Superstorm Sandy. On 06/26/15 we received a payment request in the amount of $454,463.08, taking into account reinstatement premium of $87,501.36 & brokerage fee of $4,375.07 net pay due is $371,336.79. The Pay Timeliness Form has been tasked to K.Haniff. Our current total incurred is $3,000,000 & has been posted since 12/28/12; our paid to date is $2,181,420.88 with an outstanding loss reserve of $818,579.12. After booking the net payment of $454,463.08 our reserve will be $364,116.04. The Superstorm Sandy loss of 10/28/12 falls with our contract period of 01/01/12 – 12/31/12 our cover is 2% of 150M x 600M (3M Occ limit) this contract has an Aggregate Limit of $6,000,000. After payment of the $454,463.08

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