131 Insurers Sue ERCOT Over Winter Storm Uri (Risk & Insurance)

131 Insurers Sue ERCOT Over Winter Storm Uri

  Monday, April 18th, 2022 Source: Risk & Insurance

Winter Storm Uri rolled into Texas like nothing the state had ever seen before.
Unprepared for such a freeze, the power grid shutdown.

Millions were plagued in darkness. Heat was a luxury. Water pipes burst. Homes and businesses flooded. Insurance companies faced claim after claim after claim.

The February 2021 storm quickly showed flaws in the power grid, and its operator, Electric Reliability Council of Texas or ERCOT, is now feeling the strain as more than 130 insurers in the state are filing suit against the company.

The suit alleges gross negligence, that ERCOT and 37 additional power generating entities ‘failed to plan and prepare for the winter storm event, and the energy failure caused significant property damage to the policyholders of plaintiffs.’

The Texas Department of Insurance reported that of the 500,196 insurance claims that stemmed from the event, more than 85% came from residential property owners and homeowners.

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