11/14/2012

Many properties face extensive damage by flooding caused by Superstorm Sandy, but few likely are insured against mold and will fall short of being covered for their buildings' full value, according to a note by Citigroup strategist Jeffrey Berenbaum. Commercial mortgage-backed securities loans require mold insurance typically only in cases where previous environmental problems existed; mold is commonly excluded in general insurance policies, Berenbaum writes.

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