(March 14, 2016, 12:22 PM EDT) -- BROOKLYN, N.Y. — A New York appeals panel on March 9 held that an oil corporation insured’s $2.28 million flood loss resulting from Superstorm Sandy did not meet the deductible of its commercial liability insurance policy, reversing a lower court’s ruling against the insurer in a breach of contract lawsuit (Castle Oil Corporation v. ACE American Insurance Co., No. 55812/13, N.Y. Sup.; App. Div., 2nd Dept.; 2016 N.Y. App. Div. LEXIS 1623)....