La. Insurer Settles Katrina Contractor Suit For $23M

Law360, New York (August 24, 2010, 12:29 PM EDT) -- Louisiana's property insurer of last resort has reached a $23 million settlement with customers who claimed the company had not sufficiently covered so-called overhead and profit claims stemming from hurricanes Katrina and Rita.

The Louisiana Citizens Property Insurance Corp. will set up a fund to cover claims from homeowners who were required to employ general contractors to oversee the work of three or more specialists required to repair homes damaged in the devastating 2005 storms. The settlement was first reported Monday in the New Orleans Times-Picayune....
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