Insurance Settlements Not Proof Of Loss, La. High Court Says

Law360, New York (October 18, 2012, 6:25 PM EDT) -- The Louisiana Supreme Court on Tuesday ruled that a realty company’s settlement agreement with Louisiana Citizens Property Insurance Corp. was not a valid proof of loss on which to base penalties for the insurer's untimely handling of a Hurricane Gustav property damage claim.

Reversing a Louisiana district court decision, the state Supreme Court found that while Citizens undisputedly failed to pay Katie Realty Ltd. the $250,000 it owed under a settlement over damage sustained during the 2008 hurricane in a timely manner, the district court erroneously...
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