LAWSUITS NEWS & LEGAL INFORMATION
Hurricane Insurer Settles 2 Class Actions for $35 Million
This is a settlement for the Bad Faith Insurance lawsuit.
A settlement of $35 million has been reached between the members of 2 class action lawsuits and Louisiana Citizens Property Insurance Corporation.
The state-run insurer had specialized in covering high-risk properties, however the aftermath of hurricane Katrina escalated the costs and times involved in settling claims.
The suits alleged that the insurer had failed to provide a written offer to settle policyholders' claims within 30 days of notification of losses related to hurricanes Rita and Katrina.
Published on Oct-15-08
The state-run insurer had specialized in covering high-risk properties, however the aftermath of hurricane Katrina escalated the costs and times involved in settling claims.
The suits alleged that the insurer had failed to provide a written offer to settle policyholders' claims within 30 days of notification of losses related to hurricanes Rita and Katrina.
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