Insurance Firm Settles Hurricane Lawsuits
Posted: Tuesday, October 14th, 2008 at 2:30 pm
An insurance firm has agreed to settle two class action lawsuits filed against it over its payout for damage caused by hurricanes. The lawsuits were filed against the Louisiana Citizens Property Insurance Corp for failure to pay out on hurricane claims in a timely fashion, and the firm has now agreed to settle these suits.
The state insurance firm specialized in covering high risk properties, and has agreed to a thirty five million dollar settlement although it admits no liability with the settlement. Each of the participants in the class action suits could receive around one thousand dollars from the settlement amount.
The lawsuits had claimed that the insurance firm had failed to write to claimants within thirty days of claims to try and reach a settlement over the claim following the hurricanes Rita and Katrina.
An attorney for the plaintiffs said: “This is a narrow but substantial issue. We believe that Citizens has acted in good faith under their new management and that their intent and purpose is to put this behind them (and) get some money to the people, our clients, who really need it.”
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