Insurance

Condo owners win $4 million Katrina verdict

A jury in U.S. District Court has awarded $1.8 million to the the Penthouse Condominium Owners Association in Pass Christian for Hurricane Katrina wind damage that insurer Lloyds of London failed to cover.

Don Barrett of Lexington, lead attorney for the condominium owners, said Judge Sul Ozerden found “no arguable basis” for Lloyd’s to deny the claim. Ozerden decided Lloyd’s also must pay the condominium owners’ legal fees, prejudgment interest and litigation costs, which Barrett estimated will come to around $4 million.

The condominiums are being rebuilt, but Barrett said the association has struggled to come back because of Lloyd’s failure to pay the wind claim. The National Flood Insurance Program covered tidal-surge damage.

Read more about this story in Saturday's Sun Herald.

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