Port of New Orleans: If insurer does not pay, port will not recover

From: New Orleans CityBusiness | Date: April 27, 2007 | Copyright information

The Port of New Orleans says it needs an insurer to make payments or the port will not recover from Hurricane Katrina damages.

The port is trying to get funds from insurer FM Global.

Following Katrina, the port had about $160 million in damages. So far, the port has collected about $30 million from insurers, including $20 million from its primary property insurer, Lexington Insurance Company.

The port concluded negotiations with Lexington last September but is still trying to settle with FM Global.

The port says it has been insured with FM Global for more than 20 years and had never made a ...

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