Loyola University New Orleans Files Suit against Insurer for Failure to Properly Adjust Property and Business Interruption Claims
Loyola press release - August 3, 2006
For Immediate Release:
August 2, 2006
Contact: Kristine Lelong
Michael St. Martin
Loyola’s claims arise from the substantial property damage sustained by the university and as a result of the necessary closure of the campus for the entire fall semester of 2005 due to the impact of Hurricane Katrina. Loyola also experienced reduced enrollment for the spring semester as some students elected not to return to
From mid-to-late April, Loyola sent extensive documentation of its insured losses to Continental Casualty Company. These losses included over $6 million in property damage and over $22.5 million in time element business interruption losses. Loyola has spent approximately $200,000 in order to have these losses calculated and authenticated by the national accounting firm Ernst & Young.
Despite such documentation of both the property and business interruption losses, Continental Casualty Company has, at this time, only “advanced” Loyola $4 million. Loyola has filed this litigation as a class action on behalf of itself and all others similarly situated in order to recover the insurance proceeds due under the applicable Continental Casualty Company policies.
Loyola’s rich history of Jesuit education in