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Hurricane Damage

Panama City Beach, FL: (Jan-28-08) Panama City Beach Condos, a real estate developer, brought charges against Axis Surplus Insurance Company, stemming from a Hurricane Dennis insurance claim. Sources stated that shortly after receiving all of the evidence in the case, the eight-person jury returned an unanimous verdict in favor of Panama City Beach Condos for over $41.5 million. Hurricane Dennis slammed into the Florida Panhandle as a Category 4 storm on July 9, 2005, causing significant damage and halting construction on the 31-story, 570-unit Tidewater Beach Condominium project before making landfall near Pensacola the following day as a Category 3 hurricane.

The suit claimed that Axis Surplus was informed that the cost to repair the hurricane damage was approximately $30 million, but the company decided not to pay the developer any funds under the builder's risk insurance policy. After Panama City Beach Condos submitted its claim, the insurance company also refused to renew the policy. Sources close to the case stated that as part of a settlement, Axis Surplus Insurance agreed to a $42.5 million payout to resolve claims. [YAHOO: CONDO INSURANCE]


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Published on Jan-29-08


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