Wednesday, July 19, 2006

Developer Can't Find Insurance in New Orleans

The Advocate reports, a real estate developer wants to rebuild about 800 total housing units on the West Bank of New Orleans, but he can't get affordable insurance. Developer Howard Gyler is reported to have said, "People have said, 'Where's the private sector?' Here I am. Now get me insurance so I can go to work." A spokesperson for the property casualty insurance industry said insurance companies are pressured by too many risk factors ranging from high crime, theft of building supplies at construction sites, looting and vandalism, risk in reconstructing damaged buildings as opposed to new construction, and threat of future hurricanes. Chad Calder, Ted Griggs, The Advocate 07/14/2006 Read Article: The Advocate

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