Majority Reduces Appraisal Award In Hurricane Katrina Flood Coverage Dispute - No Payment for Overhead and Profit for Unrepaired Home

NEW ORLEANS - Louisiana insureds never incurred and will never incur the cost of a general contractor because they sold their home unrepaired; therefore, they are not entitled to recovery of overhead and profit, a majority of the Fifth Circuit U.S. Court of Appeals found May 16, reducing an umpire's appraisal award in favor of the insureds in a flood coverage dispute arising from Hurricane Katrina (William Dwyer, Jr., et al. v. Fidelity National Property and Casualty Insurance Company, No. 10-30708, 5th Cir.; 2011 U.S. App. LEXIS 10038). Full story on lexis.com