San Diego Approves $6M Settlement With Insurers for Flood Damage
San Diego approved a $6 million settlement with insurers to cover claims from January 2024 floods caused by the city’s stormwater system failures.Summary
The city of San Diego has finalized a $6 million settlement with 17 insurance carriers to reimburse them for claims paid out due to the January 2024 floods. The settlement, approved by the city council, stems from numerous lawsuits filed against the city alleging negligence in maintaining its stormwater system, which plaintiffs argued led to widespread property damage and displacement of residents. The funds will be drawn from a self-insurance program and distributed to insurers including Palomar Specialty, Allied World Assurance, State Farm Mutual Automobile, and several others, including Lloyd’s of London. This settlement is part of a larger legal process as the city faces multiple lawsuits related to the flood damage.
(Source：Insurance Journal)