A major commercial property insurance claim that resulted from Hurricane Katrina has been settled, making it one of the first of its kind to be completed.
Tenet Healthcare Corporation, which operates hospitals and related health-care services, reached an agreement with its property insurers to settle all claims related to physical damage and business interruption that occurred as a result of Hurricane Katrina's landfall. Insurers will pay the company a total of $340 million, which already has been received.
Tenet was operating five hospitals and five diagnostic imaging radiology centers in New Orleans and one hospital in Biloxi, Miss. when Katrina made landfall. All facilities were heavily damaged, with two New Orleans hospitals unable to reopen.
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