Columbia Gas estimates loss of more than $1 billion due to Merrimack Valley disaster
In a 2018 financial report filed this week,
The company wrote in the filing that it expects the financial losses to increase.
On
The amount of financial losses to the company does not include the estimated cost of pipeline replacement. The company spent
The losses recorded in the filing also do not include the costs of settlements from lawsuits of the Rondon family or class-action settlements.
The disaster remains under investigation by the
Expenses from the incident have exceeded the insurance coverage for the company, according to the report.
"Total expenses related to the incident have exceeded the total amount of liability insurance coverage available under our policies," the company wrote in the financial report, noting the company may be unable to obtain insurance on acceptable terms.
"We expect the premiums we pay for our insurance coverage to significantly increase as a result of the Greater Lawrence Incident and market conditions," the report read.
Watch eagletribune.com for developments in this story and other fallout from the gas disaster. A complete report will appear in Friday's print edition of
___
(c)2019 The Eagle-Tribune (North Andover, Mass.)
Visit The Eagle-Tribune (North Andover, Mass.) at www.eagletribune.com
Distributed by Tribune Content Agency, LLC.
New Orleans bail bondsmen owe refunds to thousands of clients, state insurance commissioner says
Aetna to add 300 jobs in High Point
Advisor News
Annuity News
Health/Employee Benefits News
Life Insurance News