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Board of Trustees of the Galveston Wharves
by Jim Guidry
Monday, June 18, 2012

The Board of Trustees of the Galveston Wharves met in executive session this morning and then voted 5-0 to approve a $15 million settlement with Lexington Insurance Company, York Risk Services Group and attorney Kenneth Cruikshank related to a lawsuit on Hurricane Ike issues.

“We filed suit against those companies in the 10th Judicial District Court for settlement of our insurance claims, of which Lexington owed us the last layer of our insurance, which was $15 million,” said Port of Galveston Director Michael Mierzwa.  “They had got to $40 million and had stopped paying us; and that’s why we sued them.”

Mierzwa said the settlement agreement came after negotiations with the insurance companies.

There were other items on the executive session agenda, but the insurance settlement was the only action item.  Trustee Robert Hoskins was absent.  Agenda

Remembering Jim Guidry Bay Area Houston Economic Partnership

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