Officials: No insurance in place for Calif. city's eminent domain plans

09/3/2013 | Contra Costa Times (Walnut Creek, Calif.)

An investment firm working with Richmond, Calif., on planned eminent domain seizures of underwater mortgages is unlikely to have insurance that would cover any damages related to such activities, according to e-mails from city Risk Manager Kim Greer. "Once the [eminent domain] activities hit the newspapers, no carrier would even consider them," Greer said. City Attorney Bruce Goodmiller said in e-mails that "everyone involved," including the investment firm, "is convinced that we cannot rely" on the firm's insurance if a lawsuit were to arise over the eminent domain plans.

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Contra Costa Times (Walnut Creek, Calif.)

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