Company gets $3.8 million settlement

October 09, 1990

Universal Security Instruments Inc., whose headquarters was destroyed in a fire in March, has received a settlement from its insurance company for the damage.

The Owings Mills-based maker of security, video and telecommunications products said yesterday that it had received a final reimbursement of $3.8 million for the contents of the warehouse and headquarters site.

Because of the settlement, the company will report an extraordinary gain of $1,002,078, or 29 cents a share, for the fiscal quarter that ended Sept. 30.

In addition, the company said, it hopes to collect another claim for business interruption early next year.

Universal Vice President Harvey Grossblatt said the company has rented nearby office space to replace its headquarters.

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