Contractors and insurers involved with a $22.5-million Miami Dade College parking-garage project that partially collapsed during construction in October 2012 agreed to finance a complete rebuild by paying the school roughly $26.5 million via a settlement. Additionally, the contractors forgave an unspecified amount of payment claims previously filed with the school.

The insurance payment—due within 30 days of the May 6 settlement—was divided up five ways, with Hartford Fire Insurance Co., the project’s builder’s risk insurance carrier, agreeing to pay a total of nearly $10.3 million. Included within Hartford’s total was nearly $4.85 million for direct physical loss, satisfied by prior payments to repair the structure. Reached by ENR, the insurer had no further comment about the matter.