Remember the flood litigation in Mississippi? The fervor caused by Attorney General Jim Hood's lawsuit, which claimed flood provisions in homeowners' insurance policies were “unconscionable,” has quieted in recent months. The industry stated that its policies properly spelled out the exclusions and are unambiguous, and a poll taken at the 10th annual Property/Casualty Insurance Joint Industry Forum indicates that this confidence is not wavering.
The survey, conducted by the Insurance Information Institute, who hosted the forum, revealed that 80 percent of the property/casualty insurance industry executives expect victory in the wind versus water lawsuits brought in Mississippi. The results are not a surprise to Robert Hartwig, senior vice president and chief economist at the Institute.
“Homeowners' insurance does not cover flooding, including, but not limited to, flooding as a result of high tides or storm surges,” said Hartwig. “The policy language is crystal clear and unambiguous.”
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