WELCOME TO APRIL! My daily insurance news service is overflowing with great headlines today. First, a state Supreme Court finally ruled on ISO's “impaired property” CGL exclusion and found it valid. The court praised ISO's verbiage as “a model of clarity,” adding, “We find nothing even remotely ambiguous in the language and thus find for the insurer.”

In further coverage news, ISO admitted it made a “huge mistake” in modifying its homeowners form's coverage provision for students away at school. ISO announced it will immediately file a notice to carriers and state insurance departments to withdraw the revisions and revert to previous form wording, effective nationwide April 1.

Last, but not least, Mississippi's attorney general withdrew his lawsuit over Katrina flood-damage coverage interpretations. He sheepishly admitted, “I should have just read the policy. It's perfectly clear that flood damage is not covered under the property forms, and now I feel a bit foolish. Sorry for the trouble, and I hope the insurance carriers of Mississippi will forgive me and continue to do businesses in our great state. I vow to leave all future insurance issues and disputes in the hands of my respected colleague, the Mississippi insurance commissioner. Hey, what's a lawyer doing messing around with insurance anyway, right?”