The legal question of whether hurricane storm surge creates damage not covered by homeowners policies will drag on for an extended period, one analyst warned.
Indeed, the issue will be pending for “quite some time,” Don Thorpe, a Fitch Ratings credit analyst in New York, predicted during a Webcast updating the financial impact of Hurricane Katrina.
Mr. Thorpe said there are several precedents for classifying storm surge as flood, supporting the position of the property-casualty insurance industry that such damage is not covered under flood exclusion policy language.
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