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What's Going On: Will levee breaks release a flood of insurance dollars?

"Crash on the levee, Mama,Water's gonna overflow."--Bob Dylan, "Down in the Flood." Not that insurance companies needed a reminder, but a Louisiana court ruling late last month underscored the fact that we have a long, long way to go before we

By George F. Williams | Updated on November 30, 2006

“Crash on the levee, Mama,Water’s gonna overflow.”–Bob Dylan, “Down in the Flood.”

Not that insurance companies needed a reminder, but a Louisiana court ruling late last month underscored the fact that we have a long, long way to go before we sort out the industry’s ultimate losses from Hurricane Katrina. The ruling, issued by Judge Stanwood R. Duval Jr., of the U.S. District Court for Eastern Louisiana, offered thousands of New Orleans residents a ray of hope that their flood-related losses may in some cases be covered by insurance because they resulted from the failure of levees.

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