In his weekly radio address last week, Mississippi Senator Trent Lott stressed the importance of the Broussard v. State Farm verdict and expressed hopes for a settlement. He also announced that he has commissioned a study to look at developing a national catastrophe fund.
The Broussard verdict found that evidence was inconclusive in terms of determining damages caused by flooding and damages due to wind. It granted the plaintiffs more than $220,000 due from their insurance policy, and also awarded $2.5 million in punitive damages.
"This is a very important verdict," said Sen. Lott, in his radio address. "It's one I hope will help lead toward a more reasonable outcome with regards to the insurance industry. It's one of if not the biggest problems we face now in South Mississippi. I hope this decision is interpreted properly, and it will lead to a global settlement that will provide the kind of assistance the people in South Mississippi are entitled to."
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