A recent release by State Farm reported that claims involving damage from hurricane Katrina in three Mississippi coastal counties will be reviewed and reconsidered through a resolution process overseen by the U.S. district court.
The Scruggs Katrina Group and State Farm, the largest property insurer in the state, have agreed to meet as part of a class action lawsuit settlement against the insurer by families who feel their damage claims were not handled sufficiently.
"This is a big step in the right direction," Mississippi Commissioner of Insurance George Dale told State Farm. "I'm pleased that this agreement will quickly put money into the hands of those along the Gulf Coast without lengthy litigation."
According to State Farm, the resolution process will begin with the insurer contacting all policyholders that are affected by the agreement. Policyholders will then have 60 days to register for participation in the process, which will allow them to be paid before the end of this calendar year.
The release stated, "Our goal has always been to resolve these matters quickly, fairly and efficiently," said Jeffrey W. Jackson, Vice President - Corporate General Counsel, State Farm Insurance. "This settlement offers policyholders who resided in the areas most impacted by the unprecedented storm an opportunity to have their claims reviewed, share any additional information, and, if they choose, have their cases resolved through binding arbitration."
Interested in more legal news and in-depth articles? Head over to Claims' legal channel for more information.
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