QUOTE
Court rules against La. Katrina victims
Thu Aug 2, 2:19 PM ET
NEW ORLEANS - A federal appeals court ruled Thursday against Hurricane Katrina victims who argued their insurance policies should have covered flood damage caused by levee breaches that flooded 80 percent of New Orleans during the 2005 storm.
The case could affect thousands of rebuilding residents and business owners in Louisiana. An insurance expert had said a ruling against the industry could have cost insurers $1 billion.
"This event was excluded from coverage under the plaintiffs' insurance policies, and under Louisiana law, we are bound to enforce the unambiguous terms of their insurance contracts as written," Judge Carolyn King wrote for a three-judge panel of the 5th U.S. Circuit Court of Appeals.
...
The panel overturned a November decision by U.S. District Judge Stanwood Duval Jr., who had sided with policyholders arguing that language excluding water damage from some of their insurance policies was ambiguous.
LINK
Thu Aug 2, 2:19 PM ET
NEW ORLEANS - A federal appeals court ruled Thursday against Hurricane Katrina victims who argued their insurance policies should have covered flood damage caused by levee breaches that flooded 80 percent of New Orleans during the 2005 storm.
The case could affect thousands of rebuilding residents and business owners in Louisiana. An insurance expert had said a ruling against the industry could have cost insurers $1 billion.
"This event was excluded from coverage under the plaintiffs' insurance policies, and under Louisiana law, we are bound to enforce the unambiguous terms of their insurance contracts as written," Judge Carolyn King wrote for a three-judge panel of the 5th U.S. Circuit Court of Appeals.
...
The panel overturned a November decision by U.S. District Judge Stanwood Duval Jr., who had sided with policyholders arguing that language excluding water damage from some of their insurance policies was ambiguous.
LINK
Just my 02. But...the Katrina victims just got hit again.
