Insurer admits to shifting costs to NFIP in Katrina case | IFAwebnews.com
An insurance company admitted to shifting its costs to the federal National Flood Insurance Program in the first wind versus water damage case from Hurricane Katrina to reach Mississippi’s high court.
Insurance company USAA made the admission in oral arguments before the Mississippi Supreme Court June 9 in a heavily watched case about whether carriers bear the burden of proof to decide the extent of property damage caused by wind and if carriers can void a homeowner’s wind coverage because of prior water damage.
A lower court had asked the state’s high court to interpret the “anti-concurrent causation” clause in homeowners’ policies as a precursor to it addressing a policyholder’s request for coverage from USAA.
The high court’s ruling is critical in establishing
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