Mississippi Attorney General Jim Hood said today that insurers can do the smart thing and settle the state's suit seeking to compel coverage for Hurricane Katrina wind-driven water damage claims, or face a blizzard of individual actions.
Speaking before a conference in Houston on loss recovery from Hurricanes Katrina and Rita sponsored by the law firm of Anderson Kill & Olick, Mr. Hood said he hopes insurers realize they will lose the case eventually and see that the cost of settlement would be higher trying individual claims than coming up with one state settlement.
"Imagine the onslaught of a mass of lawsuits" dealt one case at a time, Mr. Hood said. A jury made up of people within the community would not be sympathetic to the carriers and "insurers would get hammered in individual suits," he added.
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