Insurance Services Office is keeping mum on what action it will take after a federal judge in New Orleans labeled its homeowners policies "vague'' and "ambiguous."
The setback for the giant provider of policy templates and other products and services for the insurance industry came last week in a decision by U.S. District Court Judge Stanwood R. Duvall. Jr. in New Orleans, who ruled that ISO flood damage exclusion language was faulty.
His decision scoring the policies dealt with suits brought by homeowners after 2005 New Orleans levee breaks during Hurricane Katrina inundated their properties. They are claiming third-party negligence in the building of the levees.
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