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In a major blow to property carriers, a federal judge has confirmed an earlier decision sending a suit by Mississippi Attorney General Jim Hood back to state court. The suit contends that insurer flood exclusions do not apply to Hurricane Katrina claims if water damage was wind-driven.

Insurers were eager to have the case heard in federal court, where they expected to get a fairer shake than in the storm-devastated, plaintiff-friendly state of Mississippi. While I sympathize with the industry to an extent, they cant have it both waysat least not those who oppose federal regulation. Backers of state oversight shouldnt be able to just opt out when the going gets tough.

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