Mississippi Attorney General Jim Hood said today he is urging Allstate and other insurers to “do the right thing” and follow the lead of State Farm in settling disputes with policyholders over Hurricane Katrina storm-surge claims.
He also urged stockholders with interest in affected insurance companies to press the carriers to settle.
On Tuesday, State Farm agreed to a proposed federal class-action settlement disposing of 639 coastal homeowners' suits and allowing hundreds of others to reopen claims, while guaranteeing those left with a bare foundation at least 50 percent of their insured value.
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