Commissioner: Talks on Katrina continue |
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Wed, 10 Jan 2007 00:29
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NEW YORK - Mississippi's commissioner of insurance said Tuesday that talks with insurers over policyholder claims stemming from Hurricane Katrina were continuing but that reports of a settlement were premature.'We have been involved in some negotiations' with insurance companies over unpaid claims, Commissioner George Dale told a property-casualty insurance forum in New York. But, he added, 'At this point in time, they are not settled.'The Associated Press reported Monday that State Farm Fire & Casualty Co. was negotiating a multimillion dollar settlement in Mississippi on thousands of lawsuits and other disputed policyholder claims from Katrina.People with direct knowledge of the negotiations told the AP that both sides were nearing an agreement that could be worth hundreds of millions of dollars to tens of thousands of State Farm policyholders in Mississippi whose claims were denied after Katrina.Many policyholders with damage from the 2005 storm have complained that they received nothing or only small payoffs from their homeowner policies because insurers like State Farm blamed their losses on storm surge, which is not covered, rather than on the hurricane's winds.Dale said the industry's handling of claims statewide got 'passing marks' but the dispute over coverage for damage caused by wind and water was 'a terrible black eye' for the industry.He said he believed 'it definitely would be in the best interest of everybody if we could get these things settled.'Copyright 2006 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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