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Article: Louisiana's high court upholds flood exclusion; Commercial all-risks policy ruled unambiguous.(News)
- Article from:
- Business Insurance
- Article date:
- April 14, 2008
- Author:
CopyrightCOPYRIGHT 2008 Crain Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: MARK A. HOFMANN
NEW ORLEANS-A Louisiana Supreme Court decision last week upholding the flood exclusion in a commercial all-risks insurance policy draws a clear line restricting flood-related claims in the state, legal experts say.
But how many commercial policyholders in the state will be affected and whether the decision will influence disputes over flood claims outside of Louisiana remains unclear.
The case, Joseph Sher vs. Lafayette Insurance Co. et al., stemmed from damage caused by Hurricane Katrina in 2005. Mr. Sher owned and lived in a five-unit apartment building in New Orleans, which was covered by an all-risks commercial ...