Nationwide Mutual Insurance, although privately held, has a publicly traded subsidiary Nationwide Financial Services Inc. (NFS) is off the hook and will not have to cover damages to property caused by Katrina flood waters according to a federal judge's ruling. This could set a precedence for upcoming cases related to damge to property from Hurricane Katrina.
From an MSNBC.com article:
U.S. District Judge L.T. Senter Jr. ruled that a Mississippi Gulf Coast couple cannot collect damages from storm surge caused by Katrina because Nationwide Mutual Insurance Co.’s policies do not cover wind-driven water damage.
Senter Jr. said Paul and Julie Leonard of Pascagoula could be compensated for damage that they could prove was caused by high winds, however.
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