Homeland Can't Shake MBS Katrina Coverage Suit

Law360, New York (January 21, 2011, 2:01 PM EST) -- A federal judge has rejected Homeland Insurance Co.’s bid to end bankrupt real estate company MBS Management Services Inc.’s coverage quest, finding that their $2.5 million settlement over Hurricane Katrina losses did not preclude recovery under Homeland’s excess insurance policy.

On Wednesday, Judge Jay Zainey of the U.S. District Court for the Eastern District of Louisiana held that MBS was entitled to seek excess coverage from Homeland even though the $2.5 million settlement did not strictly exhaust the $10 million policy with Hartford Fire Insurance Co....
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