Ignorance On $1.25M Deductible Isn't Bliss: Miss. High Court

By Bibeka Shrestha (February 25, 2013, 5:14 PM EST) -- The Mississippi Supreme Court ruled Thursday that a policyholder's failure to read an insurance policy doesn't excuse it from paying deductibles that were clearly stated, preserving a win for Lloyd's of London in a fight with nursing home companies over a $1.25 million deductible.

The state high court upheld a ruling that Southern Healthcare Services Inc. and operators of the Willow Creek Retirement Center and Jones County Rest Home have to pay Lloyd's more than $701,000 to reimburse the insurer for defense and settlement costs owed as part of a deductible.

The policyholders argued that Lloyd's breached the policy by requiring...

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