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Hurricane Insurance & Related Newswire
7/5/2006 10:37:00 AM | Investigating insurers
Comments:(0) Three insurance companies in Louisiana are to have a market behavior audit from the Louisiana Department of Insurance. The companies, Allstate, St. Paul Travelers, and Louisiana Citizens Property Insurance Corp., were the subjects of many customer complaints following last year's hurricanes. The Department allowed for that increase but is chec...
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6/30/2006 1:50:00 AM | Citizens ordered to disclose settlements
Comments:(0) Citizens Property Insurance in Florida has been ordered to disclose the terms of settlements it has been making with litigants outside of a class action suit that is ongoing. The company is fighting portions of claims relating to the hurricanes of 2004, but has begun quietly settling with individual policyholders. A judge has ruled that t...
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6/3/2006 2:30:00 AM | Allstate cuts quake coverage
Comments:(0) Allstate Insurance will discontinue earthquake insurance for over 400,000 policies in the US, and no longer offers new optional earthquake coverage for property insurance. The company has made similar decisions about hurricane policies in Florida and New York. It is part of Allstate's policy of reducing the company's exposure to high-risk disasters. Other insurance companies are expected to pick up the slack with regard to earthquake coverage.
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6/1/2006 12:08:00 PM | Class Action Suit Filed in New Orleans Against 15 Homeowners ...
Comments:(0) Many homeowners' Hurricane Katrina insurance suits in the greater New Orleans area have been consolidated into a class-action lawsuit against fifteen companies. Issues of complaint include the wind-water-flood decisions, arbitrary rulings on waterlines and other evidence, and failure to advise policyholders of risks and the availability of flo...
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6/1/2006 7:04:00 AM | Bill raises stakes in insurance delays
Comments:(0) A new law, now working its way through the Louisiana legislature, would increase penalties to insurance companies who do not pay claims on time. Companies are supposed to pay within 30 days once the claim is legally established. The penalty for late payment now is 25% of damages owed but the new law raises it to 50% and includes the possibilit...
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