Wow, hurricane Ike claims are still around? That is a very long time for claim resolution.
I had to get a refresher course on Ike. From Wikipedia:
Hurricane Ike /ˈaɪk/ was the costliest hurricane ever to impact Cuba, the third-costliest hurricane ever to make landfall in the United States, the costliest hurricane in Texas history, and the last hurricane to make landfall in the United States until Hurricane Irene in 2011.
Now I am confident if it impacted you; you recall Ike.
So, why are insurance claims still around from 2008? Heck fives years for claim resolution? Well, some had to work their way through the court system. And it appears the fine folks in Texas attempted to pass “reform” after Ike that failed.
Republican state Sen. Larry Taylor of Friendswood, however, who tried unsuccessfully to overhaul the Texas Windstorm Insurance Association, said the figures the association provided to him show settlements of $1.34 billion as of July.
The $1.34 billion figure cited by Taylor likely includes other amounts, in addition to the settlements themselves, such as prior payments made on disputed claims as well as expenses incurred by the association in the adjustment and resolution of claims including legal defense costs, said Alainna Giacone, a media relations analyst with the association.
So lets talk about “reform” and the claim resolution process. People often times complain about plaintiff attorneys and lawsuits. They think that if we simply eliminate them, then all the evils of the world would go away. Coming from an insurance carrier perspective we believed that for years. Heck, we did it right. We were always right. And when we were not right in the claims resolution we at least tried.
Having now seen the absolute folly of some carriers nothing could be further from the truth. It is our estimation that carriers need to get “tagged” on occasion to keep their happy behinds in line during the claim resolution process. What do we mean by “tagged?” Simple, policy holders need to stand up on occasion. Take the position that they were wronged and fight back.
Sometimes for appropriate claim resolution that takes a law suit.
Full text here:
Settling up after Ike
Daily News – Galveston County
Taylor blamed trial lawyers, specifically Steve Mostyn, an attorney whose firm handled many Hurricane Ike claims, in helping defeat the measure over objections to the bill’s single-adjuster program. One vote short. “I needed one more vote to get it on …and more
Thanks as always for reading,
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