California forbids insurance carriers from leaving fire-prone communities for 1 more year The state insurance commissioner on Thursday (November 5) issued an order forbidding insurance companies from canceling or declining to renew property insurance policies for one year in communities hit by wildfires. The move is expected to affect 2.1 million policy holders, nearly a [...]
The majority of insurers will Low-Ball Your Damage Claim There is a perception that most insurers try to outwit and outsmart their clients during the damage claim process. At the time of settlement from serious property damage claims like fire, a broken water pipe, or heavy storms, carries will attempt to pay out as little [...]
Another potential exposure for insurance companies comes from business interruption coverage, which is typically included in property policies and indemnifies companies for loss of profits if the business is shut down for reasons specified in the contract. Typical all-risk commercial property policies insure against direct physical loss or damage to covered property resulting from any nonexcluded risk. New Litigations [...]
Expert Fire Damage Claims Assistance from Start to Finish: Most property owners have limited experience with fire damage insurance claims. They don’t know how claims work – and that’s okay! Unfortunately, insurance companies take advantage and may try to trick you. When you hire a public adjuster, you get expert assistance on your side. Avoid [...]
There are only 3 parties who can negotiate insurance claims on behalf of the policyholder in any particular instance, and those are attorneys, the policyholders themselves, and a licensed public adjuster. There’s a possibility that an insurance company may consult an independent adjuster or contractor but that consultation won’t be legally binding, although it may [...]
by COVID-19 LOS ANGELES, Calif. — After receiving numerous complaints from businesses, public officials, and other stakeholders of certain insurance representatives attempting to dissuade business policyholders affected by COVID-19 from filing a notice of claim under its business interruption insurance coverage or refusing to open and investigate these claims upon receipt of a notice of claim, [...]
California’s insurance industry pays into the FAIR Plan, a fund that sells coverage to people who can’t buy it through no fault of their own. Known as the “insurer of last resort,” it only offers fire insurance. Homeowners must purchase a second plan in the private market to cover other hazards. Devastating wildfires have plagued [...]
