CNC Insurance Delaware Business Insurance Update: Forcing Advocacy

NY Governor Cuomo has issued an emergency regulation that requires insurance companies to adjust claims within 6 days or at least respond to the claim. This is unprecedented in our area since it has been so long since we have had a storm like Sandy. The governmental authority advocating for policy holders is a good thing. The precedent it sets for the future is a bad thing. Insurance policies are contracts. Insurance companies pay claims and adjust claims based on the terms and conditions of the insurance policies. Forcing the adjusting time might be advantageous to the policy holders. Maybe this is the reason for the regulation since so many are still in pain from the storm. How this affects future adjustments in NY will have to be seen. This could be one of those situations where trying to do a good thing causes a lot of bad things down the road. Until next time be careful out there and know your risk. K
G.Kevin Nemith, Business Insurance, Small Business insurance, Enterprise Risk Management , specialists serving DE, MD, NJ, and Pa.
www.cncinsurance.com
www.bizinsurancetv.org

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