February 7, 2013
Governor Christie
Acts to Provide Quicker Resolution of Storm-Related
Insurance Claims and Disputes
Governor Chris
Christie and Administration
officials from key departments
recently held a Mobile Cabinet in
Union Beach, where the Governor
announced important measures to help
storm-impacted residents resolve
Sandy-related insurance disputes
more quickly and efficiently. These
measures include requested changes
to provide for a swifter and fairer
conclusion of the National Flood
Insurance Program (NFIP) claims
process for residents and an order
from the Department of Banking and
Insurance requiring an improved
consumer response time from
insurance companies. The
Commissioners of Banking and
Insurance (DOBI), Community Affairs
(DCA), Environmental Protection
(DEP), Business Action Center (BAC),
the Governor's Office of Recovery
and Rebuilding, the Economic
Development Authority (EDA) and FEMA
representatives participated in the
all-day session, providing personal
assistance to residents and
businesses still in the midst of the
recovery.
"Sandy brought
unprecedented devastation in excess
of $37 billion to our state,
including widespread damage and
destruction to personal property and
businesses. As we continue the
process of rebuilding our homes and
businesses, it is imperative that
insurance claims be brought to final
resolution so that residents can
make critical decisions on if and
how to rebuild," said Governor
Christie. "I am seeking changes
needed to improve the complaint and
resolution process to make it faster
and more efficient so that residents
- homeowners and businesses alike -
that have responsibly paid their
premiums and have rightfully covered
damage claims are treated fairly and
speedily by the NFIP process,
including claims dispute, settlement
and resolution. Only by concluding
this process and getting claims paid
out can our residents and businesses
be fully informed with the answers
they need to make their decisions
about rebuilding."
Governor Christie
announced that the Department of
Banking and Insurance will issue an
order requiring state regulated
insurance companies to respond to
the Department within five business
days when a consumer files a request
for assistance regarding claims
related to Superstorm Sandy.
Insurance companies currently have
15 business days to respond to the
Department. Further, insurance
companies would be limited to one
extension of five business days
instead of the unlimited number of
extensions they can currently
request.
Additionally,
Governor Christie announced he is
requesting assistance from New
Jersey's Congressional delegation to
break down barriers to prompt and
fair claims payments of the National
Flood Insurance Program (NFIP) for
residents who timely paid their
insurance premiums but are not being
promptly recompensed for their
covered losses. Excessive paperwork,
inadequate staffing, cumbersome,
overlapping audits, and the threat
of financial penalties to carriers
and adjusters continue to interfere
with the issuance of claims
payments, extending the suffering of
thousands of residents.
Approximately
430,774 insurance claims, including
those related to homeowners,
commercial property, personal and
commercial auto and business
interruption have been filed in the
State related to Superstorm Sandy.
Roughly 333,962 of those claims, 78
percent, have been closed, or
settled. Only 30 percent of the
flood claims have been closed.
"The Department
is working every day to answer
consumer's questions and help them
settle their insurance claims," said
DOBI Commissioner Ken Kobylowski.
"The two actions we are taking will
help us do that more quickly and
efficiently. We will continue to do
everything we can to resolve
disputes, help settle claims and
make sure consumers receive their
claims proceeds as quickly as
possible so that New Jersey can
rebuild and recover."
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