This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

New York Insurance Association Confirms Insurance Companies Responding To Historic Volume Of Claims Quickly

ALBANY, N.Y., Nov. 29, 2012 /PRNewswire-USNewswire/ -- Governor Cuomo announced several regulatory changes today that the New York Insurance Association (NYIA) views as unnecessary.

"We agree with the Governor that those affected by Sandy need to have their claims addressed in a timely manner," Ellen Melchionni, president of NYIA said. "As the Governor mentioned there is an historic volume of claims as a result of this storm. Given the circumstances, insurance companies are doing their best to respond as quickly as possible. The report card issued by the Governor shows that companies are doing an outstanding job. The insurance industry will continue to work diligently to address the more than 330,000 claims filed by New Yorkers in the wake of Sandy."

It is important for insurance companies to fully review claims to ensure all legitimate claims are paid quickly and fairly. Every claim is unique and different. Some can be settled very quickly while complex claims may take longer to review.

"Insurance companies were ready from day one to help policyholders in the aftermath of the storm," Melchionni said. "Insurance exists to provide financial security for individuals during times of need. Companies are upholding their commitments to policyholders, providing coverage in accordance with what is outlined in each individual policy. We have mobilized all of our forces and used every available resource to help those affected by this storm."

Unlike what has occurred in neighboring states, Governor Cuomo and the New York State Department of Financial Services have imposed numerous mandates on how insurance companies must operate in response to Sandy. "The insurance industry has made every effort to work with state officials and comply with the variety of continually changing guidelines and orders that have been issued by New York regulators," Melchionni said. "The main focus of companies though has been to help policyholders during this crisis situation."

Several different types of insurance apply to the damage caused by Sandy. NYIA advises that it is important for those affected by the storm to know the type(s) of insurance they have and how they can receive assistance. Individuals should contact their agent or company representative with questions about their policy.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free


Chart of I:DJI
DOW 17,798.49 -14.90 -0.08%
S&P 500 2,090.11 +1.24 0.06%
NASDAQ 5,127.5250 +11.3820 0.22%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs