NY Gov Acts To Speed Up Sandy Insurance Claims
By MICHAEL GORMLEY
ALBANY, N.Y. (AP) â¿¿ New York state has shredded some bureaucracy to speed the payment of insurance claims to 360,000 victims of Superstorm Sandy, while creating an online system to grade insurers whose state licenses are on the line as they respond to New Yorkers.
Gov. Andrew Cuomo said he met with top insurance companies about the changes that should cut by more than half the time New Yorkers will have to wait for insurance adjusters. That new deadline is six days, from 15 days.
The adjusters must inspect homes and businesses before claims can be paid to policyholders, unless there is a health and safety issue. Sandy victims can make those repairs and make claims using receipts and other paper work."We're getting many, many complaints," Cuomo said from a Manhattan news conference in which he targeted insurance companies. "I understand their point of view and I understand the volume. I also understand the point of consumers and citizens who paid for coverage ... and now expect the insurance companies to do their job." The governor is allowing some insurance adjusters from outside the state to obtain temporary state licenses to help address New York mountain of claims more quickly. He also approved adding "public adjusters" who help consumers through the process. "There simply is no substitute for speed when it comes to insurance payouts after a storm," Cuomo said. Cuomo had credited some insurance companies for creative efforts to reduce the backlog of claims. "No one takes their role of helping customers more seriously than insurers," said Kristina Baldwin, assistant vice president for the Property Casualty Insurers Association of America. "Our companies have committed significant resources to help their customers during these difficult times, including sending mobile claims offices into the storm impacted neighborhoods to help expedite claims," she said.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV