California issues emergency notice to expedite California fires claims
California’s insurance commissioner Ricardo Lara has issued an emergency notice to all property and casualty insurance companies doing business in California, requesting they expedite claims handling for California wildfire survivors in order to help them begin the recovery and rebuilding process more quickly.
Survivors of the recent fires in Northern and Southern California face a long task of recovery, which often includes trying to inventory lost possessions and reconstruct destroyed or missing documents.
“I have met with many wildfire survivors since taking office, and they need immediate help to start the rebuilding process, not red tape and unnecessary paperwork that adds to their problems,” said Commissioner Lara. “These expedited claims handling procedures will give policyholders the help they need, and I urge insurers to do the right thing for these survivors.”
Commissioner Lara is asking insurance companies to provide greater flexibility to survivors affected by wildfires across the state with some deadlines and documentation typically required to pay claims.
The Department of Insurance has issued similar notices after other devastating fires, including the Camp, Woolsey, and Hill fires in 2018. Virtually all insurers heeded the Commissioner’s call during previous fires when similar notices were sent out. This notice is also in recognition of Governor Gavin Newsom’s declared states of emergencies related to the wildfires.
This notice builds on the Department’s recent actions to help California consumers facing wildfire risk.
Last week, Commissioner Lara ordered the FAIR Plan — California’s insurer of last resort — to help homeowners find adequate coverage by offering a comprehensive policy in addition to its current dwelling fire-only coverage by June 1, 2020, and taking other steps to modernise its options.
Get all the latest re/insurance industry news with our daily newsletter - sign up here.
Arthur J Gallagher & Co’s Artex acquires EWI Re
Arch Re to acquire global credit and surety renewal rights from Aspen Re
Risk Strategies acquires Thomas McGee Group
Allstate estimates $237m catastrophe losses for October 2019
Arch makes two appointments to board of directors
Munich Re- backed Vouch Insurance raises $45M, launches in California
Aon Securities launches private placement catastrophe bond platform
Kevin Kelley to retire from Liberty Mutual Insurance
Fitch Ratings: profitability at peak in 2019 for US title insurers
