Texas lawyers have some crucial advice for victims of Hurricane Harvey: Notify your insurance company of home or business damage before Sept. 1 or suffer the consequences of a new state law that reduces the penalties insurers pay for delaying or denying claims.
'Hailstorm Bill'
The law, also known as the "Hailstorm Bill," goes into effect on Friday and reduces the 18% penalty insurers pay for unlawfully delaying or denying "forces of nature" claims down to about 10%. That tort reform law, which was signed by Texas Gov. Greg Abbott on May 27, was aimed at plaintiffs attorneys who have filed $340 million in hailstorm claims against insurance companies since 2012.
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
- Educational webcasts, resources from industry leaders, and informative newsletters.
- Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
