Insurers reporting claims to the ISO ClaimSearch system shouldinitially be focusing on losses in the auto and property lines, ISOsaid.

|

ISO released guidance for reporting claims in the wake ofHurricane Katrina in response to inquiries from claims departmentsseeking to know what information should be reported and how to goabout doing so.

|

Given the overwhelming number of claims expected to be filedfrom New Orleans and the Gulf Coast region, and potentially fromthose areas affected by Hurricane Rita, "the immediate need is forcomprehensive reporting of losses in the auto and property lines,"said Richard P. Boehning, senior vice president at ISO. "We expectmore claims over time, including the casualty lines as worker'compensation and liability claims begin to come in."

|

In its guidance, ISO asked that companies report all claimsresulting from Hurricane Katrina; include the catastrophe number,(Number 49) and catastrophe indicator if Universal Format--a Web ormainframe--is used; and report the estimated loss amount ifpossible.

|

When reporting auto physical damage and vehicles missing becauseof flood, ISO asked insurers to report claims as auto physicaldamage with a coverage type of "Comprehensive" and a loss type of"Flood" if Universal Format (Web or mainframe) is used. If thelegacy format is used, claims should be reported as "First PartyClaims" with a loss type of "Flood/Water."

|

"We strongly encourage claims departments to report allclaims--in all lines of business--resulting from the hurricane,"Mr. Boehning said. "Effective reporting will deter fraud, help usidentify trends, provide a basis for analysis and support theNICB's Hurricane Katrina Task Force Operation."

|

In an effort to combat fraud and other crimes, ISO is workingwith the National Insurance Crime Bureau to make certain thatclaims filed in the wake of Hurricane Katrina are accuratelycataloged.

|

"Effective reporting will help the NICB's Katrina Task ForceOperation track the disposition of the thousands of damagedvehicles being identified and help prevent fraud," noted Robert M.Bryant, president of the NICB.

Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader

  • 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.
NOT FOR REPRINT

© 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.