NU Online News Service, Sept. 27, 10:48 a.m. EDT
New Jersey regulators commend insurers for their handling of claims in the aftermath of Hurricane Irene.
In an interview with The Star-Ledger on Sunday, the state’s Department of Banking and Insurance says it has received fewer than 50 written complaints regarding insurance claims.
Marshall McKnight, a department spokesman, says that the number of complaints reflects well on carriers and he adds they are doing a good job.
McKnight tells NU Online News Service that the numbers were not part of any report issued by the department, but reflect the current information the department has gathered.
McKnight notes that New Jersey’s Insurance Commissioner Thomas B. Considine issued two orders telling carriers that hurricane deductibles did not apply in the wake of Hurricane Irene. He also advised both insurers and bankers to relax payment deadlines and documentation requirements because of the hardships customers experienced.
Considine noted that when Irene struck New Jersey, the National Weather Service did not report sustained winds of 74 mph or more, and therefore the hurricane deductibles would not apply.
The department says that the five largest homeowners insurers in New Jersey, based on premium written are:
- State Farm
- Allstate
- New Jersey Manufacturers
- Chubb Group
- Liberty Mutual Group
The Star-Ledger report is titled, “NJ Insurance Industry Performed Well post-Irene, State Says”
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.