Things must be getting nasty in New York. Late last week, Governor Cuomo announced a change in insurance rules
for handling hurricane Sandy claims. He’s reduced the time limit for insurers to contact claimants from 15 days to 6 days, authorized the issuance of temporary adjuster licenses to out-of-state public adjusters (I’m sure that will help), and created an Insurers’ Report Card
so consumers can “evaluate” how these insurers are doing. He’s obviously trying to bully insurers into handling claims more quickly, presumably by paying every claim without inspection, so he can appear more responsive.
Meanwhile, in New Jersey, complaints of gouging by public adjusters is taking center stage. NJ Assembly Speaker Pro Tempore, Jerry Green, has announced plans to cap the amount that a public adjuster can charge
a homeowner for services. This comes after complaints by some homeowners that they have been charged as much as 50 percent of the insurance payment.
And the pot is just starting to boil…Michael W. Kay, CPCU, AIC