TDI Extends Claims-Handling Prompt Payment Deadlines In Response To COVID-19

Amid the chaos surrounding the COVID-19 outbreak, the Texas Department of Insurance has issued a Commissioner’s Bulletin extending certain claim-handling prompt payment deadlines for property carriers handling claims in Texas. The Texas Prompt Payment of Claims Act allows for a 15-day extension of claim-handling deadlines for property carriers in the event of a major national disaster, as defined by the Texas Commissioner of Insurance. In the wake of the Commissioner’s determination that the COVID-19 pandemic is a national disaster, Commissioner’s Bulletin # B-0007-20 establishes extended deadlines for claim-handling procedures for property carriers. 

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State Bill for Coronavirus BI Coverage Recalls Prior Sandy Efforts

The coronavirus (COVID-19) public health emergency will certainly produce significant financial losses across the economy as businesses shut their doors for prolonged periods to avoid infections and exposures. In response, some state legislatures and regulators have begun exploring options to reduce the financial losses to businesses by attempting to allocate certain uncovered business interruption losses to property insurance carriers.

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Revisiting the Risks Posed by Wildfires

Early property insurance policies, first introduced in seventeenth century England, insured against only a single peril: fire. That made sense at the time—most structures were wooden, making fire the most common risk of loss. Yet, in modern times with ever-changing and expanding risk profiles, fire is no longer the singular menace to property it once was. 

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Climate Exodus: Movement of the People

I’ve got love and assurance, I’ve got new [property] insurance

And I’ve got strength and endurance, so I count my blessings.

-Damian “Jr. Gong” Marley, Count Your Blessings

In 1955, the island community of Isle de Jean Charles, some 80 miles south of New Orleans, covered 22,000 acres. Since then, rising water levels and subsiding land have shrunk the island every year. Inch by inch and acre by acre, the surrounding marshes have claimed most of the island’s grassland and forests, so that today only about 450 acres remain. 

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New Space Offers New Solutions for Insurers Looking to Better Assess Exposure

One of the biggest issues facing CAT insurers is assessing risk in an uncertain future. As catastrophic storms increase in number and intensity, CAT insurers must prepare accordingly. Specifically, the increasing number and intensity of hurricanes in the Atlantic Ocean and Gulf of Mexico require insurers to find innovative ways to assess risk and address underwriting challenges. Over the past thirty years, insurers have been forced to adapt policies to fit the changing world. This has included the development of new or different exclusions and deductibles. 

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Revised Predictions Forecasting A More Active Atlantic Hurricane Season Are Coming To Fruition

The 2019 Atlantic hurricane season officially began on June 1 and runs through November 30, although Subtropical Storm Andrew made 2019 the fifth consecutive year to have a named storm form outside of that time frame. The Atlantic season includes the Atlantic Ocean, Gulf of Mexico, and the Caribbean Sea.

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Hurricane Dorian Claims: Spotlight On Independent Adjusters’ Liability

After devastating the Bahamas, Hurricane Dorian has moved up the Atlantic Coast and is now affecting the Canadian Maritimes. Dorian was the fifth Atlantic hurricane to reach Category Five status in four years and has already broken records with sustained wind speeds exceeding 185 miles per hour. Many are attributing Dorian’s strength and fury to climate change. Although Dorian was ultimately downgraded - it is now a Category 1 after impacting the Carolinas as a Category 2/3 - it has had wide-reaching impacts along the Eastern Seaboard, and early estimates suggest the cleanup and repairs will cost tens of billions of dollars.

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