Disgraced insurance commissioner receives 7-year jail sentence! Georgia’s former insurance commissioner, will spend more than seven years in prison for his role in a $2.5 million fraud scheme as a federal judge lambasted him for lying from the stand during his July trial. Jurors convicted on 37 counts of wire fraud, mail fraud, money laundering, and tax fraud Full story >> https://bit.ly/3mXq7YZ

Every policyholder needs an advocate.  Insurance Claim Recovery Support is the trusted commercial public insurance adjusting firm who exclusively represents policyholders. Get professional help today at https://www.insuranceclaimrecoverysupport.com/free-claim-evaluation/

 

What the 5th Circuit Ruling Means for Your Claim Recovery Efforts

 

Texas policyholders don’t have to prove that their insurer acted in bad faith in order to collect 18% interest on late claim payments, a recent decision by the 5th circuit Court of Appeals.

A Houston plaintiff’s attorney defeated State Farm Lloyd’s for the fourth time on the same issue, this time coming away with a federal appellate court ruling that policyholders don’t have to prove that their insurer acted in bad faith in order to collect 18% interest on late claim payments.

The Texas Supreme Court ruled essentially the same way last year in another lawsuit, but Wednesday’s decision by the 5th Circuit Court of Appeals “puts a fine point” on the precedent, clarifying that interest is owed starting from the date a final ruling is issued, said attorney Joshua P. Davis.

Davis said the lawsuit he filed on behalf of San Antonio homeowners Jesus and Margaret Agredano marked the fourth time he has taken State Farm to court seeking penalties under the Texas Prompt Payment of Claims Act, or TPPCA.

Many Signing Texas Insurance Documents“We did fairly well for ourselves and hopefully they will finally get the picture,” Davis said Thursday.

The Agredanos filed a claim with State Farm seeking repairs to the roof of their ranch-style home in northeast San Antonio, which had been damaged by hail on Aug. 11, 2014. State Farm gauged the damage at $615.17, well below the amount of the deductible on the policy.

The Agredanos hired a public adjuster who estimated the damage would cost $45,270.33 to repair. The also hired Davis, who wrote a demand letter seeking $83,084.51. In addition to the cost of the repairs, Davis threw in $5,000 for mental anguish, court costs, attorney fees and 18% interest for State Farm’s alleged late payment of a valid claim. When State Farm refused to pay, the Agredanos filed a lawsuit, which was removed to the U.S. District Court for Western Texas in San Antonio.

At trial, Davis said he submitted a “more reasonable” damage estimate of $13,661. He acknowledged that public adjuster estimates can be “expansive.” The jury awarded Agredanos that amount after a trial.

Click here to read the full article.

File a complaint against your insurance company


Have a dispute with your insurance company? Contact Insurance Claim Recovery Support today to start taking the best steps towards the recovery support you need!

As an insurance customer, you are entitled to the best service possible. Unfortunately, there are many companies out there that don’t provide the level of service they should be. When this happens, it can be difficult to get what you need. You’re not the only one who has had a bad experience with your insurance company. In fact, according to data from The National Association of Insurance Commissioners (NAIC), among the top 10 insurance providers in the nation, nearly 1 in 5 consumers have filed an official complaint against their insurer.

Insurance companies are required by law to respond to complaints submitted against them. And when they don’t- or if their response isn’t satisfactory- it’s time to take matters into your own hands! In this blog post, we will discuss how filing a complaint against an insurance company can help get you started on the right path towards finding better coverage at a lower price. Most people don’t think about filing a complaint against their insurance company until they have a dispute. This is unfortunate because many people are unaware of the benefits and protections afforded to them by the National Association of Insurance Commissioners (NAIC). If you’re having an issue with your insurance company, use this blog post as your guide for what to do next!

Find out the number of confirmed complaints an insurer has received, see the financial data reported to the National Association of Insurance Commissioners using the link below!

Insurance Claim Recovery Support is the leading insurance claim service provider in North America. We are here to help you with your dispute against your insurance company. Contact us today, and we will take care of all the hard work for you!

Matching is one of the most difficult issues to handle within the world of property insurance. For example, if after a hail storm, part of the owner’s siding is damaged, and their siding company no longer carries the existing siding, what is one to do? Should the entire property’s siding be replaced or is it acceptable for the siding company to simply repair the damage with “material of like kind and quality” or with “similar material.”

In the world of property insurance, there are many cases that lead to difficult decisions. One such case is matching statutes. Matching statutes refer to a situation in which some part of a structure’s siding was damaged and the company no longer carries that particular type of siding. What should the owner do? Should they replace all their siding or just repair it with a similar material? In this blog post, we will examine Texas’s law on how to handle these types of situations.

What is one to do when their property’s siding company no longer carries the existing siding? Should the entire property’s siding be replaced or is it acceptable for the siding company to simply repair the damage with “material of like kind and quality” or with “similar material”. This blog post will explore matching statutes in Texas.

Matching is one of the most difficult issues to handle within the world of property insurance. For example, if after a hail storm, part
of the owner’s siding is damaged, and their siding company no longer carries the existing siding, what is one to do? Should the entire property’s siding be replaced or is it acceptable for the siding company to simply repair the damage with “material of like kind and quality” or with “similar material.”

The Matching requirements for Texas are as follows; “Parol evidence rule. If a contract is ambiguous, extrinsic evidence may be relied upon to construe it.”

To read the Matching Statues for each state, click HERE.

Have additional questions regarding the Texas Matching Statutes? Contact Us Today!

Read the full article here.

Small Business Owner Guide: COVID-19 Resources and Relief Options

Guide For How Your Small Business Can Survive the Pandemic

Gene Marks


Recent weeks have impacted small businesses around the globe. To slow the spread of COVID-19, governments have mandated social distancing and self-isolation tactics, forcing millions of people to turn to remote working. Some businesses have closed altogether, while others are promoting online sales and eCommerce. If you’re wondering where to turn during these complicated times, we’ve put together a comprehensive state-by-state small business guide on how to receive aid and keep your business open.

Federal

CARES ACT: The CARES Act passed in late March, which is a $2 trillion emergency relief package to help Americans impacted by the coronavirus pandemic. Importantly, the CARES Act includes Rubio’s Keeping American Workers Paid and Employed Act, a bipartisan small business emergency economic relief plan that provides more than $377 billion for small businesses to meet their payroll and expenses and receive education and assistance.

CARES Act SBA Loan Calculator: NAV has worked to create a calculator to help business owners see how much they qualify for.

FEMA Supply Chain, Delivery of Goods, Business Continuity Support Businesses that are experiencing issues regarding supply chains, delivery of goods, or business continuity should contact the FEMA National Business Emergency Operations Center. This is a 24/7 operation and they can assist in directing the inquiry to the proper contact.

Economic Injury Disaster Loan Program Small business owners in all U.S. states and territories are currently eligible to apply for a low-interest loan due to COVID-19. The SBA will work directly with state Governors to provide targeted, low-interest loans to small businesses and non-profits that have been severely impacted by COVID-19. The SBA’s Economic Injury Disaster Loan program provides small businesses with working capital loans of up to $2 million that can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing.

Federal Income Tax Filing and Payment Deadline Extension The federal tax return filing deadline is now July 15, 2020. For tax payments of up to $10 million, the IRS has also extended the deadline for both individuals and businesses. Estimated tax payments for 2020 originally due on April 15, 2020, will now be due on July 15, 2020.

Check with your state tax agency to find out if your business has more time to file or more time to pay state and local taxes this year. Several states have already aligned their tax filing and payment dates with the new federal deadline. States also may waive or reduce penalties on late tax payments.

Reimbursement of Medical Leave Costs for SMBs The IRS recently updated information for employers regarding COVID-19-related medical leave.

The Express Bridge Loan Pilot Program allows small businesses who currently have a business relationship with an SBA Express Lender to access up to $25,000 with less paperwork. These loans can provide vital economic support to small businesses to help overcome the temporary loss of revenue and can be a term loan or used to bridge the gap while applying for a direct SBA Economic Injury Disaster Loan. If a small business has an urgent need for cash while waiting for decision and disbursement on Economic Injury Disaster Loan, they may qualify for an SBA Express Disaster Bridge Loan.

SBA Access to Capital provides a number of loan resources for small businesses to utilize when operating their business.

SBA Government Contracting: SBA is focused on assisting with the continuity of operations for small business contracting programs and small businesses with federal contracts.

If a situation occurs that will prevent small businesses with government contracts from successfully performing their contract, they should reach out to their contracting officer and seek to obtain extensions before they receive cure notices or threats of termination. The SBA’s Procurement Center Representatives can assist affected small businesses to engage with their contracting officer.

Use the Procurement Center Representative Directory to connect with the representative nearest you.

The President’s Coronavirus Guidelines for America: 15 Days to Slow the Spread

The Centers for Disease Control and Prevention (CDC) offers the most up-to-date information on COVID-19. This interim guidance is based on what is currently known.

State and Local

Alabama

ALtogether is a one-stop-shop where Alabamians can ask for help or lend a hand during the COVID-19 crisis. This response effort is designed to connect businesses, nonprofits and people that need help with the right program partners–and to connect program partners with people and resources to help those most in need.

Alaska

Alaska Small Business Development Center COVID-19 Resource Center: The impact of Coronavirus disease (COVID-19) on Alaskan communities and businesses is changing daily. The Alaska SBDC is here to support and prepare small businesses in the days, weeks, and months to come. Here you will find guidance, updates, and resources to help adapt in an unpredictable situation.

Read More Here -> https://sba.thehartford.com/business-management/covid-19-relief-guide/


If your small business has been impacted by the COVID-19 pandemic, learn how ICRS can help your business income loss claim.

$2 Billion in Insured Losses from 9 Tornadoes in Dallas, TX

Sunday’s tornadoes in DFW have resulted in an estimated $2B in losses, making the event the costliest in North Texas history.

Wind and tornado damage claims are prone to repair vs replace disputes. If you’re filing a claim due to damage from the tornadoes in Dallas, TX, reach out to the expert claim adjusters at ICRS. The best time to have Insurance Claim Recovery Support LLC public adjusting firm represent your interests is now before a problem arises. We have assisted owners and operators to settle over $100M in Commercial and Multifamily property damage insurance claims fairly and promptly, and represent some of the largest real estate organizations in Texas.

In September of 2017, a Texas insurance bill was passed into law which is a major loss for Texas property owners. House Bill 1774 further enables bad faith insurance companies to abuse policyholders deploying unfair claim handling practices that force consumers to sue insurers for underpaying, delaying or wrongfully denying “force of nature” related insurance claims. The bill is an Insurer-friendly attempt to make it harder for Policyholders to bring and litigate force of nature-related property claims.

The media and insurance company lobbyists tout the bill will put an end to frivolous lawsuits surrounding weather disasters such as hailstorms and lower premiums by de-incentivizing trial lawyers gaming the system to get massive attorney’s fees. However, the new law reaches far beyond hail related occurrences, it encompasses other nature-related events including property damage covered for earthquake, wildfire, flood, tornadoes, lightning, hurricane, wind, snowstorm, or rainstorm.

HB 1774 offers little to no real mechanisms to curb lawsuits or hold insurer’s accountable for bad faith insurance claim handling acts which force many policyholders to file lawsuits even after making reasonable efforts to settle a claim with the assistance of a licensed public insurance adjuster. The legislation limits the ability of property owners to hold insurers accountable for underpaid claims or poorly handled claims investigations.

The bill actually cuts penalties for insurers sued for underpaying, delaying or wrongfully denying storm claims, including wind and hail damage, while making it harder for those suing to collect attorneys’ fees.

HB 1774 will force a majority of claim cases into federal court, which typically takes twice as long to receive justice, adds cost and uncertainty for property owners who attempt to legally challenge insurers’ decisions.

Many insurance companies pay property owners as little and as late as possible and drag the process out as long as they can. Texans can expect more delays and denials from insurers and less accountability. The harmful effect of this new law for homeowners, businesses, churches, and schools will be state-wide.

It is also noteworthy that HB 1774 passed in the absence of a Commissioner at the Texas Department of Insurance who regulates the insurance industry and protects consumers. Previous Commissioner of Insurance David Mattax sadly passed away in April of 2017 and to date, Texas Governor Greg Abbott has not appointed a new Commissioner to the Texas Department of Insurance.

Changes to the Texas Insurance Code

The “Hailstorm Bill”, effective September 1, 2017, adds several new provisions to the Texas Insurance Code affecting first-party property insurance claims. Notably, the bill would create a new Chapter 542A for weather-related claims, which changes the requirements for pre-suit notice and inspections, allow for the assumption of agent liability, and limit the number of recoverable attorneys’ fees. Other changes are as follows:

Inspections – Section 542A.004 provides that the person who receives pre-suit notice may provide a written request to inspect the insured property within 30 days after receiving the notice. It further provides that the inspection is to actually occur within 60 days of the date the person receives the pre-suit notice if reasonably possible.
Assumption of Liability – Section 542A.006 allows insurers to elect to assume whatever liability an agent might have to the claimant for the agent’s acts or omissions related to the claim by providing written notice to the claimant. An agent includes any employee, agent, representative, or adjuster acting on behalf of the insurer. Once the insurer assumes the agent’s liability, the claims against the agent must be dismissed with prejudice. By allowing the assumption of an adjuster’s or insurance agent’s liability, the bill aims to make it easier for insurers to remove cases to federal court.
Limitation of Attorneys’ Fees – If the policyholder’s attorney fails to comply with the new pre-suit notice requirements, the policyholder may be prohibited from recovering attorneys’ fees. Additionally, if a claim is tried, the number of recoverable attorneys’ fees will be adjusted. For a claimant to recover all attorneys’ fees, the award must equal at least 80% of the pre-suit damages demand, while a pre-suit demand equaling 20-79% of the damages award allows only for a scaled percentage recovery of attorneys’ fees. Should the award be 20% or less of a claimant’s original demand, the claimant recovers no attorneys’ fees. So now there arguably an incentive for Insurers to pay 20% less on every claim.
Reduced Statutory Penalty Interest – The new law lowers the penalty interest rate that insurers must pay if they fail to pay “timely and fully” from 18% per annum to a rate of adding 5% to the interest rate determined under Section 304.003 of the Finance Code, prejudgment interest which is currently 5%. Thus, the penalty is lowered from 18% to 10%. For claims to which Chapter 542A does not apply, however, the statutory penalty interest rate would still be 18%. That’s right, Texas lawmakers have lowered the penalty on Insurers who abuse the system and take advantage of the consumer from around 18% to 10%.
Rep. Greg Bonnen sponsored the bill passed by the Texas House. Texans for Lawsuit Reform and The Texas Coalition for Affordable Insurance Solutions (TCAIS), which represents major homeowners insurance companies doing business in Texas, praised the passage of HB 1774.

Hurricane season is upon us, and it can be a terrifying time. But if you have insurance coverage for your home or business, then you are likely already aware that the process of filing a claim after hurricane damage can be daunting. It’s up to you to document every loss and negotiate a fair settlement with the insurance company on behalf of yourself as well as all other people who have filed claims against your policy. The problem is that this process requires many hours of work, which leaves little time to take care of other things in life like family or running your business.

The aftermath of a hurricane can be devastating to those who suffer damage from the storm. If you have homeowners or windstorm coverage and flood insurance, you will be thankful for the help that public adjusters provide. These professionals manage your claim in exchange for a fee or percentage of the payout. They work on your behalf and negotiate with the insurance company on all aspects of your claim: how much money is owed, what needs to be repaired, and what items need to be replaced. Insurance company adjusters represent their employer’s interests; they are not impartial like public adjusters are.

Anyone who suffers damage from a hurricane will be thankful if they have homeowners or windstorm coverage and flood insurance. But much work lies ahead. Filing claims for major damage can be a full-time job because you must document every loss and negotiate a fair settlement. Omissions and missteps you make can mean a lower payout.

That’s where public insurance adjusters come in. These professionals manage the claim for you in exchange for a fee or percentage of the insurance payout. While insurance company adjusters represent the insurer’s interests, public insurance adjusters represent you. Their job is to get you every dollar to which you’re entitled.

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(MoneyWatch) A few days ago I wrote about how to challenge the first offer from your insurance company in respect to a claim you have filed. In that column, I stressed the importance of carefully reviewing the public adjuster report and using the documentation you gathered to make your case for a larger settlement.

But if you have a very large insurance claim or there is a significant difference between what the adjuster says the insurance company will pay and what you believe should be paid under your policy, you may want to consider getting a professional to help.

Public adjuster
One such claims professional is a public adjuster, or PA. This is a person who is licensed to represent insured claims for the purposes of seeking a full and timely settlement. When there is a dispute over a claim, the burden of proof is on the insured. A public adjuster will document the loss, gather supporting replacement cost information and negotiate with the insurance company to maximize your settlement. You can find out more about PAs at the National Association of Public Insurance Adjusters website.

When to lawyer up
If your insurance company is digging in its heels and you are getting nowhere, you may have to resort to hiring an attorney. Don’t seek the counsel of just any lawyer, but instead seek an attorney who specializes in the practice of law in the areas of “Plaintiffs Insurance Coverage” or “Bad Faith Litigation.” The insurance company will use a very skilled insurance defense attorney to represent them and your attorney should be a worthy opponent. Check with your county bar association and ask for a referral for attorneys who specialize in this area of the law.

The downside with hiring a PA or an attorney is that you will pay additional costs. PAs and Plaintiffs Insurance Attorneys typically charge either a fee as a percentage of your settlement proceeds (10 to 33 percent) or hourly rates that can range from $75 to $350 per hour.

As should be done before hiring any professional, ask for and check client references of any PA or attorney before you agree to retain their services.

The following excerpt from a policy holders web site sums it up: “If you can communicate effectively in writing and in person with your insurance company, with confidence, polite aggression, and insistence on your rights, you may not need an attorney (or a PA)… If you are feeling frustrated, angry or anxious or are unsure about your rights, a qualified attorney (or PA) can help.”

Read more here

We encourage small businesses to take a look at commercial insurance claim policies every 2-3 years to ensure they’re properly covered. Prevention is also key: owners should evaluate possible threats to the business, develop recovery plans, and test those plans all in advance.

Scott Lacourse, a contributing writer for the Boston Business Journal, makes a crucial note in relation to small businesses:

Whether the damage is small or large, tangible or not, any business owner in the process of filing a commercial insurance claim faces a good deal of stress. More time and effort is needed to maintain the business while repairs are negotiated with the insurance policy provider.

We encourage small businesses to take a look at policies every 2-3 years to ensure they’re properly covered. Prevention is also key: owners should evaluate possible threats to the business, develop recovery plans, and test those plans all in advance.

Scott Lacourse, a contributing writer for the Boston Business Journal, makes a crucial note in relation to small businesses:

“Many small businesses skip insurance altogether, or fail to get the coverage they need to cope with incidents like major flooding. Almost 40 percent of small businesses never reopen following a disaster, according to FEMA.”

The strength of this data demonstrates the importance of analyzing acquired insurance policies and minimizing the effects of destructive events. However, should an occurrence arise, we’ve put together three tips to help with your next (or current) commercial insurance claim:

Be attentive to coverage policy time periods

If a commercial insurance claim must be made, owners should take considerable care in filing the claim within the temporal parameters set by the insurance provider. Otherwise, extra costs and impediments may extend the amount of time for recuperation.

Below is a chart that outlines the time-based functions of certain insurance policies as they handle declared claims and actual occurrences.

If you have questions specific to your policy, contact your agent. However, rest assured that, as shown above, real occurrences (during the policy period) will most always be covered, “no matter how much later they are reported.”

Take inventory, record documents, and stay organized 

The evidence for a commercial insurance claim to be submitted needs to be kept together and controlled. Keeping track of all damage is crucial if these problems are to be resolved efficiently.

Some ways to organize include taking inventory of all materials affected, protecting all documents and copies that may be related to the incident, and even taking pictures or procuring a claim from the police (if the situation is applicable).

It also wouldn’t hurt to stay in touch and follow up with the people involved, especially your insurance adjuster.

Hire a loss management team

In the case of large commercial insurance claims, owners might consider hiring a loss management team.

A loss management team could consist of a professional loss specialist, legal expert, or forensic accountant who would help file the claim. Commercial insurance claims are of a legal nature, after all, and if business owners are not experts in this field, it could help to have someone who is on their side.

This decision, again, would depend upon the severity of the incident that caused the claim and if the owner would find such a support group financially feasible—as it would involve added costs.

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