Does a loss in excess of a sublimit have any impact on the amount owed on an insurance claim? The Big I Virtual University is a tremendous information resource about insurance coverage for insurance agents. Insurance claims executives should learn from those underwriting and selling the polices before making wrong claims denials.
Continue Reading How Deductibles Impact Claims Payment—Sublimits and Absorbing the Deductible
What exactly is a Named Windstorm? Many policyholders ask this very question following hurricanes, tropical storms, tornados, and other storms with high winds. A New Jersey Appellate panel recently questioned parties about the purpose of a “named windstorm” definition in insurance policies. This is just the most recent update to the continued saga of New Jersey Transit’s attempt to receive $400 million in insurance coverage under their policies with Lloyd’s of London and other insurance companies stemming from a Superstorm Sandy loss.
Continue Reading What Exactly is a “Named Windstorm?” More Views As Appellate Case Progresses
The moral of this story is don’t be caught off guard by insurance policy sublimits. It isn’t every day that a policy sublimit issue involves hundreds of millions of dollars. However, that recently was the case involving a Superstorm Sandy claim in New Jersey.1 Public Service Enterprise Group filed a lawsuit in New Jersey against numerous insurance carriers seeking several hundred million dollars in coverage for Super Storm Sandy damage. One of the issues involved whether a flood sublimit applies.
Continue Reading Don’t Be Caught Off Guard By Insurance Policy Sublimits