Recently, Owners of the Royal Dane Mall in the U.S. Virgin Islands brought suit against their insurer, Lloyds of London, stemming from an Independence Day fire two years ago that caused considerable damage to the historic marketplace.
Continue Reading Royal Pain for Royal Dane Mall
Like the 50 states, the U.S. Virgin Islands allows policyholders to recover through multiple avenues, in the event of an insurance company’s refusal to pay a valid claim. Similarly, the USVI also allows a policyholder to bring a bad faith claim in addition to a breach of contract claim.
Continue Reading Insurance Bad Faith in the Virgin Islands: How To Properly Plead Insurance Claims Misconduct in The Virgin Islands
(Note: This guest blog is by Ilira Ndreu, a Summer Law Clerk in our Tampa office)
In the past few years, the U.S. Virgin Islands have experienced multiples catastrophic hurricanes. These storms have prompted various questions concerning the Virgin Islands, including time limitations that should be considered by policyholders.
Continue Reading Service of Process Laws in the U.S. Virgin Islands
The Office of the Lieutenant Governor Division of Banking, Insurance and Financial Regulation has a dual responsibility of regulating the insurance industry and protecting consumer interest in the U.S. Virgin Islands. As of January 30, 2018, the most recent data on insurance claims provided by the Division of Banking, Insurance and Financial Regulation (“Division”) indicated the following:1
Continue Reading How to File A Complaint With The U.S. Virgin Islands Department of Insurance About Your Delaying, Denying and Bad Treating Insurance Company
Many Virgin Islands property owners have submitted claims to their property insurance carriers relating to claims from Hurricanes Irma and Maria. One issue that may arise during the adjustment of the claim is how the insurance carrier will calculate the “actual cash value” damages to the property.
Continue Reading Calculating Actual Cash Value, Part 32: Virgin Islands
It has been five months since Hurricanes Irma and Maria wreaked widespread havoc on the U.S. Virgin Islands. The Category 5 hurricanes damaged buildings of all shapes and types – residences, businesses, places of worship, warehouses and commercial buildings. Those with insurance coverage filed claims, presumably expecting prompt and fair responses from their insurance companies. Have these policyholders received a timely response?
Continue Reading Additional Review Required of All Virgin Island Hurricane-Related Claims Where Property Determined to be Underinsured
It has been four long months since Hurricanes Irma and Maria devastated America’s Paradise; yet, many insureds have still not received a single payment (or even a meaningful response) from their insurance company. Regrettably, these are not isolated or one-off situations.
Continue Reading Updated Claims Handling Guidelines for Residential Hurricane Claims in the Virgin Islands
The Virgin Islands Division of Banking, Insurance and Financial Regulation recently issued two bulletins.1
The first, Bulletin 2017-07, required property and casualty insurers, effective January 15, 2018, to maintain and submit to the Commissioner with its new or renewal application, a copy of its Catastrophe Response Plan for the benefit of its policyholders in the event of a disaster or emergency which describes how it will respond to a catastrophe affecting its policyholders in this Territory. In providing background for the Bulletin, the Division explained:
In light of the recent passage of Hurricane Irma and Hurricane Maria, which devastated many islands throughout the Caribbean and the infrastructure of the Districts of St. Thomas – St. John and St. Croix, this Bulletin is being issued to all insurers for the protection of policyholders in the Territory. . . . [T]he impact the storms had on the Territory was so great that many Virgin Islands residents are now displaced in various parts of the United States. Not only was there severe damage to properties but communication between persons in and outside the Territory was limited and at times nonexistent. As such, the Commissioner of Insurance recognized that the interest of the public demands that certain insurers have a Catastrophe Response Plan in place should a similar emergency arise again.
Continue Reading Recent Bulletins from the Virgin Islands Division of Banking, Insurance and Financial Regulation