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Insurance companies chastised for issuing deadlines

A leading player in the insurance industry has taken issue with companies issuing cut-off dates to persons claiming on their policy, noting that claimants are under no obligation to fulfill such requests.

Michael Fusco, who is the Chief Executive Officer of World Claim, said there is nothing in any insurance contract that gives a stipulated deadline for persons to submit claims.

“They are rushing everybody to get their claims in; you need to have your claim in by that day, all you have to do is say to them ‘excuse me, can you show me what line item in your policy tells me that my claim needs to be submitted by a certain date?” said Fusco who is also an insurance adjuster.

Fusco, who was a guest on the “Honestly Speaking” radio program on Tuesday said what the contract speaks to however is the time frame in which persons are required to notify their insurer about loss or damage to the insured property.

“It does have language in their about notice; when you need to notify the insurance company, but it doesn’t say anything about a deadline.”

While also noting the practice of insurance companies promising payment advance to those who submit their claims early, Fusco said there is nothing in the contract either that speaks to this.

“I am even handed with everything; the terms and conditions of an insurance policy [and] there is no language in there that says an insurance company has to give you an advance.”

“But the insurance company and the economy recognises that there is no money coming, so in order to help the economy move they need to issue these funds,” Fusco revealed.

Local insurance companies have been bombarded with claims since Hurricane Irma struck the territory on September 6, causing widespread destruction.

Since then, several insurance companies have issued public appeals urging persons to submit their claims by a certain date or risk being penalized.

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7 Comments

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  1. vg resident says:

    Well-loved. Like or Dislike: Thumb up 4 Thumb down 0

    I think the real issue is the underinsurance clauses and the way the “value” is determined. It puts all the onus on the insured who knows nothing about villa value. The insurance company should value a property, inform the owner of the insurance cost and make it a take it or leave situation. Put the onus on the insurance company to determine the “value”

  2. BVI lawyer says:

    Like or Dislike: Thumb up 2 Thumb down 2

    I think Mr Fusco is giving out bad advice. Many insurance policies do in fact include express timelines within which claims must be notified, and the courts regularly uphold and enforce those deadlines (see for example: Bankers Insurance Co Ltd v South [2003] EWHC 380 (QB)).

    • Ehem says:

      Well-loved. Like or Dislike: Thumb up 7 Thumb down 0

      Mr. BVI lawyer the speaker DID indeed say that there is a time frame when people should notify their insurers of loss or damage but that there is NOT A DEADLINE for filing claims (see for example..just read the article clearly).

      Notifying and filing
      Two different things.

  3. Albion says:

    Well-loved. Like or Dislike: Thumb up 9 Thumb down 1

    Where exactly is the FSC’s insurance division in all of this? Aren’t they supposed to be protecting the public?

  4. Socrates says:

    Like or Dislike: Thumb up 2 Thumb down 0

    Most property insurance contracts have a statue of limitation for notifying and filing a claim for covered losses. Such timelines are in the best interest of both parties. Timely notification give the insurance company the opportunity to view assess, and decide on the covered loss. Similarly, timely notification and filing expedites the process for settling claims.

  5. Wow says:

    Like or Dislike: Thumb up 2 Thumb down 1

    Insurance is a waste of f***king time 3 months since hurricane Irma not one adjuster I haven’t seen as yet and my claim in long long time

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