FEMA announces new appeals procedure for flood claims
A new appeals process is to be implemented to handle disputes for claims under FEMA’s National Flood Insurance Program.
The changes mean that private insurance contractors will not have the final decision on claims appeals – they will be made by FEMA. Also, policyholders will be able to see their case file including details of reviews, analysis and resolution of the claim.
There is also a proposal to make it easier for the flood program to drop insurance contractors during annual contract negotiations and FEMA will have in-house lawyers for appeal lawsuits to reduce legal fees for the agency.
The changes will begin to roll-out later this year.
International insurers targeted by Chinese authorities
China’s Insurance Regulatory Commission is clamping down on foreign insurers selling products in the mainland. Reuters reports that officials recently introduced a $5,000 limit for each purchase of insurance from international insurers. The CIRC will investigate claims of insurers offering or promoting foreign insurance products and insurers receiving payments from foreign firms.
Insurers announce collab for young art lovers
The new generation of art collectors in New York City can now get insurance coverage under a new underwriting agreement announced by XL Catlin and Arthur J
Gallagher.
The “Five for Five” policy features five specialized insurance coverages –Fine Art, Jewelry, Wine, Cyber Theft and Identity Fraud – on a single policy policy, for an annual premium of $500 with a $500 deductible.
As well as young art collectors, the new policy is open to new collectors and is expected to roll-out to other US cities with emerging or established art scenes.
