May 13, 2024
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Florida Insurer Fined $1 Million for Violating Hurricane Ian Claims Protocols
A Florida property insurance company has been fined $1 million for violating state regulations in its handling of claims following Hurricane Ian. Heritage is the parent company of Narragansett Bay Insurance Company, a surplus lines carrier.
The Florida Office of Insurance Regulation (FLOIR) conducted a review of claims filed with Heritage Property & Casualty Insurance Company between September 28, 2022, and February 28, 2023, in the aftermath of Hurricane Ian. The review found that Heritage failed to comply with several state insurance laws, including:
- Failing to promptly acknowledge receipt of claim communications.
- Not providing policyholders with adjuster information.
- Failing to pay or deny claims within the mandated 90-day timeframe.
- Inaccurate calculation of claim interest.
- Improper use of adjusters.
- Deficiencies in maintaining claims records.
Hurricane Ian, a Category 4 storm, devastated southwest Florida in September 2022, causing widespread damage estimated at over $112 billion.
This penalty comes on the heels of a March 2023 Washington Post investigation that revealed some Florida insurers, including Heritage, were significantly reducing claim payouts compared to initial adjuster estimates.
Heritage has agreed to a Consent Order with the FLOIR, accepting a $1 million fine and a $10,000 administrative cost payment within ten days of the order's filing on May 9, 2024.
Have questions? Contact us at 800.562.4496, option 1 or email Agent.Services@fslso.com.
