How The Rapid Claim Settlement Process Works

A large number of individuals are interested in filing rapid claims for various reasons and the truth is that plenty of them are a bit confused about the process and requirements for filing a claim successfully. On November 9th 2012 though, a memorandum was issued to adjusters and insurers by FEMA related to the SFIP program because FEMA is convinced that SFIP policyholders should benefit from a rapid claim payments process. On top of that, the memorandum also includes a few waivers of prerequisites under the SFIP.

 

The memorandum firstly allows the individual to write his own insurers to pay and adjust a loss according to the information in the adjuster’s report. This is actually different that the method used in the past, in which a loss would be influenced by the insured-signed adjuster’s report. So what is this change all about? Well, it’s basically a waiver to the prerequisite that losses are payable sixty days after the insurance carrier receives the proof of loss.

 

 

The process also involves the fact that insurers need to offer policyholders compensation for covered losses, a letter that explains the rapid claims settlement process and copies of the adjusters’ reports. Even if the policyholders will then cash in the checks the insurers released, it doesn’t mean that they are waiving away their rights of seeking further coverage under the SFIP, especially if they can still receive compensation for their losses.

 

Related Post: How to File a Cell Phone Insurance Claim

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