The New York State Insurance Department is monitoring the conduct of insurance companies involved in home evacuations in Briarwood, New York where the homes were sinking.
Five families in Briarwood have been evacuated from their homes by the New York City Department of Buildings because their homes are sinking into the ground and several are beginning to collapse. Thirteen additional homes are being watched because of their potential to collapse.
The insurance department is undertaking a detailed assessment of the practices and claims settlement procedures of all the insurers involved. “Protecting the interests of consumers is of paramount concern. The Department, working with local legislators, has begun to closely monitor the conduct of all insurers involved,” said Levin. “Residents should be confident that the State Insurance Department will confirm that claims are processed in accordance with both the insurance law and the policy to ensure proper coverage for all residents. These insurers face tough sanctions if we determine they are improperly withholding payments.”
Specifically, the Insurance Department is:
Identifying all insurance companies involved;
Asking the insurance companies for reports on their investigations into the Briarwood situation;
Reviewing the insurers’ responses;
and Confirming that proper practices and claims settlement procedures are being followed.
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