The Legal Timelines That Apply To Insurers And Can Help You

Insurance companies meeting their obligations can be crucial to the economic survival of homeowners and property owners. Meeting those obligations timely can be just as crucial. For that reason, certain laws attempt to protect policyholders from abuses and delays. 

  1. Time to Begin Adjustment. Typically, Insurers must initiate adjustment of your claim within 14 days of when you notify them of the claim. This period is extended to 30 days in times of emergency and can be extended further by the insurance commissioner. Whatever the case, it is important to begin the process because it initiates both your claim and the insurer’s responsibilities.
  2. Time to Pay Claims. Separately from their responsibility to begin adjustment, insurers must pay claims within 30 days of receiving satisfactory proof of loss. Satisfactory proof of loss is information sufficient to place them on notice of the value of your claim. Further, insurers have a duty to view this information fairly. This means its imperative to send to your insurer any evidence of your claim, including estimates, invoices, or receipts. Remember to document these communications.

Those who wish for more information on this can read La. R.S. 22:1892, 22:1973, or contact their attorney.