Nationwide to audit its 2004 claims by agreement with state
Posted October 12, 2005
Posted October 12 2005 TALLAHASSEE -- Nationwide Insurance has reached an agreement with state regulators to audit its claims from the 2004 hurricane season and correct any underpayments.
The state Office of Insurance Regulation said Wednesday that under the agreement Nationwide will also pay $250,000 in administrative costs for an investigation by the office into Nationwide's claims.
Nationwide has also agreed to review its adjusting procedures and repay money when multiple deductibles were incorrectly applied if the policy holder wasn't already reimbursed through the state's program for those hit with multiple deductibles.
The company will send letters to policyholders who may be eligible for reassessment of whether they were incorrectly assessed more than one deductible.
Nationwide, Florida's fourth-largest home insurer, said it will also submit summary reports to state regulators showing itemization of each claim reviewed and the amount of payment to each policyholder.
More than 228,000 Florida homeowners have Nationwide policies.