Lexington Insurance (an AIG Company) ponies up $10 Million within days of the catastrophe: Lambert gets insurance check for $10 million
that is supposed to be good? an insurance company pays off when it is supposed to? in other news, today some local heroes at mcdonalds rewarded me with a burger and fries after i paid them. such good people.
Insurance companies are not required to pay a claim until after a Proof of Loss is submitted. This involves investigation and documentation of all losses as well as a showing of coverage for all claimed damages. This often takes at least 90 to 120 days. In the meantime, the insured is forking over money out of pocket. So, a payment of $10 Million dollars within a few days of the catastrophe is, indeed, a good thing.
SabanFan is absolutely right here Martin. I mean just look at what happened in New Orleans. We all jumped the gun and thought hurricane Katrina had demolished the area. However after extensive investigations by the insurance industry we found out that most damage was caused by a simple flood. Therefore many homeowners were allowed to eat their losses. All done out of the kindness of their hearts.:shock:
Then your flood damages were covered. What's your problem? Or do you just like to complain about insurance companies because they are not the lottery everyone thinks they should be?
