CHICAGO (WMBD) –Gov. JB Pritzker called on insurance companies to expedite claims and payments to Illinois businesses recently looted and vandalized Monday.
Pritzker said he hopes insurance companies will help damaged businesses get back on their feet as soon as possible.
“It is my expectation and the expectation of the Illinois Department of Insurance that insurance companies will do everything in their power to give their customers the resources they need to rebuild and get back on their feet as soon as possible. Help can’t wait,” Pritzker said. “To that end, my administration has been in consultation with major insurance companies on the quick and robust support they should provide Illinois business owners who have experienced property damage, including but not limited to riots, vandalism and looting.”
The Illinois Department of Insurance issued a company bulletin including several guidelines the state would like insurers to take.
These guidelines include:
- Insurers should apply claims best practices consistent with the categorization of this event as a catastrophic event. Included in this expectation is expedited claims handling, advance claim payments, and fair treatment of all policyholders, regardless of size.
- Insurers should implement a moratorium on the cancellation or non-renewal of impacted policyholders for a period of 60 days from the date of this Company Bulletin.
- Insurers should err on the side of the policyholder when paying claims as a result of riots, civil commotion, or vandalism from commercial policyholders who were unable to make full premium payments during the period following the Governor’s Executive Order 2020-10, dated March 20, 2020.
You can read the full bulletin on the Illinois Department of Insurance’s website.
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