St. Thomas Source » Potter Announces Utmost Fee a Public Adjuster Might Charge Household Insureds

Lt. Gov. Osbert Potter

Lt. Gov. Osbert E. Potter, who is also the territory’s commissioner of insurance policy, informs community adjusters and residential property owners that procedures and rules governing the actions of community adjusters in the territory, which were being promulgated in 1995 by then Lt. Gov. Kenneth E. Mapp next Hurricane Marilyn, are continue to in influence.

These rules are required for the protection of all residential policyholders who contract with a community adjuster to signify their monetary interests in an insurance policy policy by making ready, finishing or filing their insurance policy assert form and negotiating the settlement of a assert for loss or hurt covered by a homeowner’s insurance policy policy.

Potter said, “In the aftermath of hurricanes Irma and Maria, various community adjusters have appear into the territory and have been accredited by the commissioner of insurance policy.”

H even more recommended that no community adjuster may perhaps demand a fee or receive any payment from the residential property owner, which exceeds 5 p.c of the residential insurance policy settlement.

“My office environment is acquiring telephone calls and e-mail from a couple of inhabitants who want to pay out a community adjuster more than 5 p.c of the insurance policy settlement. Know that if this is finished, you, as the residential policyholder, will have no right to attractiveness prior to the commissioner of insurance policy must there be a disagreement between you and the community adjuster with the outcome because the utmost quantity established by Regulation is 5 p.c,” said the lieutenant governor.

In concert with the V.I. Code, every single community adjuster shall have readily obtainable at his/her organization tackle for inspection by the commissioner or the workers of the Division of Banking — Insurance plan and Monetary Regulation a assertion of any fee or payment received from a property owner or residential insured, as nicely as a specific history of the relevant adjustment.

Failure to comply with the provisions of these rules shall topic a community adjuster to the penalties established forth by legislation.

Shoppers with issues pertaining to an insurance policy policy or about an adjuster, must get hold of the Place of work of the Lieutenant Governor, Division of Banking, Insurance plan, and Monetary Regulation at 774-7166 (for St. Thomas, St. John and H2o Island) or 773-6459 (for St. Croix).

Shoppers may perhaps also appear to the division’s office environment on St. Thomas in Nisky Heart, 2nd Ground, or to the office environment on St. Croix at 1131 King Avenue, 3rd Ground.

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