HB 169: It is all about you/INSURANCE REPAIR LAW
The summer of 2006 will always be remembered in Exeter as the summer of disaster. We had the floods in May and the devastating hail storm in July. Just as a quick reminder we had approximately 10,000 vehicles damaged and an estimated $100 million in insurance claims.
Unlike the flood, which is usually not covered under your homeowner's insurance, the hail damage was. How you were treated by your insurance company depended on your insurance company. Catastrophes bring out the very best and the very worst in relationship to the level of fairness that your insurance company or claims adjuster went about their business. Matt and I received numerous phone calls with questions, problems and complaints, so we had broad exposure to what was going on with these claims and not just our own problems.
One of the major problem areas was the low balling (purposefully underestimating your damage so to reduce the amount of payout the insurance company pays you), your claim, which caused you a lower insurance settlement. The N.H. Insurance Department did a fantastic job dealing with these issues; but, had only a broad statute to deal with. Much of the department's success had to do with an insurance carrier not wanting to anger or bring negative attention to itself by its regulatory body. All insurance companies are regulated by the insurance department.
I sat down with Matt, compared notes, and discussed ways to strengthen our insurance laws to make it easier for you to get a fair settlement and for the insurance department to have greater regulatory authority to help us all. What came out of all our discussions is HB 169:
An act relative to penalties for insurers or adjusters knowingly underestimating the value of an insurance claim.
Sponsors: Rep. Marshall Quandt, Rock 13; Rep. Matthew Quandt, Rock 13; Rep. Weyler, Rock 8
Committee: Commerce
Amended Analysis: This bill makes it an unfair insurance trade practice subject to penalties for an insurer or adjuster representing the insurer to knowingly underestimate the value of an insurance claim.
Explanation: Matter added to current law appears in bold italics. Matter removed from current law appears (in brackets and struckthrough.) Matter which is either (a) all new or (b) repealed and re-enacted appears in regular type.
An act relative to penalties for insurers or adjusters knowingly underestimating the value of an insurance claim.
Be it enacted by the Senate and House of Representatives in General Court convened:
30:1 New Subparagraph; Unfair Claim Settlement Practices by Insurers. Amend RSA 417:4, XV(a) by inserting after subparagraph (13) the following new subparagraph:
(14) Knowingly underestimating the value of any claim by an insurer or by an adjuster representing the insurer.
30:2 Effective Date. This act shall take effect January 1, 2008.
Approved: May 14, 2007. Effective: Jan. 1, 2008
Now it is illegal for an insurance company or adjuster to knowingly misrepresent your damage for the purposes of saving the insurance company money on your payout. The theory is simple, we cannot steal from them because it is illegal and now it is illegal for them to steal from us; the playing field is getting leveled. The bill will take effect in January.
Matt and I also want to thank our longtime friend Rep. Ken Weyler from Kingston for helping us get this bill passed.
Lee Quandt is a Republican state representative for Exeter-Stratham-North Hampton.
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