Talk about requirements for fast claim settlement. This was taken from Insurance News Net, Best Wire Service 04/12/2010
Crawford & Co had a discussion about the situation in Chile and some of the pitfalls of adjusting losses there.
"Chile has onerous regulations, Reeves said, such as requiring that an adjuster must be appointed(assigned) within three days of an insurer being notified of a loss. That's tough in areas near the epicenter where no cell phones or landlines were available for up to three days after the quake. Also, the airports were closed to civilian flights for a week after the quake, and damage to roads and bridges made driving times much longer than usual.
Once a claims report is issued, insurers and reinsurers only have 10 days to raise any objections, Reeves said, and adjusters have five days to respond to objections. If either the insured or reinsured fails to object to the adjuster's findings within those time frames, it creates a "presumption of acceptance" by both parties, Reeves said in a presentation this week in London."
Seems like Chile wants their citizens paid now and not sometime in the future on any claim. The one big thing is that the average citizen does not have insurance. Most of the claims filed from the earthquake were commercial and higher income individuals.