A look at statistics showing how the insurance industry fared in consumer class action settlements.
An option to promptly resolve complex Sandy claims is now available to personal and commercial customers of Liberty Mutual Insurance's family of companies: independent mediation or arbitration, the Company announced.
The property and casualty insurer announced that it has teamed with Kenneth R. Feinberg of Feinberg Rozen to offer an Alternative Dispute Resolution (ADR) program. This voluntary, three-phase process is available to Liberty Mutual Insurance customers after the traditional claim-adjustment channels are exhausted. The program also is available to Safeco, Peerless, and Ohio Casualty Insurance customers.
"While we anticipate the overwhelming majority of our Sandy claims will be satisfactorily settled in a timely manner through the traditional process, there will be a small group of customers with highly complex issues that may benefit from an alternative route to resolve their claims," said Ted Gramer, Liberty Mutual executive vice president and Chief Claims Officer, Personal Insurance. "Resolving claims disputes through proven alternatives to the court system could accelerate an expensive settlement process for customers from possibly years to just a few months."
"Liberty Mutual Insurance is providing its customers with a unique program designed to accelerate the process for the most complex Sandy claims," said Feinberg. "Similar to our successful program after Katrina, I am confident that we can provide Liberty Mutual customers with protracted coverage disagreements an independent alternative to reaching quicker resolutions than costly litigation."
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