Oklahoma Tornado: Insurance Commissioner Says Policies Will Remain
Oklahoma Insurance Commissioner John Doak is suspending policy non-renewals, cancellations and terminations for Oklahomans affected by the severe storms that tore through the state May 19 and 20.
Moore, Okla., where about 13,000 buildings were destroyed, was among the affected communities.
Any rate increases for insurance policies in affected counties on or after May 19, 2013, are to be deferred in favor of previously established policy agreements for homeowner and auto coverage, Doak has ordered.
“This is just a small, administrative step that we can take to help ease the burden of the victims of this devastating storm,” said Doak. “Our goal is to help ensure that insurance policies that were in effect will remain in effect while numerous families go through the recovery process.”
“Many families have lost everything, so anything we can do to eliminate even the smallest stressors will go a long way in the days to come,” said Doak. “We encourage affected residents of the recent tornados to rely on us to be a support for their insurance-related needs.”
To help with claims, the Commissioner is also calling on retired insurance agents--even those no longer licensed to work in Oklahoma--to volunteer at the OID Consumer Assistance booth in Moore, Okla., during the recovery people.
“There is a great need from so many people due to the tornado disasters earlier this week and we need to help them,” said Doak. “For them to have any confusion or frustration during the recovery process while navigating insurance claims is the last thing they need. We are set up to offer help, but we need others to join with us in this great effort.”
These efforts are the most recent disaster-management decisions made by the OID in the wake of the tornados, including a protocol requiring all licensed public adjusters performing services in the counties to exhibit their license before signing any contract. The rule will apply until 90 days until after the storms.
This article was originally posted at PropertyCasualty360.com, a sister site of Credit Union Times.