NSW: How long can an insurer take to decide a claim after a major storm event?

Question: How long can an insurer insurance provider take to give answer on a claim after a storm bomb inundates an area?

Answer: There are provisions for catastrophic events.

My understanding is that they have a four months under the General Insurance Code of Practice. There are provisions for catastrophic events.

The General Insurance Code of Practice provides specific timeframes as to when insurers are required to respond. Insurers normally have four months under the General Insurance Code of Practice to make a decision, however, there are provisions for Extraordinary Catastrophe that afford the insurer 12 months to respond.

If the insurer is exceeding that time, you may want to remind them of their requirements under the Code of Practice. The General Insurance Code of Practice can be found here.

This post appears in the August 2022 edition of The NSW Strata Magazine.

Tyrone Shandiman
Strata Insurance Solutions
E: tshandiman@iaa.net.au
P: 1300 554 165

This information is of a general nature only and neither represents nor is intended to be personal advice on any particular matter. Shandit Pty Ltd T/as Strata Insurance Solutions strongly suggests that no person should act specifically on the basis of the information in this document, but should obtain appropriate professional advice based on their own personal circumstances. Shandit Pty Ltd T/As Strata Insurance Solutions is a Corporate Authorised Representative (No. 404246) of Insurance Advisenent Australia AFSL No 240549, ABN 15 003 886 687.