How long can an insurer insurance provider take to give answer on a claim after a storm bomb inundates an area?
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 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 and the specific coverage afforded under their policy wording. Shandit Pty Ltd T/As Strata Insurance Solutions is a Corporate Authorised Representative (No. 404246) of Insurance Advisernet Australia AFSL No 240549, ABN 15 003 886 687.
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Tyrone Shandiman is a seasoned professional in the insurance industry having embarked on his journey in 2004 within the financial services sector. In 2011, he established Strata Insurance Solutions, transforming a garage startup into a reputable firm servicing over 900 clients with a dedicated focus on strata insurance. Tyrone's role extends beyond managing operations and tackling complex insurance matters; he also founded the Australian Consumers Insurance Lobby, championing consumer rights within the insurance industry. Notably, his efforts and expertise have been acknowledged with numerous industry awards. Adding to these accolades, Strata Insurance Solutions was recently named an Australian Top Brokerage by Insurance Business Australia Magazine, a testament to the firm's excellence and leadership in the field. Tyrone is a regular contributor to LookUpStrata.
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