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Citizens Ins. recovers $4.2M in claim payouts

 

TALLAHASSEE, Fla. – Feb. 5, 2016 – Citizens Property Insurance Corporation – operated by Florida as the state's insurer of last resort – reports that it recovered more than $4.2 million in customer premiums in 2015 by aggressively pursuing third parties responsible for losses and salvaging property involved in a claim.

According to Citizens, its recovery team of adjusters identified and recovered payments made by Citizens that it later found to be caused by, or contributed to, by other parties. Included in that figure is more than $440,000 in deductible payments returned to 391 policyholders.

"Such recoveries are part of an overall effort by Citizens to ensure that our policyholders are protected and their premiums kept as low as possible," says Chris Gardner, Chairman of Citizens Board of Governors. "I applaud the team's success."

In 2015, Citizens recovered almost $4 million through the process. Additionally, Citizens recovered $186,344 in legal fees and another $35,000 by salvaging appliances and other items following a claim. The recovery team had a 2015 goal for that it says it surpassed: $2.7 million.

Examples of Citizens recovery efforts in 2015:

  • $210,000 from a contractor that caused an explosion using a homemade recipe to remove rust stains from terrazzo flooring
  • $125,000 from a condo owner's insurance company because the owner didn't turn off the water during an extended absence as required by the condo association
  • $65,000 from an air conditioning company that caused fire and smoke damage during a routine maintenance visit

Citizens' recovery unit was established in 2009. Its eight employees are charged with reviewing claim losses that appear to be the fault of someone other than Citizens' policyholder. Other parties include manufacturers of defective products, improper installation and other responsible parties that were negligent.

© 2016 Florida Realtors®

 

Related Topics: Property insurance