Tag: New Jersey insurance

Law in New Jersey aims to curb auto insurance fraud

Nordstrom
Auto Insurance Fraud

New law will place harsher fines on those that commit auto insurance fraud in the state New legislation in New Jersey aims to make auto insurance fraud a more serious crime. State lawmakers have approved legislation that would leverage harsh penalties against those that commit insurance fraud, particularly for those that avoid paying premiums for their coverage. The Coalition Against Insurance Fraud notes that premium dodging is a significant problem in New Jersey, particularly in areas where auto insurance tends to be more expensive. New Jersey is home to the…

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FEMA to seek settlements in flood insurance cases

Marc
coastal flood property insurance north carolina

FEMA is working to settle several lawsuits regarding flood protection and Hurricane Sandy The Federal Emergency Management Agency (FEMA) is currently working to settle lawsuits that have been issued by victims of Hurricane Sandy. The federal agency manages the National Flood Insurance Program, which came under fire in the wake of Hurricane Sandy. Many of those affected by the disaster saw their insurance claims rejected over technicalities and potentially falsified engineering reports. There have also been complaints that claims were underpaid. These issues have prevented many people from recovering following…

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Flood insurance claims probe sought by New Jersey Senator

H. Cutner
Hurricane Sandy Damage flood Insurance surcharge

U.S. Sen. Robert Menendez feels that victims of Superstorm Sandy were shortchanged by insurers. According to U.S. Senator Robert Menendez (New Jersey), the Federal Emergency Management Administration (FEMA) should be conducting an investigation into allegations that are being made that flood insurance companies that have been handling the flooding damage claims from Superstorm Sandy are manipulating the situation in order to shortchange policyholders. Senator Menendez held a press conference from his office in Newark, New Jersey. At the press conference, Senator Menendez called for Craig Fugate, the FEMA Administrator, to…

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Aetna pulls out of New Jersey health insurance exchange

Logan B.
New Jersey Health Insurance

Company opts to not participate in state health insurance exchange Aetna, one of the largest health insurance companies in the U.S., has announced that it will not be participating in the New Jersey health insurance exchange. The exchange is set to begin open enrollment on October 1 this year, and is meant to provide consumers with access to affordable health insurance plans. Aetna was expected to be a prominent participant in the exchange, but disagreements with state officials may have discouraged the company from participating in the state’s exchange. Aetna…

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New Jersey insurance industry showing signs of change in wake of Hurricane Sandy

Logan B.
Inusrance Industry Hurricane Sandy

Insurance industry reforming after disaster Nearly six months after Hurricane Sandy struck New Jersey, the effects that the storm has had on the insurance industry are beginning to manifest. New Jersey is not expressly exposed to natural disasters like tropical storms and hurricanes, but the state has suffered from a direct hit from Hurricane Sandy, as well as tropical storm Irene some time before that. The damage caused by the disasters was immense, leaving thousands without homes and businesses without property. The insurance industry has worked to pick up much…

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