Wright flood whitepaper regarding Sandy claims
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Wright Flood has outperformed other insurers in closing flood insurance claims from Superstorm Sandy, with closure rates of 63% for New Jersey policyholders and 61% overall, compared to a rate of less than 30% deemed unacceptable by the Governor. Wright Flood has paid out over half a billion dollars to policyholders on closed claims and advanced over $115 million on open claims. Wright Flood's singular focus on flood insurance and experienced claims staff have enabled its industry-leading response to Sandy.
Wright flood whitepaper regarding Sandy claims
- 1. ™ ™ FEBRUARY 18 2013 AS SEEN on FEBRUARY 11, 2013 IN Since February 11, 2013 our closure rates have increased from 61% to 70%. To Wright Flood Policyholders and Agents...and Anyone with Superstorm Sandy Flood Insurance Claims: At a press conference on February 5, 2013, Governor Christie put a spotlight on an issue that is very important to the citizens of New Jersey — the performance of insurers handling flood insurance claims for the National Flood Insurance Program (NFIP) from Superstorm Sandy. The Governor stated directly that a flood claim closure rate of less than 30% is unacceptable. Not all insurers are alike, and at Wright Flood our performance is different. To date, Wright Flood, formerly Fidelity Flood, has closed 63% of Sandy-related claims filed by our New Jersey policyholders, and 61% of our approximately 20,000 Sandy-related flood claims. In total, Wright Flood has paid our policyholders more than one-half billion dollars on closed claims. On open claims, Wright Flood has already advanced more than $115 million to our policyholders, using the FEMA/NFIP expedited advance process that was specially designed to pay claims quickly. Wright Flood’s process ensures that when a policyholder and the catastrophe adjuster agree, the claim is paid within 72 hours. Every single policyholder is important to us — we won’t rest until all of our policyholders reach a fair final settlement of their flood claims. We applaud the Governor’s advocacy for the citizens of New Jersey who include many of our employees and agents. Why is Wright Flood’s performance different? Our industry-leading claims performance arises from our singular focus on flood insurance as well as the help of all our agents in New York and New Jersey — and the flood expertise and tireless dedication of their staffs. Sandy is now deemed to be the NFIP’s second most destructive flooding event. Sandy has strained the resources and capabilities of all responders. FEMA has been all hands on deck from the start. Wright Flood only writes flood insurance. In fact, we are the largest provider of federal flood insurance in the U.S. This sole focus helps us better serve our policyholders. Wright Flood has no conflicts of interest between our flood insurance product and any other affected coverage to slow down our claims process. Wright Flood has the largest permanent flood claims staff in the industry led by seasoned professionals. Wright Flood has deployed more than 700 flood-certified adjusters with our claims adjusting partners in response to Sandy. Simply put, Wright Flood is structured to provide the best response in the industry. Wright Flood agents and national staff are on call to assist our northeast policyholders, and we will continue to be there for Sandy’s victims until every claim has been resolved. That’s the measure of the right relationship. You can learn more about Wright Flood at floodmarketing@weareflood.com or call 866-373-5663. You can also visit our website at www.wrightflood.com. Henry Neal Conolly, President Wright Flood 1.866.373.5663 | www.wrightflood.com Wright Flood™ is a member of The Wright Insurance Group™ © Copyright 2013 The Wright Insurance Group, LLC. All Rights Reserved. William Malloy, President The Wright Insurance Group, LLC