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Barrister
Barrister, Attorney
Category: Legal
Satisfied Customers: 33803
Experience:  15 yrs practice, Civil, Criminal, Domestic, Realtor, Landlord 26 yrs
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In New York had a commercial property catch fire, the

Customer Question

In New York had a commercial property catch fire, the adjuster says total loss how long does the insurance company have to pay
Submitted: 1 month ago.
Category: Legal
Expert:  Barrister replied 1 month ago.

Hello and welcome! My name is ***** ***** I am a licensed attorney who will try my very best to help with your situation or get you to someone who can. There may be a slight delay in my responses as I research statutes or ordinances and type out an answer or reply, but rest assured, I am working on your question.

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As a general rule, they have 30 days to settle a claim. If they don't do so, and don't have any reasonable reason why they haven't, such as an investigation into the source of the fire, then you can contact the NY State Dept of Financial Services and file a formal complain for "unfair claims practices". They will then begin an investigation into the claim and will put pressure on the insurer by investigating why they haven't paid the claim. Insurers HATE it when the Dept starts investigating because they may choose to do an entire audit of the company, which is like an IRS audit of an individual.

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So once a consumer files a complaint, that usually gets things resolved pretty quickly.

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thanks

Barrister

Customer: replied 1 month ago.
Ok, they are doing an investigation how long can they drag it out using that? The county hasn't been able to determine a cause, the insurance co is doing their own investigation should I still call them in on th 30 day mark
Expert:  Barrister replied 1 month ago.

Well, there really isn't any statutory limits on how long an investigation can take. It continues until it is over.. An investigation doesn't just shut down after X number of days..

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But yes, you still need to put pressure on them because even if there is an investigation 30 days should be enough for them to discover a cause or determine that they can't do so..

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thanks

Barrister

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