Over the past three years, Puerto Rico residents have been hit by natural disasters such as hurricanes, floods and, most recently, a number of earthquakes this year. Because of these events, many property owners now understand the importance of having property insurance coverage – but most importantly, proper coverage. But for many policyholders, it is still unclear how long it should take for their insurance companies to settle their insurance claims.
According to Puerto Rico & # 39 ;s Insurance Code, an insurance company should comply with the following terms of resolution: 1  (1) Examination, adjustment and settlement of all claims shall be made within the shortest reasonable time within the first ninety (90) days after the claim has been submitted to the insurer. [1
(3) The Commissioner may demand the immediate dissolution of any claim at any time if he considers that it has been unreasonably and unfairly delayed or postponed.
For this to be possible, it is important that insured persons follow their responsibility to provide complete information that is needed and requested by their insurance company during the investigation. It is important to recognize that insurance companies have up to 90 days to investigate, adjust and settle your claim. When the 90-day period has expired, the insured can fill in a form from the insurance commissioner's office to submit a complaint to the insurance company for its delay in settling the claim.
1 Terms of Settlement of Claims, Puerto Rico Insurance Code, 26 LPRA § 2716b.