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Bill would require insurers to explain reduced loss estimates after disasters; committee adopts $3,000 threshold
Summary
A Helmer-sponsored substitute would force insurers to disclose and justify downgrades to written loss estimates after property or vehicle damage; committee amended the substitute to trigger the requirement only when the reduction is $3,000 or more and moved the bill forward after mixed industry testimony.
Delegate Helmer told the committee the substitute clarifies when an insurer must disclose why a previously provided written loss estimate was reduced. "What this requires ' is that if you downgrade that estimate... they need to provide an explanation of why that changed," Helmer said, describing the bill as a consumer protection response to cases where initial adjuster estimates are later reduced without explanation.
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