{"id":894137,"date":"2018-05-09T11:06:33","date_gmt":"2018-05-09T17:06:33","guid":{"rendered":"https:\/\/www.myconstructionexpert.com\/blog\/?p=894137"},"modified":"2018-05-09T11:06:33","modified_gmt":"2018-05-09T17:06:33","slug":"claim-handling-requirements-state-nevada","status":"publish","type":"post","link":"https:\/\/www.myconstructionexpert.com\/blog\/claim-handling-requirements-state-nevada\/","title":{"rendered":"Claim Handling Requirements by State \u2013 Nevada"},"content":{"rendered":"

Julitza Perez | Property Insurance Coverage Law Blog<\/a> | May 5, 2018<\/p>\n

The State of Nevada is known as the \u201cSilver State\u201d for its large silver mine industries, but it is also popular for the casinos in its largest city, Las Vegas. For property policyholders in Nevada it is important to know that the state provides statutes that protect and guide insureds during the claim handling process.<\/p>\n

All insurers in Nevada must comply with the Standards1<\/sup>\u00a0that provide the statute of limitations for claim handling. Once the executed proof of loss is received, the insurer must accept or deny the claim within 30 days; notification must be given in writing and include reference on the specific policy provision, condition, or exclusion that decision was determined on. If accepted, the insurer must pay the claim within 30 days after acceptance or shall pay interest on the claim calculated from the date on which the payment is due until the claim is paid.2<\/sup>\u00a0The insurer must notify the claimant within 30 working days from receipt of the proof if more time is needed for investigation3<\/sup>\u00a0but can never delay settlement or negotiations of a claim to the extent to affect claimant\u2019s rights under an insurance contract, policy, or statute of limitations.<\/p>\n

The Nevada Administrative Code authorizes the use of an agent to handle the insured\u2019s claim on behalf of the insurer.4<\/sup>\u00a0The agent must report all claims to the insurer on a timely manner.5<\/sup>\u00a0The insurer may terminate authority granted to the agent for cause upon written notice and may also suspend during the pendency of any dispute regarding the cause for termination.6<\/sup>\u00a0The agent shall send a copy of the claim to the insurer if requested or as soon as the agent is aware that the claim has the potential of one or more of the following:7<\/sup><\/p>\n

    \n
  1. Claim has potential to exceed an amount determined by the Commissioner or exceeds the limit set by the insurer, whichever is less;<\/li>\n
  2. Involves a coverage dispute;<\/li>\n
  3. May exceed the agent\u2019s authority to settle a claim;<\/li>\n
  4. Is open for more than 6 months; or<\/li>\n
  5. Is closed by payment of an amount set by the Commissioner or an amount set by the insurer, whichever is less.<\/li>\n<\/ol>\n

    Under Nevada\u2019s statute, \u201cUnfair practices in settling claims; liability of insurer for damages,\u201d8<\/sup>\u00a0is a detailed list of actions considered and under which the insurer would be liable to its insured for any damages caused. Many of the unfair practices described on this list are related to the insurer\u2019s failure to comply with policy provisions, attempt to settle under unreasonable terms, or mislead the insured during the claim handling process. An insurer cannot make a practice of appealing arbitration awards in favor of insureds or claimants to compel them to accept settlements or compromises less than the amount awarded in arbitration.9<\/sup>\u00a0All Nevada insureds should be aware of their rights under these statutes which can help in understanding the claim handling process.
    \n__________________________
    \n1<\/sup>\u00a0Standards applicable to all insurers, NAC 686A.675.
    \n2<\/sup>\u00a0Standards applicable to all insurers, NAC 686A.675 (1).
    \n3<\/sup>\u00a0Standards applicable to all insurers, NAC 686A.675 (3).
    \n4<\/sup>\u00a0Handling of claims which agent has authority to settle; suspension and termination of authority to settle claims, NAC 683A.510.
    \n5<\/sup>\u00a0Handling of claims which agent has authority to settle; suspension and termination of authority to settle claims, NAC 683A.510 (1).
    \n6<\/sup>\u00a0Handling of claims which agent has authority to settle; suspension and termination of authority to settle claims, NAC 683A.510 (3)(a)(b).
    \n7<\/sup>\u00a0Handling of claims which agent has authority to settle; suspension and termination of authority to settle claims, NAC 683A.510 (1)(B)(1).
    \n8<\/sup>\u00a0Unfair practices in settling claims; liability of insurer for damages, N.R.S. 686A.310.
    \n9<\/sup>\u00a0Unfair practices in settling claims; liability of insurer for damages, N.R.S. 686A.310 (1)(j).<\/p>\n","protected":false},"excerpt":{"rendered":"

    Julitza Perez | Property Insurance Coverage Law Blog | May 5, 2018 The State of Nevada is known as the \u201cSilver State\u201d for its large silver mine industries, but it is also popular for the casinos in its largest city, Las Vegas. For property policyholders in Nevada it is important to know that the state… Continue reading Claim Handling Requirements by State \u2013 Nevada<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false},"version":2}},"categories":[9914],"tags":[9895,23,152],"class_list":["post-894137","post","type-post","status-publish","format-standard","hentry","category-insurance-coverage","tag-advise-consult","tag-insurance-coverage","tag-nevada","entry"],"jetpack_publicize_connections":[],"yoast_head":"\nClaim Handling Requirements by State \u2013 Nevada - 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