Slow claims in spotlight as FSC reviews ‘average clause’ after Hurricane Melissa

Many policyholders still await settlement of their insurance claims more than eight months after Hurricane Melissa battered the island, prompting the Financial Services Commission (FSC) to intervene.The regulator has launched a review of how insurers apply the ‘average clause’, a policy provision that can sharply reduce payouts to underinsured homeowners, even as it acknowledges receiving complaints about slow claims processing across the sector.

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