Sarah Mirando  |  June 19, 2013

Category: Legal News

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American Bankers Insurance Co. Class Action Settlement

By Mike Holter

 

American Bankers Insurance Company settlementAmerican Bankers Insurance Company of Florida (ABIC) has reached a class action lawsuit settlement with dwelling insurance policyholders who say the company did not properly pay out claims related to a Structural Loss. Eligible policyholders can receive a cash refund of some of the money they paid to complete repairs if the class action settlement is approved.

 

The ABIC settlement will resolve a class action lawsuit (Smith v. American Bankers Insurance Company of Florida) that accuses ABIC of not properly paying general contractor’s overhead and profit (“GCO&P”) when adjusting claims for structural losses under dwelling insurance policies.


GCO&P is an amount that may be charged by a general contractor for supervising, scheduling, and/or coordinating work and/or materials supplied by subcontractors in the course of repairing damage to a structure.

ABIC denies the allegations and any wrongdoing, but has agreed to a class action lawsuit settlement to resolve the litigation.

Class Members of the ABIC class action settlement include everyone who is, or was, insured under an ABIC dwelling insurance policy that provided coverage for any building or other structure located in the State of Arkansas who submitted a claim for a Structural Loss that:

  • occurred from January 1, 2002 through December 31, 2010;
  • was determined to be covered by an ABIC dwelling insurance policy; and
  • resulted in a payment from ABIC from January 1, 2002 through April 15, 2013.


Under the proposed class action lawsuit settlement, ABIC has agreed to pay Class Members 20% of the amount they paid to complete repairs, excluding amounts paid for emergency remediation services, minus any GCO&P previously paid by ABIC. Limitations and exclusions may apply.

The only way to receive a cash reimbursement from the ABIC class action settlement is to submit a valid Claim Form and supporting documents postmarked by the deadline of September 13, 2013.

Claim Forms and more information on your rights in the ABIC Class Action Lawsuit Settlement can be found at www.SmithGCOPSettlement.com.

The case is Smith v. American Bankers Insurance Company of Florida, Case No. CV-2011-259-1, Circuit Court of Crawford County, Arkansas.

 

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Updated July 19th, 2013

 

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One thought on American Bankers Insurance Co. Class Action Settlement

  1. Tena allbritton says:

    Insurance too expensive

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