Unraveling the Concerns: The Potential Harm of Oklahoma HB3094 to Policyholders
Oklahoma House Bill 3094, introduced with the intent of addressing certain aspects of the insurance industry, has raised concerns among policyholders. While the bill aims to bring about changes, there are aspects that, if implemented, could potentially be harmful to those relying on insurance advocates in the state.
One of the key concerns is the proposed reduction in the amount a public adjuster can charge for their services. HB3094 suggests a lighter fee structure for public adjusters potentially leaving individuals and businesses in a vulnerable position if an adjuster cannot take their claim. A compressed fee structure may not align with the complex and often lengthy process of assessing damages, particularly in the aftermath of events such as fires or natural disasters.
Additionally, the bill introduces changes to the ability for a public adjuster to be paid on judgement awards, allowing insurers greater discretion in bad faith cases. This alteration raises questions about the fairness of the settlement process and the potential for conflicts of interest. Policyholders may find themselves at a disadvantage if an attorney is not able to use work product of a public adjuster if the adjuster cannot be compensated properly.
Furthermore, HB3094 proposes modifications that will ultimately impact the amount of compensation policyholders can receive. These changes may result in undervaluation of losses or an increase in claim denials, making it challenging for individuals and businesses to fully recover and rebuild after a covered event.
Tags: insurance adjusters, public adjuster for damage claims, damage claims oklahoma
