ISO has released guidelines to insurance companies reporting Hurricane Katrina claims to the ISO ClaimSearch system in response to inquiries from claims departments wanting to know the best way to report and what information is important.
With hundreds of thousands of claims from New Orleans and the coastal regions of Mississippi, Louisiana, Alabama and other states expected in the coming weeks, “the immediate need is for comprehensive reporting of losses in the auto and property lines,” said Richard Boehning, ISO senior vice president. “We expect more claims over time, including the casualty lines,” said Boehning, “as workers’ compensation and liability claims begin to come in.”
The National Insurance Crime Bureau (NICB) is also working with ISO and the industry to ensure accurate recording and cataloging of Katrina-related claims, according to NICB President Robert Bryant. “Effective reporting will help the NICB’s Katrina Task Force Operation track the disposition of the thousands of damaged vehicles being identified and help prevent fraud,” Bryant said.
ISO ClaimSearch reporting guidelines ask insurance companies to:
* Report all claims resulting from Hurricane Katrina;
* Include the catastrophe number (No. 49) and catastrophe indicator if Universal Format (web or mainframe) is used;
* Include the estimated loss amount, if possible.
When reporting auto physical damage and vehicles missing because of flood:
1. Report claims as auto physical damage with a coverage type of “Comprehensive” and a loss type of “Flood” if Universal Format (web or mainframe) is used;
2. Report claims as “First Party Claims” with a loss type of “Flood/Water” if the legacy format is used;
* Report salvage information where applicable
“We strongly encourage claims departments to report all claims – in all lines of business – resulting from the hurricane,” said Boehning. “Effective reporting will deter fraud, help us identify trends, provide a basis for analysis and support the NICB’s Hurricane Katrina Task Force Operation.”
For answers to questions about reporting Katrina claims, contact ISO ClaimSearch Customer Support by e-mail at email@example.com.
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