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Apr 7, 2021
OKLAHOMA CITY â Attorney General Mike Hunter and Insurance Commissioner Glen Mulready on Monday announced a $25 million settlement with Farmers Insurance for the companyâs handling of earthquake claims.
An investigation revealed that Farmers denied or failed to properly pay about 1,000 earthquake claims submitted by Oklahomans who purchased coverage to protect their property.
The company will reopen the claims process and re-evaluate the claims using an independent administrator. Claims approved by the independent administrator will be paid pursuant to an individual insuredâs policy.
According to the agreement, Farmers will make additional payments as needed if property damages exceed the agreed upon amount to pay eligible earthquake claims.
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Oklahoma, Farmers Insurance Reach $25M Settlement Over Earthquake Claims April 5, 2021
Oklahoma has reached a $25 million settlement with Farmers Insurance over the company’s handling of earthquake claims, state officials say.
Oklahoma Attorney General Mike Hunter and Insurance Commissioner Glen Mulready say an investigation revealed that Farmers denied or failed to properly pay approximately 1,000 earthquake claims submitted by Oklahomans who purchased coverage to protect their property.
As a result, the company will reopen the claims process and re-evaluate the claims using an independent administrator. Claims approved by the independent administrator will be paid pursuant to an individual insured’s policy.
According to the agreement, Farmers will make additional payments as needed if property damages exceed the agreed upon amount to pay eligible earthquake claims.