NATIONWIDE AUDITING HURRICANE CLAIMS

Nationwide Insurance has reached an agreement with state regulators to audit its claims from the 2004 hurricane season and correct any underpayments. The state Office of Insurance Regulation has announced that under the agreement Nationwide will also pay $250,000 in administrative costs for an investigation by the office into Nationwide’s claims.

Nationwide has also agreed to review its adjusting procedures and repay money when multiple deductibles were incorrectly applied if the policy holder wasn’t already reimbursed through the state’s program for those hit with multiple deductibles.