Fidelity National Financial, Inc. Provides Information for Midwest Flood Insurance Customers
Jacksonville, Fla. -- (March 24, 2008) -- Fidelity National Financial, Inc. (NYSE:FNF), a leading provider of title insurance, specialty insurance, claims management services and information services, today provided information for its flood insurance customers affected by recent flooding in the Midwest portion of the United States.
"In light of significant flooding in the Midwest and anticipated snowmelt activity, we want to inform Fidelity flood claimants of the typical steps taken to settle a Fidelity claim," noted Jeff Moore, Fidelity National Property and Casualty Insurance Group, VP of Flood Claims. "Understanding the process that occurs after reporting a flood claim can lead to a better flood claim experience."
Fidelity begins the claims process with a courtesy call within 24 hours to the Fidelity policyholder to communicate the claim number, adjuster and phone number and update policy information.
Flood claim adjusters will be in contact with a claimant within 24-48 hours of the claim report. "Whether the initial report of the claim is made to the agent or by phone to the flood company, the policyholder can assist by providing any knowledge of the level of water inside their property and a phone number to be reached, even if they are evacuated when they report the claim," Moore added. Also, as directed during the claim reporting process, insureds should take reasonable care, if possible, to protect their property from any additional damage, mark water levels reached in each room and keep floor covering samples, records or photographs of damaged articles removed as they begin any clean up activities.
The next step is taken by the adjuster who physically views the damaged property and any photos and samples collected by the policyholder to define a preliminary estimate of the claim. At this point with the adjusters help an insured may request and sign necessary documents to generate an advance payment for building and contents damage. To assist in this step, an evacuated policyholder should establish an address where the claims payment can be received via US Mail. It is helpful for claimants to be aware that claims checks for building damage must be written out jointly to all the named insureds as well as the name of the mortgage company holding an interest, if any.
Reasonable repair costs for covered damages and property are then compiled into a final estimate to arrive at the total value of the claim. This should be completed within 45 days of the claim report. The adjuster then secures the policyholder's signature on a Proof of Loss statement before the company generates the final claims payment check to be mailed to the insured. If an advance payment was received, that amount will be deducted from the total claim and will be reflected in the claim check. The insured should request and receive a copy of the final estimate of the claim damage as documentation when the Proof of Loss statement is signed. When the claims check and final estimate are received by the insured, the claim is settled and closed by the insurance company. Various reports of claims reported, damage estimates and claim payments are reported to the NFIP by the insurance carrier throughout a claims event.
If additional flood damage, not included in the final estimate of the claim, is discovered during the repair process, the policyholder should immediately contact the adjuster, or the insurance carrier directly, to generate a supplemental claim for additional damage.
Fidelity, as the largest nationwide provider of flood insurance through the NFIP, established a reputation for excellent claims handling by completing 95% of Hurricane Katrina flood claims by December, 2005.
Fidelity National Financial, Inc. (NYSE:FNF), is a leading provider of title insurance, specialty insurance, claims management services and information services. FNF is one of the nation's largest title insurance companies through its title insurance underwriters - Fidelity National Title, Chicago Title, Ticor Title, Security Union Title and Alamo Title - that issue approximately 28 percent of all title insurance policies in the United States. FNF also provides flood insurance, personal lines insurance and home warranty insurance through its specialty insurance business. FNF also is a leading provider of outsourced claims management services to large corporate and public sector entities through its minority-owned subsidiary, Sedgwick CMS. FNF is also a leading information services company in the human resource, retail and transportation markets through another minority-owned subsidiary, Ceridian Corporation. More information about FNF can be found at www.fnf.com.
This press release contains forward-looking statements that involve a number of risks and uncertainties. Statements that are not historical facts, including statements about our beliefs and expectations, are forward-looking statements. Forward-looking statements are based on management's beliefs, as well as assumptions made by, and information currently available to, management. Because such statements are based on expectations as to future economic performance and are not statements of fact, actual results may differ materially from those projected. We undertake no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. The risks and uncertainties which forward-looking statements are subject to include, but are not limited to: changes in general economic, business and political conditions, including changes in the financial markets; adverse changes in the level of real estate activity, which may be caused by, among other things, high or increasing interest rates, a limited supply of mortgage funding or a weak U. S. economy; our potential inability to find suitable acquisition candidates, acquisitions in lines of business that will not necessarily be limited to our traditional areas of focus, or difficulties in integrating acquisitions; our dependence on operating subsidiaries as a source of cash flow; significant competition that our operating subsidiaries face; compliance with extensive government regulation of our operating subsidiaries; and other risks detailed in the "Statement Regarding Forward-Looking Information," "Risk Factors" and other sections of the Company's Form 10-K and other filings with the Securities and Exchange Commission.
SOURCE: Fidelity National Financial, Inc.
CONTACT: Jeff Moore, VP Flood Claims, Fidelity National Property and Casualty Insurance Group, 727-803-2040 x6203, jeff.moore@fnf.com