Florida Insurance Commissioner: National Chinese Drywall Public Hearing Scheduled for December 7
Dec 4, 2009
In a November 13, 2009 memorandum to National Association of Insurance Commissioners (“NAIC”) Property and Casualty committee members, Florida Insurance Commissioner Kevin McCarty stated that, in light of recent developments surrounding the Chinese drywall issue, a national public hearing has been scheduled for December 7, 2009, at which information on the implications of Chinese drywall to regulators and insurers will be sought.
The hearing, which takes place during the NAIC’s Annual Winter Meeting in San Francisco, will focus on the following issues:
- What is the scope of the problem and what jurisdictions are involved?
- A number of complaints have been filed with the Consumer Product Safety Commission (“CSPC”). Does the CSPC record constitute a complete inventory of the problem?
- Do homeowners insurance policies provide coverage for property damage claims related to the installation of defective Chinese drywall?
- Do homeowners insurance policies provide coverage for health claims related to the installation of defective Chinese drywall?
- To what extent is there product liability insurance coverage or construction defect coverage for the installation of defective Chinese drywall?
- What are the health implications? Who will be responsible for the costs associated with health-related claims?
To view Commissioner McCarty’s memorandum, click here.
To view the meeting agenda, click here.
Should you have any questions or comments, please contact Colodny Fass.
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