What is this lawsuit about?
The lawsuit claims that the Insurance Companies improperly deducted depreciation attributable to costs of labor and other nonmaterial items when adjusting some homeowners’ insurance claims in Ohio. The Insurance Companies have maintained that they paid claims when reasonable and appropriate to do so and has denied all allegations that it acted wrongfully or unlawfully.
How do I know if I am part of the Settlement?
The Court decided that everyone who fits the following description is a member of the Settlement Class:
The Class includes: (a) All policyholders under any homeowners residential property insurance policy issued by Liberty Insurance Corporation, Safeco Insurance Company of Indiana, LM Insurance Corporation, and Liberty Mutual Fire Insurance Company, except for those excluded (see below), who made a structural damage claim for property located in the State of Ohio during the applicable Class periods, which was a Covered Loss; and (b) that resulted in an actual cash value payment during the class period from which Nonmaterial Depreciation was withheld, or that would have resulted in an actual cash value payment but for the withholding of Nonmaterial Depreciation causing the loss to drop below the applicable deductible.
The Class Periods mean the following time periods: For Ohio policyholders of Liberty Insurance Corporation, Structural Loss claims with dates of loss on or after January 28, 2018. For Ohio policyholders of Safeco Insurance Company of Indiana, LM Insurance Corporation, and Liberty Mutual Fire Insurance, Structural Loss claims with dates of loss on or after January 3, 2019.
What does the Settlement provide?
Class Members who complete and sign a claim form and timely mail it to the proper address, or submit the claim form by uploading it on the settlement website, may be eligible for a payment. Under the settlement, the Insurance Companies have agreed to pay Class Members who timely submit valid claims determined as follows: (a) for Class Members to whom all Nonmaterial Depreciation has not been paid, 100% of the estimated Nonmaterial Depreciation that was withheld and not later paid, plus 5% interest on that amount from the last actual cash value payment to the date of Preliminary Approval of the settlement; (b) for Class Members to whom all Nonmaterial Depreciation that was withheld and later paid, 5% interest on the estimated Nonmaterial Depreciation that was initially withheld, from the date of the last actual cash value payment from which Nonmaterial Depreciation was withheld to the date all Nonmaterial Depreciation was paid.
You MUST submit a claim form in order to determine whether you are eligible for and the amount of your settlement payment. If you do not, you WILL NOT receive a settlement payment.