Nationwide Insurance Company and the Florida Office of Insurance Regulation have reached an agreement for the company to re-examine what one official said were "millions in underpayment" of last year's hurricane damage claims.
Under the agreement Columbus, Ohio-based Nationwide will complete an audit of claims from the 2004 hurricane season to find any instances when multiple deductibles were incorrectly applied to a claim and reimbursement was not made as part of Florida's multiple deductible grant reimbursement program.
The company and Florida authorities said the company agreed to pay $250,000 in administrative costs for the investigation conducted by state regulators.
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