Missouri regulators say some insurers will need to extend rebuild deadlines in order to avoid bad-faith accusations and possible legal action.
The Missouri Department of Insurance has issued a bulletin urging insurers to instate moratoriums under which policyholders would have additional time to rebuild homes ravaged by the multiple-vortex twister that leveled Joplin, Mo. on May 22, 2011.
In the bulletin, John M. Huff, director of the Missouri Department of Insurance, explained the magnitude of devastation in the Joplin area created serious logistical complications, including delayed access to property, as well as a shortage of contractors and building materials. As a result, it has been virtually impossible for some owners of both residential and commercial properties to rebuild under the timelines stipulated by their insurance policies.
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