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Truck Insurance Exchange General Contractor Payments Settlement

Settlement Structure: Claims Made

Active: Closed

Closed Settlement Statement:

According to court documents, the claim submission deadline has passed. Please contact the claims administrator if you have any questions.

Case Summary:

This settlement resolves a class action against Truck Insurance Exchange, Farmers Insurance Exchange, Fire Insurance Exchange, Mid-Century Insurance Company, and Farmers Insurance Company of Arizona, on the issue of general contractor’s overhead and profit (GCOP) charges. The complaint alleged that, under certain commercial and residential insurance policies, Farmers was required to pay GCOP as part of the actual cash value payments on claims, even where the policies themselves required that the GCOP charges be incurred and paid before the insurance company reimburses them.

Docket Number:

2:20-cv-00069-PHX-DJH

Company: Truck Insurance Exchange

Filing Deadline: February 8, 2022

Class Period: December 13, 2013 to April 7, 2021

Objection Deadline: September 27, 2021

Exclusion Deadline: September 27, 2021

Final Approval Hearing: November 9, 2021

Proof of Purchase:

The claim form asks for your policy number and claim number and, if available, a copy of the estimate used to adjust your claim.

Eligibility:

You may be eligible if you are a person who submitted an insurance claim for covered damage under a commercial or residential insurance policy issued by Truck Insurance Exchange, Farmers Insurance Exchange, Fire Insurance Exchange, Mid-Century Insurance Company, or Farmers Insurance Company of Arizona, where the date of loss occurred during the class period. The class period for commercial policies is between December 13, 2013 and April 7, 2021; the class period for residential policies is September 16, 2014 and April 7, 2021.

“Covered Damage” is (a) direct physical damage to a structure in Arizona, (b) from a peril that occurred during the class period, (c) for which a claim was made under a commercial or residential policy, (d) where the insurance claim was determined to be covered by the policy, (e) which resulted in one or more payment for the direct physical damage, and (f) the claim was deemed “Closed” by the company on or before April 7, 2021.

Other relevant terms are defined in the Notice at https://www.sonomasolsettlement.com/Portals/0/Document%20Files/7289_Sonoma%20Farmers_Notice_WEB_v1.pdf?ver=2021-07-20-150240-000.

Typical Settlement Amount:

Benefit: Check for 53% of the unpaid GCOP amount. The payment must not exceed the class member’s policy’s limits or sub-limits after the deductible is taken into consideration.

Total Settlement Amount: Unknown

Class Representative Proposed Incentive Fee:

$5,000

Law Firms:
Bonnett Fairbourn Friedman & Balint
Poli, Moon & Zane, PLLC

Claim Form: Truck Insurance Exchange General Contractor Payments Settlement Claim Form

Case Name: Sonoma Sol, LLLP, et al. v. Truck Insurance Exchange, et al.

Settlement Website: Truck Insurance Exchange General Contractor Payments Settlement Website

Claims Administrator:
Rust Consulting, Inc.

Claims Administrator Contact Information:

Sonoma Sol v.Truck Insurance Exchange
C/O Rust Consulting, Inc.
7289 P.O. Box 44
Minneapolis, MN 55440-0044
866-759-6514

Tags: Business Insurance, Homeowners Insurance, Incomplete payment of benefits due, Insurance