How many days does a Commercial claim have to be paid after proof of loss is submitted?

In the context of commercial claims, the law mandates that an insurer must pay the claim within a specific time frame after receiving proof of loss. This requirement is in place to ensure that policyholders do not face undue delays in receiving their rightful compensation.

When proof of loss is submitted, the insurer is given 30 days to complete the review and make the payment if the claim is approved. This timeframe reflects a balance between allowing the insurer sufficient time to investigate any claims thoroughly, while also protecting the interests of the insured by ensuring that they receive prompt payment.

Timely payments are crucial for commercial entities to manage their finances effectively, particularly after experiencing a loss, and the 30-day stipulation recognizes the importance of this promptness in the business context. Understanding this timeframe helps public adjusters advocate effectively for their clients, ensuring that claims are handled in compliance with regulatory standards.