Who is a Class Member
The Bankers Standard Insurance class action settlement includes “all insureds of Bankers Standard who pursued a claim under their homeowners policy for covered losses to their real property located in Georgia due to fire, water, mold, or foundation/structural damage occurring between January 15, 2010, and May 1, 2018.”
If you don’t qualify for this settlement, check out our database of other class action settlements you may be eligible for.
The actual amount you can recover from the settlement will be determined once all valid claims have been calculated. The methodology by which the payouts will be calculated is described more fully in the Settlement Agreement.
Proof of Purchase
- You do not need to submit a Claim Form; Bankers Standard Insurance has records of all insurance claims that might qualify an insured for a Settlement payout.
Bankers Standard Insurance Settlement Notes
- Gunthert v. Bankers Standard Insurance Company
- Case No. 5:16-cv-00021
- Pending in the U.S. District Court for the Middle District of Georgia
In July 2016, plaintiffs Gerard and Abby Gunthert filed this class action lawsuit against Bankers Standard Insurance Company alleging the company violated Georgia law and breached its insurance contracts with homeowners by “failing to assess whether certain homeowners’ property experienced a diminution in value resulting from fire, water, mold, or foundation/structural damage and failing to pay for any such diminution in value.”
Under Georgia law, when insureds present first-party claims under their homeowners insurance policies for direct physical loss to their covered properties, the insurers are required not only to pay the costs of repair, but also to assess for, and where found, pay any diminution in the fair market value of the insured property.
In the Guntherts case, they say they maintained homeowners property insurance coverage with Bankers Standard Insurance Co. and reported a claim for direct physical loss to their home resulting from water damage. According to the complaint, BSI was required to not only to pay the costs of repair, but also to assess for and pay any diminution in the fair market value of the insured property. However, the company refused to do so.
Bankers Standard Insurance Co. denies any wrongdoing and liability. Complete details about the case and settlement are provided on the Bankers Standard Insurance settlement website.
Class members who wish to object to or exclude themselves from the Bankers Standard Insurance settlement must do so by January 19, 2019. Class members who wish to participate in the settlement do not need to do anything.
- N/A: Claim Form Deadline
- 1/19/19: Objection or Exclusion Deadline
- 3/5/19: Final Hearing at TBD ET* (class members do not need to attend this hearing in order to receive a slice of the settlement pie).
*Settlement Class Members who wish to speak at the hearing should check the settlement website at www.BankersStandardInsCoSettlement.com to confirm the date or time of the Hearing.
- Mail: Bankers Standard Settlement Administrator, 1650 Arch Street, Suite 2210, Philadelphia, PA 19103
- Phone: 1-877-790-2122
- Email: info@BankersStandardInsCoSettlement.com
1 thought on “$2.25M Bankers Standard Insurance Property Damage Claim Class Action Settlement”
u.s. bank had their personal insurance on my property for more then 10 years way over priced