Company Response
2/27/2024
Your complaint states the property was damaged and your insurance carrier issued a claim check. The check was endorsed and mailed to Shellpoint, but Shellpoint is refusing to release the funds back to you. You are requesting Shellpoint release your claim funds to complete the repairs to the home.
Records indicate, on December 30, 2022, you informed our Loss Draft Department the property endured damages and had received a claim check from your carrier for repairs. During the call, you were informed to mail the endorsed check and adjusters report to initiate the claim process.
On January 30, 2023, you were informed the claim would be monitored as it was over $40,000.00.
A claim check for $50,000.00 was received February 2, 2023, endorsed by Shellpoint and mailed back to you on February 6, 2023.
On May 26, 2023, our Loss Draft Department received a second claim check for $25,000.00 and it was placed in a restricted escrow account. On June 8, 2023, a representative explained to release the funds we required an adjuster’s report, contractor’s proposal, and waiver of lien.
After receiving the required documentation, claim funds in the amount of $25,000.00 were disbursed to you on July 7, 2023.
On August 22, 2023, you informed our Loss Draft Department you had received a claim check for $42,000.00 and would be mailing the check and waiver of lien. You were informed an adjusters report would also be needed.
On August 30, 2023, a claim check for $40,371.56 was received and placed in the restricted escrow account.
On September 18, 2023, you were informed an inspection would be required to release the entire funds. An inspection was ordered on September 27, 2023.
During several calls in October 2023, it was explained that without an inspection and an updated adjuster’s report, Shellpoint was unable to release any additional funds.
On November 3, 2023, you informed our Loss Draft Department you mailed another claim check for $65,000.00. A check for $65,255.03 was received November 9, 2023 and placed in the restricted escrow.
On November 24, 2023, claim funds of $45,417.73 were disbursed to you.
On January 22, 2024, you requested an additional $30,000.00 be disbursed. You were informed that most of the claim funds had already been disbursed but a request would be submitted.
On February 6, 2024, the Loss Draft Department explained the following documents are required:
• Adjuster’s Report or a letter advising payments were adjusted based on the new Contractor’s Proposal.
• Contractor’s Proposal.
• Letter or Photos providing proof of completed repairs.
For any questions or concerns, please contact our Loss Draft Department at (877) 826-4433.
Although Shellpoint apologizes for any inconvenience, we have been unable to determine that an error occurred after investigating your dispute. You have the right to request documentation supporting our determination.
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