Adjusting Today Issue #3033: Flood – Understanding and Recovering from One of Nature’s Worst Disasters
Release Date: 11/25/2015
Legislative Update: Issues Affecting the Public Adjusting Industry
Property Insurance Roundtable
Experts discuss the legislative efforts supported by the National Association of Public Insurance Adjusters (NAPIA) regarding the Unauthorized Practice of Public Adjusting (UPPA), issues surrounding Assignment of Benefits post-disaster, and more. "The National Association of Public Insurance Adjusters (NAPIA) was established in 1951 to promote a higher standard for policyholder advocacy. Public insurance adjusters are licensed to serve the general public and deliver knowledgeable and experienced representation when filing a claim for property damage. The founding members of NAPIA...
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Ordinance or Law Coverage: Code for Recovery!
Property Insurance Roundtable
This discussion is about ordinance or law coverage and how to insure for this potential exposure. After a disaster causes property damage or loss many policyholders discover that rebuilding the structure to conform to the latest building codes can add 50% or more to their recovery cost. Then comes the unpleasant surprise of discovering the ordinance or law exclusion that prevents a full recovery. With building codes, such as sprinkler systems and handicap accessibility, frequently changing, it is important to understand what your insurance excludes and how to acquire adequate coverage. ...
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Proving an Insured Loss: Policyholders Need Experts Too!
Property Insurance Roundtable
Today, we will be discussing how experts can benefit policyholders prove an insured loss. More and more insurance companies are using experts to support their side of a claim settlement. That is why today’s policyholder must often take advantage of similar professional resources to help prepare, support, and settle their claims. Understanding and utilizing the coverages available for this purpose can help protect the insured not only against financial loss but for the cost of recovering it. Our experts will review the basics of loss preparation cost coverage including what it is, why it’s...
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NAPIA’s Legislative Efforts — A Win For Policyholders & Public Adjusters Alike
Property Insurance Roundtable
Today, we will be discussing the legislative efforts of the National Association of Public Insurance Adjusters (NAPIA). Founded in 1951, NAPIA advocates for public adjuster education and a higher standard of professional conduct and ethics. NAPIA members are committed to working in the best interest of their clients and to conducting business with integrity. For more than 66 years NAPIA members throughout the U.S. have joined together for the purpose of education, certification, marketing opportunities, legal and legislative representation, scholarship and research and the promotion of the...
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Hurricanes Harvey, Irma, and Maria — Helping Policyholders Recover From a Disastrous Hurricane Season
Property Insurance Roundtable
Today, we will be discussing the highly-active 2017 hurricane season and its impact on the people, areas, and economy as well as how home and business owners can properly insure themselves for this exposure in coming years. Our panel of experts has first-hand experience in the public adjusting industry and will guide us through this discussion. Key Takeaways: [1:21] Why were home and business owners were caught off guard by Hurricane Harvey? [3:09] For future hurricanes, how can home and business owners prepare themselves? [3:59] What was unique about Hurricane Harvey? [4:39] What was...
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Insurance Coverage for Collapse: How Has It Changed and Why?
Property Insurance Roundtable
Today we will be discussing the insurance coverage for collapse. Throughout the years, insurance companies have updated the policy language as to what constitutes a collapse loss and continue to do so today. How can you be sure you are covered in case of collapse and furthermore, how can you help to mitigate a collapse loss to your property? Find out on this episode as we discuss collapse with our experts. Key Takeaways: [1:40] What are common reasons or circumstances that cause a property to collapse? [2:31] What constitutes a collapse loss according to the insurance company? [4:54] If...
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Sometimes It’s What The Policy Doesn’t Say That Counts
Property Insurance Roundtable
Today we will be discussing the ins and outs of insurance policies, and the importance of understanding what your policy does say and cover, as well as what it does not. In this episode, our panelists will discuss how those with an insurable interest in a property can protect themselves from issues such as inadequate reimbursement should a disaster occur. Key Takeaways: [:27] After a disaster occurs such as a fire, flood, or severe windstorm and damages a property, what are some of the more common mistakes an insured or policyholder makes that results in the inability to provide proof...
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When Disasters Become Real: Our Public Adjusters’ Recollection of Memorable Cases
Property Insurance Roundtable
Today we will be discussing the ins and outs of various interesting insurance claims that our expert panelists have handled and adjusted successfully. These memorable cases range from a fire at a Midwestern school to two New York City buildings that were damaged during Hurricane Sandy. Our panel of experts has extensive experience in the public adjusting industry, and will guide us through our discussion. [1:40] Electrical Fire in a Special Needs School — Chuck Sorrell Chuck describes a fire at a special needs school in Minnesota. The ways Chuck's company differed from the...
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Common Exposures and Losses Faced by Multi-Family Complexes (Apartments and Condos)
Property Insurance Roundtable
This discussion will take an in-depth look at insuring the many exposures and losses that result from disastrous catastrophes. While multi-family buildings offer many amenities to residents such as maintenance and lawn care, which allow for a simplistic and flexible lifestyle, the insurance policy to cover them are anything but. Apartments and condos are often inadequately insured, and the risk posed for those who own or reside in them is high. For further insight on this topic, please see the corresponding article: Key Takeaways: [1:57] Defining what constitutes a...
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The National Association of Public Insurance Adjusters’ (NAPIA) Importance and Benefits to Members and Policyholders
Property Insurance Roundtable
The provides the public adjusting industry with more than licensing. NAPIA board members have created scholarships, educational programs, and have arranged sessions with legislators to inform them of pertinent information regarding public adjusting. Today’s panel of experts discusses the substantial benefits NAPIA supplies to its members, and who is eligible to become a member. They also discuss the comprehensive NAPIA website and the professional designations NAPIA offers. Key Takeaways: [:57] What is NAPIA, when and how did it form, and what is its mission? [5:12] Who are NAPIA...
info_outlineOur flood insurance industry experts answer your flood insurance questions. This roundtable will help you understand which types of damages will be covered and excluded by flood insurance coverage. Replacement cost value and actual replacement value are discussed in length to prepare you for acquiring new policies as well as updating your existing ones. It is recommended you understand all aspects of your policy provisions. For further information on this topic, please read our corresponding Adjusting Today article: "Flood: Understanding and Recovering From One of Nature's Worst Disasters."
Key Takeaways:
[:58] What is the National Flood Insurance Program (NFIP) and why is it necessary to hold one of these policies?
[2:05] If a community does not have a floodplain management plan, can a policyholder still purchase flood insurance?
[3:00] Will the Federal Emergency Management Agency (FEMA) help in my recovery from a large flood disaster?
[4:14] What are the guidelines for a flood insurance claim with the NFIP?
[4:30] If a home or business lies outside of a floodplain area, is it still possible to carry flood insurance through the NFIP?
[5:19] What can a policyholder expect in terms of premium costs?
[8:48] Can shopping insurance companies find a policyholder better rates and policies on flood insurance?
[10:06] What coverages are included in a flood policy from the NFIP?
[11:23] Who would adjust a NFIP policy claim?
[12:26] Will flood insurance cover all contents inside and outside of a home/business?
[13:48] Explain the ‘Increased Cost of Compliance Coverages’ and how it could affect a policyholder’s recovery.
[16:27] Will deductibles come into play with these policies?
[16:43] By holding a standard insurance policy and a flood insurance policy, can an insured expect to be covered in full for their loss? What would be excluded by holding the two policies?
[18:57] Are there coverage and limit differences between standard built homes and manufactured housing?
[19:58] How does Replacement Cost Value and Actual Cash Value come into play when going through a flood claims process?
[21:05] Will a flood policy provide Business Interruption and Extra Expense Coverage?
[25:25] Garden-style apartments are popular and offered by a lot of apartment communities. How will a flood policy cover this type of abode?
[28:03] Has there ever been loopholes or unforeseen circumstances where a tenant of a garden-style apartment has been fully covered?
[29:18] What is the most important thing an insured should do to achieve a fair settlement when undertaking a flood insurance claim?
[31:59] Why would an insured need the help of a public adjuster when handling a flood loss?
[33:49] What roles do the people involved play in a claim? Why can an insurance company adjuster not handle all of it?
[35:42] Are there any problems with flood risk assessments?
[37:38] Things to consider when dealing with a flood insurance claim
[39:05] Are aggressive insurers offering alternatives to NFIP?
Panelists:
Greg Raab, Vice President & Executive Director of Operations/Public Adjuster and Disaster Recovery Services - Adjusters International
James R. Mahurin, CPCU, ARM, Risk Management Consultant and member of the Society of Risk Management Consultants
C. Todd Thomas, Executive Director of Consulting Services and member of the Society of Risk Management Consultants - Adjusters International