Proving an Insured Loss: Policyholders Need Experts Too!
Release Date: 01/22/2019
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_outlineToday, 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 needed, and how to ensure you have purchased the right type and the amount of coverage.
Key Takeaways:
[1:58] Why is it important to know who is who in the insurance claims process?
[2:58] What types of professionals who may participate in a policyholder’s property loss work for an insurance company?
[3:25] What types of professionals work for the policyholder?
[3:57] Are there any professionals who may work for both the insurance company and the policyholder?
[4:33] How can qualified outside professionals make a significant difference in the amount of a settlement and the speed at which it’s reached?
[5:21] What types of experts and professionals will insureds possibly need to hire during the property insurance claim process?
[5:57] Historically the cost of the experts to support and prepare a claim are the insured’s responsibility, but now it seems the burden of cost seems to be shifting. Why is that?
[6:54] How does current coverage to reimburse policyholders for loss preparation costs vary among insurance carriers?
[7:20] What steps should policyholders take when considering this type of coverage?
[8:11] What other types of questions should policyholders consider when they are researching loss adjustment expense coverage?
[9:43] Why is it important that a policyholder identify the carrier’s precise intent for loss preparation coverage before a loss occurs?
[10:30] What should policyholders do if they haven’t found an acceptable endorsement that will respond to their business's unique needs?
[11:14] Why do so many organizations fail to make sure their insurance program includes reimbursement coverage?
[13:07] Examples of businesses who want people to maximize their financial settlement after a disaster because they didn’t have this type of coverage or they didn’t hire the right experts.
[15:00] If an agent or broker offers to handle a claim is that an unauthorized practice of public adjusting or are they legally allowed to do it?
[16:42] Other important points about making a case for experts.
[18:12] Why is coverage for public adjusters rarely seen?
Panelists:
● C. Todd Thomas, Executive Director at Adjusters International and Member of the Society of Risk Management Consultants
● Jim Beneke, SPPA, President at The Beneke Co./Adjusters International
● John Marini, Senior Advisor for Business Development & Government Affairs at Adjusters International
Moderator:
● Marjorie Musick
Mentioned in This Episode: