Dear friends, is it possible for you all to throw some light on the HO insurance settlement process?
Total Comments: 27
Posted: Tue Dec 22, 2009 04:10 pm Post Subject:
Yeah, I don't work for free and never claimed that you work for free. What I found funny is that you posted how you get the insured all of this money they are owed but failed to state in any of your posts until the one above that you are going to take a % of the check.
What mystery are you talking about. PA's advertise all over the place. Heck I live in Ohio and there are PA's in Cleveland, Columbus, Cincinnati, Dayton, Toledo, Canton and Youngstown that advertise all of the time. Do they advertise as much as they do in FL or TX....no, but we also don't have the type of CATs that those areas have. And you have to admit, CATs are what make your business profitable.
As far as your lack of knowledge showing again....
INDEPENDENT ADJUSTERS like you try and rip them off any chance you get
Independent adjusters usually get paid on a fee schedule. The BIGGER the loss, normally the bigger the fee. Denials are usually a flat fee which are normally low. So if independents want to make money, it would benifit them to find all of the covered damage they could.
Once again......
MORE DAMAGE IN DOLLARS AND CENTS = MORE MONEY TO THE INDEPENDENT.
I will agree with Trench, there are adjusters that are lazy, inexperienced or just too busy to care. In those cases the mistakes are usually caught somewhere in the process, but one again I agree not in ever circumstance.
There are times and places for PAs, but most claims don't require your expertise.
Posted: Tue Dec 22, 2009 07:45 pm Post Subject:
There are times and places for PAs, but most claims don't require your expertise.
Agreed.
Posted: Tue Dec 22, 2009 10:03 pm Post Subject:
There are times and places for PAs,
agreed, but (IMO) damn few...
but most claims don't require your expertise.
:roll: agreed..MO must either have really tough laws governing PA's or they can't make enough money in this state. I've seriously not had the pleasure of dealing with PA's in ANY Missouri claims since I began in 1987. I have had the 'pleasure' in some (way) out of state claims...through the years...in my particular case, with the company I was working for at the time. The claim settlement/payment did not change by a single penny! not one! I have no idea what the PA did, I assume the insured ended up with less than enough to repair their home.. :(
Posted: Wed Dec 23, 2009 01:22 am Post Subject:
they can't make enough money in this state.
I am gonna go with that. :wink:
I have no idea what the PA did,
A few weeks ago I was visiting a friend who is an adjuster in Columbia. While we were talking, a PA that had been "working' on a case of his called to ask if he needed anything else. Jokingly, he said you could go get me the police report. Sure enough, he showed up with it.
Posted: Wed Dec 23, 2009 12:58 pm Post Subject:
Found a use for the PA did he? THAT is priceless!
Posted: Thu Mar 25, 2010 04:17 am Post Subject: it varies by state and carrier
It is true that some carriers will issue different checks for the different portions of the "Coverage". For example Coverage A Dwelling will be one check while Coverage C for contents another. I have not seen any adjuster as of recently with the authority to issue an "on the spot" settlement. Maybe for catastrophe work but not daily work..that goes for Florida, Tx and Ga. Usually the adjuster has to turn his "estimate" in to an in house or desk examiner that double checks for inconsistencies. I would not accept either way w/o double checking with a contractor or Public Adjuster. Everyone seems to forget that ALL insurance carriers are FOR PROFIT corporations...meaning they need to make money, not hand it out. It is pretty evident in their very own policies in which they offer; mediation, arbitration and eventually litigation. These are all recourses for disputes in damage amounts between the homeowner and the carrier.
Posted: Thu Mar 25, 2010 11:09 am Post Subject:
Yes, there are carriers who's adjusters can issue payments on the spot..I've worked for two of them..One that was a multiline company, I had ACV/limits draft authority for physical damage of any kind..think I had 25k for BI's at the time, course could get authority to have that raised if the injury warranted it. Carrier I work for now prides their selves on handing the check to the customer asap, which means as soon as I finish righting the estimate..So to answer your question, yes, there are carriers that do this.
Posted: Tue Dec 22, 2009 04:10 pm Post Subject:
Yeah, I don't work for free and never claimed that you work for free. What I found funny is that you posted how you get the insured all of this money they are owed but failed to state in any of your posts until the one above that you are going to take a % of the check.
What mystery are you talking about. PA's advertise all over the place. Heck I live in Ohio and there are PA's in Cleveland, Columbus, Cincinnati, Dayton, Toledo, Canton and Youngstown that advertise all of the time. Do they advertise as much as they do in FL or TX....no, but we also don't have the type of CATs that those areas have. And you have to admit, CATs are what make your business profitable.
As far as your lack of knowledge showing again....
INDEPENDENT ADJUSTERS like you try and rip them off any chance you get
Independent adjusters usually get paid on a fee schedule. The BIGGER the loss, normally the bigger the fee. Denials are usually a flat fee which are normally low. So if independents want to make money, it would benifit them to find all of the covered damage they could.
Once again......
MORE DAMAGE IN DOLLARS AND CENTS = MORE MONEY TO THE INDEPENDENT.
I will agree with Trench, there are adjusters that are lazy, inexperienced or just too busy to care. In those cases the mistakes are usually caught somewhere in the process, but one again I agree not in ever circumstance.
There are times and places for PAs, but most claims don't require your expertise.
Posted: Tue Dec 22, 2009 07:45 pm Post Subject:
There are times and places for PAs, but most claims don't require your expertise.
Agreed.
Posted: Tue Dec 22, 2009 10:03 pm Post Subject:
There are times and places for PAs,
agreed, but (IMO) damn few...but most claims don't require your expertise.
:roll: agreed..MO must either have really tough laws governing PA's or they can't make enough money in this state. I've seriously not had the pleasure of dealing with PA's in ANY Missouri claims since I began in 1987. I have had the 'pleasure' in some (way) out of state claims...through the years...in my particular case, with the company I was working for at the time. The claim settlement/payment did not change by a single penny! not one! I have no idea what the PA did, I assume the insured ended up with less than enough to repair their home.. :(Posted: Wed Dec 23, 2009 01:22 am Post Subject:
they can't make enough money in this state.
I am gonna go with that. :wink:
I have no idea what the PA did,
A few weeks ago I was visiting a friend who is an adjuster in Columbia. While we were talking, a PA that had been "working' on a case of his called to ask if he needed anything else. Jokingly, he said you could go get me the police report. Sure enough, he showed up with it.
Posted: Wed Dec 23, 2009 12:58 pm Post Subject:
Found a use for the PA did he? THAT is priceless!
Posted: Thu Mar 25, 2010 04:17 am Post Subject: it varies by state and carrier
It is true that some carriers will issue different checks for the different portions of the "Coverage". For example Coverage A Dwelling will be one check while Coverage C for contents another. I have not seen any adjuster as of recently with the authority to issue an "on the spot" settlement. Maybe for catastrophe work but not daily work..that goes for Florida, Tx and Ga. Usually the adjuster has to turn his "estimate" in to an in house or desk examiner that double checks for inconsistencies. I would not accept either way w/o double checking with a contractor or Public Adjuster. Everyone seems to forget that ALL insurance carriers are FOR PROFIT corporations...meaning they need to make money, not hand it out. It is pretty evident in their very own policies in which they offer; mediation, arbitration and eventually litigation. These are all recourses for disputes in damage amounts between the homeowner and the carrier.
Posted: Thu Mar 25, 2010 11:09 am Post Subject:
Yes, there are carriers who's adjusters can issue payments on the spot..I've worked for two of them..One that was a multiline company, I had ACV/limits draft authority for physical damage of any kind..think I had 25k for BI's at the time, course could get authority to have that raised if the injury warranted it. Carrier I work for now prides their selves on handing the check to the customer asap, which means as soon as I finish righting the estimate..So to answer your question, yes, there are carriers that do this.
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