by jim_1 » Sun Oct 10, 2010 02:08 am
Additional question of a fire claim---what exactly is 10% overhead and 10% profit for a fire insurance claim? I haven't heard of these two terms. The policy has a 1.8% inflation rider; how and when does this apply?
Posted: Sun Oct 10, 2010 02:41 am Post Subject:
They are what a general contractor charges (adds on to the bill) for the services that he provides. He hires people to do the work correctly and is responsible for that work. He knows who to call and when and is there to monitor their work. He has the knowledge to make sure that the job is done correctly.
The GC charges a total of 20% of the bill for his/her fee.
All standard and acceptable.
(but I could tell you terrible stories about this... most to do with clean up companies. :) )
Posted: Sun Oct 10, 2010 02:48 am Post Subject:
Good copy; I've got a CFP background, but your expert input is certainly helping with the HO terminology. How and when does the inflation policy kick in on a claim?
Posted: Mon Oct 11, 2010 01:56 am Post Subject:
Without seeing the specific language of the rider, it may mean that the policy provides a 1.8% automatic increase in policy coverage limits for every year the policy is in force. Most companies just refigure the property value at each anniversary, inflate the coverage, and send a premium due notice for the higher amounts.
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Posted: Fri Jun 03, 2011 04:35 am Post Subject: sIntLuKPiz
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