Tag Archive for: what is a public adjuster

When Should a Policyholder Hire a Public Insurance Adjuster?

If you aren’t getting the property damage insurance claim settlement you deserve, don’t fully understand the policy language, coverage, benefits, exclusions, or terms. Or, if you don’t have time to deal with the insurance claims process. Or if your insurance company is not reasonably responding to your requests, or if you feel your insurer is not correctly evaluating your claim.

The truth is, if you seek the maximum settlement you deserve with minimum time delays and stress, you may want to consider hiring an ICRS public adjuster to negotiate your insurance claim at the beginning, when a dispute arises, or to supplement a claim as a non-litigious option to settle a property damage insurance claim.

Engaging a good public adjuster at the beginning of a claim is typcially the best time. Especially if the claim is a partial loss, large or complex. The reason why is that insurers are required to give consideration to any evidence which supports the policyholder’s interests equal to their own in the spirit of acting in good faith. Unrepresented policyholders who don’t have anyone representing their interests run risks of poor documentation, misunderstanding of policy terms and claims submissions, improper inspections, delays, underpayments, financial stress, errors, omissions, bad faith tactics, and improper claims-handling practices.

Reasonably preventing property from further damage as well as performing a “timely and thorough investigation” of claims is an absolute MUST for a policyholder. Getting a prompt and fair settlement versus delays, underpayments, controversy, adversity, and unnecessary litigation can be achieved by hiring a professional public adjuster at the beginning of a claim to get fairly indemnified. Good, experienced public adjusters will assist policyholders to navigate the insurance claim process from mitigation efforts to the recovery of withheld depreciation.

Public insurance adjusters are essentially policyholder advocates who act as private, independent, licensed, bonded, and professional claims adjusters that settle property damage insurance claims exclusively on behalf of the insured. They work solely on behalf of policyholders. Individuals and businesses hire these licensed professionals when they need help filing a claim or if they believe a claim amount offered by their insurance company was incorrect.

Public adjusters can file and negotiate claims for flood, fire, smoke, wind, and hurricane damage, as well as damage due to other perils, and loss of business income caused by property damage. They are legally authorized to act on behalf of an insured policyholder.   Practices, responsibilities, and duties of a public adjuster include:

1) Review policy language – some coverages and exclusions are open to interpretation.  Analysis of conditions and knowledge of the terms of your indemnity contract are key.
2) Assist the policyholder in meeting their burden of proof of claimed property damages.
3) Perform a Timely and Proper Investigation – Inspect and assess physical damages.
4) Match up losses with the appropriate property coverages for a fair settlement demand.
5) Review and respond to carrier correspondence addressing any omissions, misrepresentations, wrongful denials, violations of policy, and violations of insurance code statutes.
6) Compile and Submit a Pro-Policyholder Claim Package to your insurer with supporting evidence that documents your damages, the estimated scope of work, estimated costs, occurrence data, 3rd party reports, photos, news stories, policy language, statutes, bulletins, proper forms and present a proof of loss.
7) Incorporate reasonable arguments to trigger coverage under your insurance policy and in compliance with the insurance code statutes of your state.
8) Proactively remove objections, roadblocks, and wrongful withholding of coverages.
9) Expose the insurer’s liabilities and potential violations of the statutory insurance codes.
10) Reasonably argue with a credible degree of certainty any questionable allegations of an insurer’s view for underpayment, delays, or wrongful denial of your property damage insurance claim.
11) Negotiate a fair and prompt settlement.
12) Prepare, complete, and/or file a complaint to the state department of insurance on your behalf.
13) Refer legal counsel, expert engineers, hygienists, or other professionals when necessary.
14) Avoid unnecessary litigation and appraisal.

Multifamily, Apartment and Commercial business policyholders who engage Insurance Claim Recovery Support LLC public adjusters have vastly benefited from the outcome of the claim settlement we deliver as a result of our pro-policyholder representation. We work on contingency and often policyholders actually save a lot of time and pay the same fee by hiring us at the beginning of a claim rather than waiting for problems. Learn how we help settle property damage insurance claims fairly & promptly for policyholders at www.insuranceclaimrecoverysupport.com

What is a public adjuster?

What Is a Public Insurance Adjuster?

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What is a good public adjuster?

What is a good public adjuster? How do you qualify a good public insurance adjuster from a bad one?

Searching for public adjusters near me? A public adjuster is an independent insurance professional that a policyholder may hire to help settle an insurance claim on his or her behalf. How do you know a good public insurance adjuster versus a bad one? This podcast gives some qualification questions that every policyholder should ask a public insurance adjuster before hiring them to represent you in settling your property damage insurance claim. Many policyholders don’t know about public adjusters. Assuming your insurance company will settle your claim fairly and promptly on your behalf can result in financial disaster. Policyholders seeking professional, licensed representation to handle their property damage insurance claim following a hail storm, hurricane, fire, or other disaster researching “what is a public adjuster”, may come across an overwhelming amount of information. Finding and hiring an expert public adjuster near you who is trustworthy, credible, and experienced can be a challenge. Understanding what a public adjuster does and if you should hire one can depend on several variables including the state your property is located, deductible, amount of damage, when the damage occurred, and whether your insurer has wrongfully denied your claim or acted in bad faith. If you hire a public adjuster, the sooner in the claim process, the better.

Bonus question: Have you ever worked directly or indirectly for an insurer while licensed as a public adjuster? We exclusively represent policyholders so you know there’s never any conflict of interest.

How Some Insurance Companies Intentionally Delay, Deny and Underpay Claims

Not all, but may bad faith Insurance companies intentionally delay, deny and underpay claims.  Of course, these tactics are improper, unethical, and immoral but in a pathetic attempt to gin up business for their defense law firm, a recent blog post targeting bad faith insurance companies outlines the benefits of purposely delaying insurance claims as an “effective legal strategy.”

That’s right! Insurance company defense law firms are promoting how insurers benefit by intentionally delaying claim payments to help themselves!

This shocking admission unscrupulously suggests weaponizing insurance companies to put pressure on policyholders and force them to settle for an amount favorable for the insurer. The blog post was removed from the law firm’s website after they were contacted by the Dallas Morning News. We see these tactics daily but have never seen a statement like this.  Read>>   Insurer’s Benefit by Delaying Claims

In our years of experience settling large and complex property damage insurance claims, we’ve come across several insurers who deploy delay schemes to frustrate and wear down policyholders. This blog post shows just how egregious, unconscionable and low some insurers and their legal representatives will stoop.

“Absolutely astounding,” was the reaction of J. Robert Hunter, retired Texas Department of Insurance commissioner. “We knew many insurers operate this way, but I’ve never seen the strategy admitted like this.”

Risk Management just keeps getting more challenging for real estate owners. Insurance premiums and deductibles are skyrocketing. Policy benefits are being diluted and the Texas Supreme Court characterizes the claims process as “adversarial.”  We encourage Policyholders who don’t want to be the victim of wrongful delay, deny, and defend schemes to consider our track record for settling claims fairly and promptly. Holding insurers accountable, properly documenting claims, and successfully avoiding unnecessary litigation is the best path to indemnification.

If you’re dealing with a property damage insurance claim, please do not wait for delays or underpayments. Contact us at the beginning. If you have an open claim that is delayed or underpaid, you’re not alone, we can step in at any time during the claims process to help you get the settlement you deserve.

Insurance Companies Have Experts Working For Them,  You Should Too! ™

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Avoiding Unnecessary Litigation With a Public Adjuster

Avoiding Unnecessary Litigation With a Public Adjuster

Commercial contractors and their policyholder clients carry a lot of risk in managing the time and expenses of dealing with insurance claims and unnecessary litigation. Overhead and profit, general conditions, policy language, interpretation of policy, code upgrades, negotiations, statutes, estimates, engineer reports, adjusters, attorneys, and appraisers are just a few of the factors to consider when settling an insurance claim. What is the best way to settle a large-loss property damage insurance claim?

Pro-Policyholder Negotiating

Savvy contractors turn to a trustworthy public adjuster who legally negotiates and interprets policies on behalf of a policyholder to settle property damage insurance claims fairly and promptly.

Public adjusters are licensed and bonded in nearly every state. Their process includes reviewing the insurance policy for benefits and exclusions, inspecting buildings for damages, negotiating with the insurance company for maximum settlement in minimum time, helping to avoid unnecessary litigation, and meeting with the insurer’s adjusters or representatives on-site. A good first step is a line-item estimate to support the damage model and a request for an advance on a covered loss so the policyholder can get reimbursed for incurred mitigation expenses and start immediate repairs. Negotiating the full and final claim for the remaining policy benefits owed on a large loss often requires the expertise and authority of a public adjuster to get a claim settled fairly and promptly. The best public adjusters and contractors work together as a team.

Deadlines and Timing

The first deadline to be aware of is when a claim can be filed. Some policies allow filings to happen only within a year from the date of the loss.

Another important deadline deals with business interruption claims. Typical business interruption policies only provide loss of income benefits for a year from the date of loss. If a property damage claim isn’t settled within the same time frame as a business interruption claim, the policyholder could run out of time on his/her business interruption claim before the property is completely fixed and back in business.

How Can Public Adjusters Help Insurance Claims?

It is important to bring a reputable public adjuster into the process immediately when dealing with a large commercial loss. Though a public adjuster is able to come on board at any time or can even reopen closed claims, the time savings and ultimately getting a fair settlement amount are invaluable to both policyholders and contractors.

The whole process can be far more balanced when a good public adjuster is retained immediately. Public adjusters can hold insurers accountable. Insurance companies are required by law to give equal consideration to anything presented by a public adjuster that supports the insured’s claim in meeting the burden of proof. If policyholders wait to hire a public adjuster until after the insurance company partially paid some, but not all, of the money a claimant believes, is owed, a supplemental claim can be opened by a public adjuster.

Policyholders carry the burden of proving their claim to an insurance company. Without considerable training and experience, navigating the process is a considerable challenge. Waiting for the insurer to make a coverage determination before engaging a knowledgeable public adjuster can cost a lot of time and money. All too often, after a property suffers damage, the policyholder files a claim and then waits. Waiting and hoping that the insurance company will do the right thing can be very expensive.

Quite commonly, an insurance company sends out its representatives to document the company’s interests, not those of the policyholder. When no one is representing the policyholder’s best interest with any legal authority and the insurer knows it, settlement results tend to be disappointing.

Overturning coverage determinations takes some time. Insurance companies take their time in responding and defend themselves ferociously. Business owners who know time is money retain a public adjuster the moment they have a claim.

Is a Public Adjuster Right for Me?

Every situation is different, and not every claim warrants the use of a public adjuster. Big claims can lead to big disputes.

A property owner’s insurance claim on a 700,000-square-foot (65,032.1 m2) facility was initially denied. Preparing to sue the insurance company, the property owner’s insurance broker suggested they consider a public adjuster. With the public adjuster’s help, the denial was completely reversed, and the claim was settled for seven figures.

Insurance appraisals cost policyholders money and cannot be performed on the contingency of outcome. Plus, there are very few rules and usually no time frame to compel insurance companies to perform. As a result, large appraisals can take one to two years. In addition, most policies contain less-than-amicable terms for policyholders, whereby the insurer typically retains the right to deny any appraisal award even after it has been made.

Subpoenas, depositions, mediation, and courtroom trials can be expected in lawsuits. Many cases do not make it to court because insurance companies often settle claims in mediation. That may sound good on the surface, but this could backfire.

Let’s say a policyholder believes he/she is owed $2.1 million in damages because he/she has $1.5 million in property damages plus $600,000 in legal fees. During a required mediation, an insurance company may say, “We’ll pay no more than $1.9 million.” Figuring out repair costs and fees or letting a jury decide can be a difficult decision. An attorney may turn to a policyholder in mediation and say, “This is a business decision you’re going to have to make. We can take this bird in the hand, or we can roll the dice and go before a jury.” A lot of times, people will just settle, which you rarely hear about because they also have to sign a confidentiality agreement.

Conclusion

There are several reasons first-time clients of public adjusters often become long-time clients: less time, less stress, protection of rights, fewer disputes, professional documentation to support the maximum settlement, lower costs, most work on contingency, and peace of mind knowing that a licensed advocate is fighting for full policy benefits so you can take care of business. These are all invaluable benefits.

Insurance companies have experts working for them. You should, too!™

Check out this article at Coatings Pro HERE