Chuyển sang chế độ ngoại tuyến với ứng dụng Player FM !
Adjusting Today Issue #3004: Expecting the Unexpected Part of the Unexpected
Manage episode 154217790 series 1116341
Policyholders may not realize the benefits of hiring a public adjuster until they understand the complexities and time required to prove and file an insurance claim. Disaster claims are a difficult type of claim to handle for commercial business owners whose core business is not insurance. Understanding ambiguous policy terminology of individual insurance providers and applying them to a claim are both solid reasons to hire a public adjuster. Public adjusters work for your business to maximize your claim in the event of a disaster.
For further information on this topic, please read our corresponding Adjusting Today article: "Expecting the Unexpected Part of the Unexpected."
Show Notes:
- Actual Cash Value (ACV): The value of property immediately before loss taking into account its "used" condition, wear & tear, etc.; usually considered the "depreciated value" although "market value" and obsolescence may sometimes also be taken into account.
- Replacement Cost: The cost to replace lost or damaged property new, with no deduction for depreciation or obsolescence.
- Selling Price Clauses: Clauses that allow the insured to recover loss of finished goods at selling price, including the loss of profit.
Key Takeaways:
[1:48] Is it possible to be 100% prepared for a natural disaster?
[6:27] What is the difference in evaluating a policy on cost versus post-lost, for a policyholder?
[9:57] What are some real world disasters that are not commonly thought about?
[23:06] Is there a timeframe in which people are able to add disaster coverage to their policy?
[25:10] What key items should a policyholder consider in the pre-loss, planning stages?
[33:32] Understanding the terminology used in today’s policies:
- Actual Cash Value - Replacement cost less physical depreciation
- Replacement Cost Coverage
- Selling Price Clauses
[41:43] Where should a policyholder go when they feel they need additional clarification?
[43:51] What is the policyholder responsible for, following a loss?
[53:46] Do commercial policies cover the charges for professional fees or public adjusters?
[1:03:34] Informative articles on this subject and others are available on the Adjusters International website
Panelists:
Ron Cuccaro – Executive Chairman at Adjusters International
John Marini – President and CEO at Adjusters International
Tony D’Amico – Senior Vice President at Goodman-Gable-Gould/Adjusters International
C. Todd Thomas – Executive Director of Consulting Services and member of the Society of Risk Management Consultants - Adjusters International
Links:
25 tập
Manage episode 154217790 series 1116341
Policyholders may not realize the benefits of hiring a public adjuster until they understand the complexities and time required to prove and file an insurance claim. Disaster claims are a difficult type of claim to handle for commercial business owners whose core business is not insurance. Understanding ambiguous policy terminology of individual insurance providers and applying them to a claim are both solid reasons to hire a public adjuster. Public adjusters work for your business to maximize your claim in the event of a disaster.
For further information on this topic, please read our corresponding Adjusting Today article: "Expecting the Unexpected Part of the Unexpected."
Show Notes:
- Actual Cash Value (ACV): The value of property immediately before loss taking into account its "used" condition, wear & tear, etc.; usually considered the "depreciated value" although "market value" and obsolescence may sometimes also be taken into account.
- Replacement Cost: The cost to replace lost or damaged property new, with no deduction for depreciation or obsolescence.
- Selling Price Clauses: Clauses that allow the insured to recover loss of finished goods at selling price, including the loss of profit.
Key Takeaways:
[1:48] Is it possible to be 100% prepared for a natural disaster?
[6:27] What is the difference in evaluating a policy on cost versus post-lost, for a policyholder?
[9:57] What are some real world disasters that are not commonly thought about?
[23:06] Is there a timeframe in which people are able to add disaster coverage to their policy?
[25:10] What key items should a policyholder consider in the pre-loss, planning stages?
[33:32] Understanding the terminology used in today’s policies:
- Actual Cash Value - Replacement cost less physical depreciation
- Replacement Cost Coverage
- Selling Price Clauses
[41:43] Where should a policyholder go when they feel they need additional clarification?
[43:51] What is the policyholder responsible for, following a loss?
[53:46] Do commercial policies cover the charges for professional fees or public adjusters?
[1:03:34] Informative articles on this subject and others are available on the Adjusters International website
Panelists:
Ron Cuccaro – Executive Chairman at Adjusters International
John Marini – President and CEO at Adjusters International
Tony D’Amico – Senior Vice President at Goodman-Gable-Gould/Adjusters International
C. Todd Thomas – Executive Director of Consulting Services and member of the Society of Risk Management Consultants - Adjusters International
Links:
25 tập
Tất cả các tập
×Chào mừng bạn đến với Player FM!
Player FM đang quét trang web để tìm các podcast chất lượng cao cho bạn thưởng thức ngay bây giờ. Đây là ứng dụng podcast tốt nhất và hoạt động trên Android, iPhone và web. Đăng ký để đồng bộ các theo dõi trên tất cả thiết bị.