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Gale
USA
231 Posts |
 Posted - 02/17/2003 : 22:22:25
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| I know of one flood adjuster that gets as high as 80/20 because he will be tapped to help the new adjusters with some files. |
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Newt
USA
657 Posts |
Posted - 02/18/2003 : 09:24:41
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If this discussion was about hourly wage I could see the logic, however since people are paid by production the more experienced adjuster will make as much as two fold more if fast enough.
As indicated here some more experienced are already gettin a bigger cut, sometimes if they are fast enough. At the rate suggested the slash and burn would make even more than a top hand.
Instead of speed, quality should be promoted or you'll get more slash and burn.
I woul say keep the rates as they are and give the Pros a bigger slice. If the new adjuster is providing the vendor two hundred dollars a day income and the pro is providing a thousand there is a disparity. It would take five new adjusters to provide the same income.
The seasoned adjusters are taking a beating at 60/40. |
Edited by - Newt on 02/18/2003 10:07:29 |
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mshort68
USA
138 Posts |
Posted - 02/18/2003 : 10:32:31
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| I agree and I only know of one firm that pays the 60/40 and if people choose to work for them than so be it. I prefer the other firms which pay min. 65 and if your good enough you can get 70. |
The grass is always greener on the other side, but it still has to be mowed! |
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olderthendirt
USA
370 Posts |
Posted - 02/18/2003 : 11:05:47
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| Years ago I took an assignment for a split of a split subbed out by a small cat firm to a larger one. I made money and it lead to many future jobs at a better split. It is alaways a judgement call, although I hesitate when I am offer 60-40. Should there be a differetn split on a day rate, say 75-25 or 80-20? |
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Newt
USA
657 Posts |
Posted - 02/18/2003 : 12:21:47
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| Since the day rate is not per claim, I would think a fixed percentage would be OK and it would depend on the number of IAs on the job. The vendor has to maintain an office and staff. This should be done on a case by case basis and fairness would depend on the Vendor. More and more Vendors are wanting adjusters they can depend on, those that stick with them, so I think a majority would be fair. I haven't been around that long but this is the trend I am seeing. IMHO |
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katadj
USA
315 Posts |
Posted - 02/18/2003 : 18:08:23
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The CADO Creed of "Know before you go" should be employed at all times.
Just suppose that the schedule for a loss of 2500.00 to 5000.00 is:
Example: 60/40 split of a 300.00 Fee bill = 180.00
65/35 " " " 250.00 " " = 162.50
70/30 " " " 200.00 " " = 140.00
OR it could be the inverse thereof:
So it is NOT always the split, it is the amount of the FEE SCHEDULE.
Those that like to KNOW this always request a copy of the Fee schedule before they commit to the gig.
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Dadx9
USA
143 Posts |
Posted - 02/19/2003 : 13:09:47
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| Now there's a novel thought, Dave. How many times have we requested that information and only to be treated as if you had just stolen the Crown Jewels of England? |
Don
"To be held in the heart of a friend is to be a king."
Bruce Cockburn |
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TomToll
USA
87 Posts |
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Dadx9
USA
143 Posts |
Posted - 02/19/2003 : 20:43:22
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The goose that laid the golden egg, die?
Don |
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John McMennamy
USA
20 Posts |
Posted - 02/26/2003 : 09:15:47
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With gas and diesel fuel nearing $2 per gallon it will be harder to make a profit. Fuel cost will cause a rise in cost for fod, office supplies, utilities and every thing else. I can see where it would be impossible to make a profit in Arkansaw if you were in a rural area, I worked the ice storm there in 1999.
I recently posted a thread asking if anyone knew of affordable E&O insurance. I received one responce that they were quoted $3500 for $500,000 per year. I was quoted $1200 for $1m and was told that there was a mold exclusion and if you worked more than 5% mold they would not write you.
60/40 seems pretty good of all the extras are furnished. Although I do not agree that this should include mileage, photos and phone reimbursment.
Because of the cost of E&O and estimating programs I have chosen to stay with companies that furnish these items. Most of the companies that require you carry your own E&O and estimating programs programs have lower fee schedules and very little support.
I do not think new people have the experience to warrant the same pay as an experienced adjuster. It takes time for the vender to train a new adjuster as they have questions on ever detail of the claims process. I have and will help new people on a storm if asked by them, I was helped by a lot of good adjusters. If the vender asks if I will train new people I reply for a larger fee %. We have all had help from other adjusters on one thing or another. It's a different thing when the vender wants you to do the training that they are responsible for at the some fee schedule percentage. It takes time away from your claims and money out of your pocket. Thats what the vender gets paid for if they hire new adjusters.
I will continue to help guide and answer questions of new adjusters on this site and at a storms. I think it is important as I may have to do clean up after them.
God bless and good luck on getting an assignment from the recent storm. Work safe and make lots of money. Know before you go.
Johnny Mac
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Jim_Docherty
USA
4 Posts |
Posted - 02/26/2003 : 11:31:49
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It has never bothered me much what the percentage is. I've never worked for less than 65% nor more than 70%.
What I like is a minimum of $200.00 per closed claim average with decent back-up. That is get your questions answered in a timely fashion. If I get these 2 things I'll do fine.
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Dadx9
USA
143 Posts |
Posted - 02/26/2003 : 14:28:46
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| Yep $200, that's the magic number. |
Don
"To be held in the heart of a friend is to be a king."
Bruce Cockburn |
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canduss
USA
120 Posts |
Posted - 03/09/2003 : 02:59:42
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| $300.00/per claim is acceptable........although at 65% it would take 7 claims to close and achieve $1,365.00/day.........(at this rate I would definately handle any claim with required/dictated precision & accuracy)..........pretenders need not apply........ |
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mshort68
USA
138 Posts |
Posted - 03/10/2003 : 06:55:33
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| You can't set a fee of $300 per claim because you may deal with a total loss or large flood. The fee schedules work but no less than 65%. The man is getting over on you at 60% unless they pay 5% to your 401K or some other retirement benefit. |
The grass is always greener on the other side, but it still has to be mowed! |
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canduss
USA
120 Posts |
Posted - 03/14/2003 : 04:04:12
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| Good point.......shorty....I guess I wished on average every claim (it would bill $300.00)......but if I were accepting 60% of $300.00 or $180.00 x 7 claims a day it would = $1,260.00/day.......maybe that seems like a stretched imagination but then again we need some obvious obtainable goals....... |
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Topic |
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60/40 Too Much, Too Little or Just Right?
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