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ClmGui

12 Posts

Posted - 04/18/2004 :  10:25:41  Show Profile

-3-26-2004 article-

http://www.gazette.net/200413/business/features/209201-1.html

Had no idea so many Hurricane Isabel claims were estimated by the ISO.

Since NFIP flood claims have settlement issues to resolve, and if those 24,000+ claims made up part of only about 5.5% of the 458,000, you wonder if more [NFIP or non-NFIP] claim settlement exams are coming.

Would the NFIP claims be included in the 458,000 ISO claims estimate?

Is there a carrier formula for calculating the average number of people living in a typical homeowner policy covered structure?

Does the typical homeowner policy have 3-? people in the household?

fivedaily

USA
258 Posts

Posted - 04/18/2004 :  10:40:35  Show Profile
It used to be heard that "war is the health of the economy."
I suppose the same could be true for weather related disasters.
That is after all, how most on this board make their living.

Jennifer
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KileAnderson

USA
875 Posts

Posted - 04/18/2004 :  10:52:53  Show Profile
The reason that the difference exists is because we are talking about 2 totally different policies. One underwritten and administered by the government with the ensuing paperwork and lack of any kind of concern for customer service and efficiency that goes along with any government program and the other mostly being homeowners policies which are sold, serviced and administered by for profit companies who make their living by being customer service oriented. In the free market if you make almost half a million of your customers angry your profits will suffer. If you are a government controled monopoly that exists because the private sector realized long ago that the business you are in is not profitable or sustainable then you don't care about customer service. What are they gonna do about it? Plus most homeowners policies cover all of the damages of a hurricane and are easy to deal with. Flood policies are just so darned restrictive and complicated that no one truly understands them. Especially people who aren't in the insurance business.
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LarryW

USA
126 Posts

Posted - 04/18/2004 :  10:57:19  Show Profile
And people who are in the insurance business. (I.E. the flood G.A. who recently made the wrong interpretation about elevated building coverage)

Larry Wright
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katadj

USA
315 Posts

Posted - 04/18/2004 :  11:21:49  Show Profile
Confucius had two descriptions of the word disaster:

1) Catastrophe

2) Opportunity

It is obvious that we are on the opportunity side, but retain an altruistic view of the catastrophe side.

We are all here to serve, in times of need. We have empathy for those that have suffered from a disaster, (and some of us, have also walked in their shoes, at times), and yes, we do seize upon the opportunity to provide for our families, in this line of work.

We are the few, the proud, that sacrifice much to assist others. We leave hearth and home, but still maintain them. We endure many things that must be done to achieve success. We earn a reasonable living, and contribute to the overall success of the defeat of a disaster.

We are CADO………………………………………………………………………….
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olderthendirt

USA
370 Posts

Posted - 04/18/2004 :  11:23:15  Show Profile
Jennifer, you hit on a truth. A major storm is a hugh boost for the local economy.
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Janice Toll

USA
40 Posts

Posted - 04/18/2004 :  12:18:26  Show Profile
Dave, very well said, and thank you for reminding me of the reasons I love doing this. It's a little difficult to remember here in South Florida. [8D]

Janice R. Martin-Toll
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ClmGui

12 Posts

Posted - 04/18/2004 :  12:35:34  Show Profile
Kile,

Is there some place on-line that shows consumers the different types of homeowners policies, and their specific language?

Are various carrier HO-A, HO-B, Flood, Wind, etc. type policies pretty much similar?

If yes, are they similar by ISO type "law"?

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KileAnderson

USA
875 Posts

Posted - 04/18/2004 :  12:43:45  Show Profile
I don't know of any online resources but I'm sure there are some. Most basic policies are based on ISO policies but there are slight differences from state to state and company to company. All NFIP policies are the same no matter what state you are in because it is a federal program.

If someone wants to get a copy of their policy they should call their carrier or agent. I believe companies are required by law to provide a copy of the policy when it is sold. Most people have these laying around in a drawer somewhere or just throw them out not realizing what they are.

Edited by - KileAnderson on 04/18/2004 14:00:40
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katadj

USA
315 Posts

Posted - 04/18/2004 :  13:58:59  Show Profile
ClmGui,

There is available, a complete and comprehensive guide to insurance policies. It can be found on this web site: http://www.aaisonline.com/


In addition the complete library of ISO (Insurance Services Office) insurance documents and endorsements is available, but the cost is prohibitive to almost anyone.

Here is the link; http://www.iso.com/products/1000/prod1015.html
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