Looking for someone who knows and uses XM* 25.2.   Working in the New Orleans area and one of the enclosures required to complete a claim is the "Statement of Loss" report found under the Claim Reports tab.  Not a problem in most cases.  Except one...

If you have an insured who has 80% or greater required coverage, and has recoverable depreciation, BUT total of loss is less than deductible, then the statement of loss report shows recoverable depreciation as owed to the insured.  Recoverable depreciation should also be taken out of the residual deductible after loss is taken out, leaving $0.00 as owed/payable to insured.

Basically, say the insured has 100% coverage required $100,000, a deductible of $2,000, loss of $1,000 and recoverable depriciation of $500.

After the $1,000 loss is taken from the deductible, the recoverable depreciation of $500 is also taken out of it.  As the claim has not exceeded the deductible, there is no claim/payment due the insured.

But on the statement of loss report, it's showing a balance due the insured as $500.  Has anyone else had this problem?

Thanks in advance,

Robert Hill

I would just take open a blank word document and type:

Statement of Loss

Item: building

Repairs as per adjuster's Xactimate estimate $1000.00

less deductible $2000.00

net claim amount* 0.00

(* loss exceeds deductible, no payment due)


Alternatively you could show the deductible as $1000.00 with a note that says "deductible applied up to loss amount" or some such wording.

Do you have to use the Xactimate SOL?

you can probably also get a SOL form from claimspages.com

also you could try changing the depreciation to be "non-recoverable" because technically it is, given the situation.

I have never used the XM8 SOl, I didn't even know it was available for the longest time because it doesn't appear on the version I use. At my day claim job we do every SOL from scratch.

Does your carrier have an SOL spreadsheet you can use?

another idea is to just go with the XM8 SOL and if you can, put an explanatory note on it explaining that it is WRONG, and showing the correct numbers. Also mention it in your narrative report.

"please note that due to a software calculation error the Statement of Loss reflects a payment to the insured of $xxx.00. This figure is incorrect as the loss is less than the amount of the deductible, and no payment is due."

you might also add:

"The undersigned is submitting the attached Xactimate SOL per the rules of our assignment, however as the figures do not correctly reflect the net claim amount because of an Xactimate software issue the company may wish to prepare a new statement of loss."

you could work on that last sentence and make it better...

 

Go to the Claim Info tab, select the Coverage/Loss tab in the Coverage section, change the Apply To drop down to Both. The Statement of Loss will then work right.

Kevin Swanzy

That is not the answer to this problem

A work around to this is to go to the Loss\Recap tab and remove the check mark next to the update from estimate and enter the full deductible in the deductible block.