1/23/2007 10:56 AM
January 23rd: Well, both the Legislature and the Gov were all smiles yesterday when the insurance session was disbanded. For policyholders, there is promised rate relief. The amount of reduction is 5% to 40% depending on who you talk to and the location of your property. This reduction is being accomplished primarily by the State providing more and cheaper reinsurance.Citizens, the state operated insurer, will now be allowed to compete with private carriers relative to price, and also Citizens will be able to convert their, windstorm only, policies into multi-peril policies. Citizens, it appears, will be getting much bigger before it ever shrinks.What about CLAIMS? I have not yet seen the actual 167 page bill. However, there is a provision requirng that insurance companies will have only 90 days to either pay or deny claims. Hmmmm! How is that going to be enforced? In an Andrew, four in '04, or a surprise storm like Wilma, many losses are not even inspected within 90 days. And what does "paid" mean? There are many partial payments.Carefully checking the coverage will be vital. Hurricane deductibles will be allowed to go up to 10% (such as $20.000 on a $200,000 dwelling). Policyholders, if they have no mortgage, can delete and avoid windstorm coverage altogether. Insureds can also opt to delete and avoid unscheduled personal property. More soon.Horace
In this quick tip we cover issues related to Overhead & Profit (O&P) that you may encounter in the field. Some clients may request that you handle O&P in a different way then what your current default settings allow. In those cases you may only wish to change the settings on a selected file instead of changing your system setup.
This is an article I have considered writing for years, one that deals with some of the emotional/psychological elements of working with people who have experienced personal crisis as a result of a catastrophic event, especially with regard to what this means for effective claim settlement.
The life of a road warrior can be hard, not only on the traveler but also on his or her family. Experienced business travelers explain how they MAINTAIN THE PERSONAL-PROFESSIONAL BALANCE...
If you are currently working with Xactimate 27, then you may wish to get the Training Workbook.