An opinion by Phillip Crimaldi
"I’m fairly certain, at least from my own research, that a few things happened somewhere around the post-Katrina era. First, a handful of hardworking independent adjusters made a bunch of money. The adjusting companies who had the contracts for those claims made millions, and some of them made successful businesses that continue to provide claim services under catastrophe and structural loss circumstances. The remaining folks either went belly up or decided to start selling a rather poorly designed training service. This attracted every Tom, Dick, Harry (and Sally) who wanted to “Get Rich from Adjusting Claims!”. Storm chasing contractors and adjusters came out of the wood-work after spending their savings, assuming they could also make a lot of money. The percentage of catastrophe claims is way down and the story goes the market is now flooded with a bunch of folks who preach their ability to adjust claims by merely taking a software estimating class and passing Texas or southern license exams which really don’t encompass the business of adjusting. Some are smart enough to suggest they would be willing to shadow for a claim or two, but most of those folks literally have palm trees on their resume heading, as if they’re already on retirement island! The rest seem to be convinced they are “ready to go”, and all of them want to be “deployed” on some sort of “roster”, yesterday. Who knows where these terms even surfaced. - See more at: http://independent-adjuster.com/flooding-the-market-cat-adjusters-training/1243/#sthash.K8QwERg6.dpuf
To kill some time in this lull period & spread some knowledge, here is the scenario (or scenarios) as you see fit to make it. I will lay out the limited info as follows, and let's see where it goes.
Heavy fire loss occurs in a single family dwelling. Cov is HO-3, no issues with eff dates. Insureds have just left home about 6:00 p.m., a couple hours before fire breaks out and is discovered. High winds fan the flames and each house on either side sustain heat/smoke damage before the fire is brought under control. Let's say both neighboring houses now have some melted vinyl siding, one sided 2 years ago and the other 12 years ago. The elderly neighbor next door initially beat on the insured's door trying to see if they were OK, and burned his hand. He then rushed home to get his wheelchair bound wife out of their house, but she spends a week in the hospital with smoke inhalation related complications.
The insureds are a young couple, both smokers, with a 6 year old son. They just moved in about 2 years ago, only work in the house since they came was replacing the kitchen flooring, and adding a center island with a new cooktop on it. These were professionally installed within the past 6 months.
With a CEA homeowners earthquake insurance policy, you can choose the coverages and deductibles you need. We offer two policies for homeowners:
NFIP Residential Condominium Building Association Policy
Quote From FEMA "The Residential Condominium Building Association Policy Form may be issued to condominium associations to insure eligible residential condominium buildings.
In participating NFIP Regular Program* communities only, provides building coverage and, if desired, coverage of commonly owned contents for residential condominium building with 75% or more of its total floor area in residential use.
*Regular Program - The final phase of a community's participation in the National Flood Insurance Program. In this phase, a Flood Insurance Rate Map is in effect and full limits of coverage are available under the Act.
**Emergency Program -The initial phase of a community's participation in the National Flood Insurance Program. During this phase, only limited amounts of insurance are available under the Act."
NFIP General Property Form
Quote from FEMA;
The General Property Policy Form may be issued to owners or lessees of non-residential buildings or units, or residential condominium buildings that are uninsurable under the RCBAP.
In communities participating in the NFIP Regular Program* or Emergency Program** the General Property Policy provides building and/or contents coverage for these and similar “other residential” risks:
And non-residential risks:
Quote from FEMA;
The Dwelling Policy Form may be issued to homeowners, residential renters and condominium unit-owners, owners of residential buildings containing two to four units.
In communities participating in the NFIP Regular Program* or Emergency Program** the dwelling policy provides building and/or contents coverage for:
There are many ways to approach the demise of the catastrophe adjuster.
1) The fatal auto accident.
2) The falling off the roof.
3) The stroke
4) The heart attack
Many of the above are related to the difficult and lengthily work hours we endure to provide our services to those that require them, as well as to provide for our families.
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.