How the NFIP is supposed to work
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RE: How the NFIP is supposed to work - 3/3/2006 7:02:54 PM
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newtonclaimstim
Posts: 155
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In a perfect world not run by shareholders, CEO's and beancounters.
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RE: How the NFIP is supposed to work - 3/6/2006 4:44:24 PM
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rainmaster
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Where does it say that an adjuster can use a sq ft formula to pay a claim. State Farm and Allstate are doing just this due to the inexperience of adjusters they hire. This would seem to be saying, 'bring on the PAs' as there is not enough contractors to go around. It would also seem unfair as the original adjusters are getting paid on a % of claim for not doing the normal amount of work. The clean up adjusters are getting paid on a daily basis for reopens. Isn't this what adjusters go and get their flood cert for after years of experience. Should this be under a different thread?
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RE: How the NFIP is supposed to work - 3/6/2006 5:06:44 PM
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newtonclaimstim
Posts: 155
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I am not sure of your question, both the companies are WYO and they can use whatever
method of adjustment they want. As long as NFIP approves if it and they get a signed
proof of loss. Good Luck
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RE: How the NFIP is supposed to work - 3/6/2006 8:04:24 PM
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olderthendirt
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Just ask the question of how many received vast overpayments from these wyo's and how will the auditors deal with these a couple of years down the road.
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Still sliding down the razor blade of life
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RE: How the NFIP is supposed to work - 3/9/2006 5:00:29 PM
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joeddiew
Posts: 23
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Home base: Selkirk, NY
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I appreciated the paper; I learned a lot from it.
Thanks,
J
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RE: How the NFIP is supposed to work - 3/11/2006 2:53:17 PM
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persdawg
Posts: 13
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quote:
ORIGINAL: rainmaster
Where does it say that an adjuster can use a sq ft formula to pay a claim. State Farm and Allstate are doing just this due to the inexperience of adjusters they hire. This would seem to be saying, 'bring on the PAs' as there is not enough contractors to go around. It would also seem unfair as the original adjusters are getting paid on a % of claim for not doing the normal amount of work. The clean up adjusters are getting paid on a daily basis for reopens. Isn't this what adjusters go and get their flood cert for after years of experience. Should this be under a different thread?
The sq ft formula was used to expedite claims whether you are experienced or not. It was pretty accurate. Homeowner's would still be waiting to get paid if every house were stick built.
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RE: How the NFIP is supposed to work - 3/11/2006 3:21:51 PM
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Gale
Posts: 739
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Home base: Murray, KY
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Dave, Thanks for the link. Looks like risk/reward is inverting on NFIP.
Rainmaster, since insurance is sold by the square foot why not estimate it by the square foot in a total loss. Many of the Katrina slabs and buildings that were under water for a couple weeks were adjusted using Insurance to Value software, not estimating software.
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RE: How the NFIP is supposed to work - 3/17/2006 7:23:06 PM
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katadj
Posts: 692
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The FED is finally giving credibility to the NFIP. Allowing the FED it's proclivity toward self preservation, one must wonder how long this will last:
http://www.insurancejournal.com/news/national/2006/03/16/66538.htm
_____________________________
"Excellence often first appears as error. It is only in retrospect that wisdom emerges from ignorance and success from failure." Abraham Lincoln
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RE: How the NFIP is supposed to work - 3/20/2006 5:21:26 PM
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katadj
Posts: 692
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Home base: New Hope, PA
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So now , the NFIP can pay the claims and the IA firms and the adjusters.
Nice to have a 18 BILLION dollar money tree in yer backyard, ainna?
http://www.insurancejournal.com/news/national/2006/03/19/66586.htm
_____________________________
"Excellence often first appears as error. It is only in retrospect that wisdom emerges from ignorance and success from failure." Abraham Lincoln
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RE: How the NFIP is supposed to work - 6/6/2006 1:07:50 PM
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katadj
Posts: 692
Joined: 4/19/2004
Home base: New Hope, PA
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And now,
Maybe NO NFIP?
Katrina Loss Keeps Flood Program In The Red
BY MATT BRADY
NU Online News Service, June 5, 3:35 p.m. EDT
WASHINGTON —The National Flood Insurance Program cannot afford to continue providing coverage against floods while paying off the claims from Hurricane Katrina, according to the Congressional Budget Office.
In a letter to Sen. Judd Gregg, R-N.H., the chairman of the Senate Budget Committee, CBO Acting Director Donald Marron said the NFIP’s “current financial situation is unsustainable.”
Additionally, Mr. Marron said the Federal Emergency Management Agency, which oversees the NFIP, “lacks the financial resources to cover the program’s costs and the authority to make changes that might ensure that future obligations could be met.”
Specifically, Mr. Marron pointed to the NFIP’s need for “about $3 billion more’ to pay claims related to Hurricane Katrina and other storms in 2005, which must be provided by Congress.
He also noted that the interest alone on what the NFIP has already borrowed to pay claims will amount to roughly $1 billion annually. “Even if FEMA increases the premiums charged for flood insurance by the maximum percentage allowed by law, premium income in the next several years is unlikely to cover claims, debt service and other costs of the program,” he said.
Compounding the problem, Mr. Marron said, is that the NFIP does not operate on an actuarial basis and many property owners pay premiums that do not reflect the full risk to their properties. “Thus, over the long term, premium income will be insufficient to cover the program’s costs,” he said.
Mr. Marron added, “If this policy of subsidizing certain types of properties continues, it can be expected to lead to a shortfall of about $1.3 billion a year over the long term for currently insured properties.”
The CBO examined the main NFIP reform bill, HR 4973, the Flood Insurance Reform and Modernization Act, Mr. Marron said, and has determined that the bill, which would gradually eliminate the subsidies for nonresidential buildings and second or vacation homes, would increase receipts from flood insurance premiums by about $1.5 billion over the next ten years.
Although eliminating the subsidies entirely would put the NFIP on firmer ground financially for the future, Mr. Marron said the program still would not be able to make up for past losses.
The CBO also looked at a more radical idea—eliminating the NFIP entirely. Elimination of the program would save the government about $1.3 billion annually, minus the increased amount of disaster relief spending the government had to pay.
“For many years, the availability of flood insurance through the private market has been quite limited,” he said. “How the private insurance market for flood insurance might change in the absence of a federal program is unknown.
“If private flood insurance did not become widely available, it is likely that the government would end up paying for some of the losses from floods in the form of appropriations for disaster relief.”
< Message edited by katadj -- 6/6/2006 1:21:03 PM >
_____________________________
"Excellence often first appears as error. It is only in retrospect that wisdom emerges from ignorance and success from failure." Abraham Lincoln
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