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Last Post 05/09/2012 8:24 PM by  claims_ray
Tryin to reason with hurricane season
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margar1
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Posts:98


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04/15/2012 2:00 AM

    Well here it is another hurricane season fast approaching....

     

    The age old question is at hand...do I chase the money or stay commited to the vendors that are slowly building up my daily claim volume. I have already turned down some midwest hail events out of loyalty but if and when the first major cane hits what shall I do.It seems as though with the updated hurricane outlook for this year we may not even get a major cane.

     

    decisions...decisions....hmmmm

    Mark S Garland
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    claims_ray
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    04/15/2012 6:19 PM
    Are you asking for advice or pondering out loud for us to ponder with you?
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    margar1
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    04/15/2012 9:23 PM
    Just pondering out loud I guess...I hate tough decisions.
    Mark S Garland
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    Tex Walker
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    04/16/2012 10:55 AM
    Mark,

    Dont leave, stay put and concentrate on the daily.. it will out perform any short event in my opinion. The way the industry changing and has changed for the worse, if that if a land falling hurricane hits a normal area, not a metro city, you'll be looking at 30-60-90 days of work at best. So why gamble with daily work at home in your circle of comfort to roll the dice on something that may or may not be a bust ?, just my two cents !
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    Dimechimes
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    04/16/2012 12:42 PM
    I agree 100% with Tex Walker. It is hard to get a good foot hold on regular daily claims business and you will cut your own throat with your daily vendors if you run off every time a cat hits and have nothing to come back to when they learn your not dependable in the long run. This is one of the very things that hurts the reputation of independent adjusters in carrier's opinions and rightfully so.
    Visit our Adjusters Information Blog
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    mxr618
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    04/16/2012 11:16 PM

    Tex - what do you mean when you say, 'the way this industry is changing for the worse?' 

    I just started as an adjuster. What was it like when it was good? When was it good? 

    MXR

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    ALANJ
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    04/17/2012 2:06 PM
    stay with the sure thing

    my 2 cents
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    ALANJ
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    04/17/2012 2:06 PM
    stay with the sure thing

    my 2 cents
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    ALANJ
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    Posts:142


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    04/17/2012 2:06 PM
    stay with the sure thing

    my 2 cents
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    ALANJ
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    Posts:142


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    04/17/2012 2:06 PM
    stay with the sure thing

    my 2 cents
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    CATdawg
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    Posts:96


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    04/17/2012 3:10 PM

    Mark, it's great to see you again on CADO. Welcome back!

     In another thread you gave more details about your daily claims situation. I hope you don't mind me posting excerpts from your other thread that may help others give considered responses:

      "Between Cat events I work some daily claims for a few companies. I am based out of Paducah, KY and it seems most of my volume comes from Nashville,TN with most of the claims being commercial. My commercial claims are on a T&E schedule and with mileage the trip to music city is usually a chance to earn some decent money.

    I started running some daily caims about a year ago in some sparsely populated areas in West. Tennesee for a vendor that pays a flat fee schedule. My first thought on working for a flat fee schedule was not pleasant. However the claims are residential and are through Xactnet so it does cut down on the documentation and admin. work. Another advantage is that the vendor is a dynamite company with great in house support and they really care about their adjusters and strive to make my job as painless as possible. The downside is the flat fee schedule especially when the volume is light and to factor in drivetime usually over 150 miles roundtrip the money is just not there."

    The most difficult part of your equation is the lack of predictability of major events. Since many of us independents have only a few catastrophes since 2004 to analyze, comparing profit-and-loss from catastrophes to profit-and-loss from daily claims experience is problematic. However, if you take your daily claims work and analyze the net income since you started, you will most likely find (a) monthly, quarterly, and/or annual growth trend(s). Assuming a conservative estimate of continuing growth, at what point in time will your annual daily claims net profit exceed an averaged annual net profit of the cat events in your past?

    Since you stated that you are involved in ongoing commercial daily claims, I would counsel you not to sign on to a cat event, with at least one exception: that your main supplier of daily commercial claims asks you to work their commercial cat claims. The commercial side of claims is not easy to break into, and the more experience one accumulates doing commercial daily claims, the more desirable and credible one will be in the independent market. My guess is that a history of successful daily-claims-handling on a resume is more likely to jump out at HR personnel than any number of solely-catastrophic assignments.

    On the other hand, if your profit-and-loss analyses yield daily claims net income that is clearly financially untenable, and a major event transpires with the possibility of a year or two of continuous deployment (such as the BP oil spill or Northridge earthquake), logic and self-interest may demand apologies to your current client(s) and a change of course in your career.

    And Alan, I counted eight cents. I hope this is not the advent of hyperinflation.

     

     

    Lee Norwood, aka "CATdawg"
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    margar1
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    Posts:98


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    04/17/2012 9:07 PM

    Lee

    It is great to see you still hangin around here as I have always valued your post and opinions. I have not been on the site in what seems like forever and a day and last week decided to drop in for a bit. You have given me a great deal to think about and I believe you are spot on. The commercial claims that I have been receiving are real nice and I sure do not want to mess that up for a quick buck.

     

    Thanks so much for your input and also the warm greetings!

    Mark S Garland
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    ChuckDeaton
    Life Member
    Senior Member
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    Posts:1110


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    04/18/2012 11:08 AM
    "The most difficult part of your equation is the lack of predictability"
    "Prattling on and on about being an ass with experience doesn't make someone experienced. It just makes you an ass." Rod Buvens, Pilot grunt
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    brighton
    Member
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    Posts:139


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    04/21/2012 7:14 PM
    Mark,

    In 2008 I was asked to work flood losses for a carrier who wrote manuscript coverage and then was a team lead for Gustav and Irene. We were short on experienced folks so I called up friends who lived in the area we lived in and they laughed at me about going down to work hurricanes. They said that day work along with the hail storm a few months earlier had them so busy they could not breathe.

    After about 3 months out of town on the hurricanes, my wife told me to get back home as she was having to turn down work as well. Since she said she would get custody of the dogs, I went back and we were busy till about the first of the year. Then we slowed down. 2008 was a great year for us.

    Moral of the story, when hurricanes hit, big money hits many thought processes. As you have read, stay home, work the day claims that will be comming in to you as so many left, sleep in your own bed. Kiss the wife good nite, play with the kids and same money in hotels, apartments, whatever.
    Rocke Baker
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    pdixon555
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    05/01/2012 4:49 PM
    It seems like it cat adjusting turns out to be a wash compared to daily claims for most people. Maybe the experienced and really efficient guys can make the extra money but with all of the expenses and unpredictability it seems more like lifestyle preference.
    Webmaster http://www.Adjustermatics.com
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    wscook
    Member
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    Posts:68


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    05/09/2012 5:50 PM
    Maybe you should go chase cats, but I am not sure
    Maybe you should stay where you are.
    I hope that my thoughts were helpful, but
    I hope you don't make a decision on my advice.
    I also have trouble making hard decisions, until
    I make up my mind, then they are easy
    most of the time, but not all of the time.
    oh well , never mind
    Bill Cook
    William S Cook Public Adjuster/Umpire/Appraiser
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    claims_ray
    Member
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    Posts:293


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    05/09/2012 8:24 PM
    William with those thoughts and advice you should run for public office.
    I would vote for you.
    No, I will vote for your opponent.
    No, I will vote for Mickey Mouse.
    Better yet I will cast a vote for Roy Cupps.
    What were we talking about?
    0
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