| Author |
Message |
mark salmon
Registered User
Username: Olderthendirt
Post Number: 190
Registered: 12-2000
| | Posted on Thursday, June 06, 2002 - 11:16 am: | |
The Vendors hire us, they sign this agrement I know they read this these comments, let's hear from them! After all they will be the one's sending rookies to FWUA if those older and wiser stay away. |
Jim Flynt
Registered User
Username: Jimflynt
Post Number: 328
Registered: 6-2001
| | Posted on Thursday, June 06, 2002 - 10:26 am: | |
Chuck I have had a couple of rather interesting conversations with lawyers here in North Carolina concerning potential legal and financial effects which may now accrue to the individual cat adjusters working for vendor firms who have signed or do sign the FWUA Hold Harmless Agreement.
I will be posting later some of these legal scenarios which I think CADO readers and cat adjusters will find interesting if not shocking.
As always, it is important if not imperative that we all know before we go and that includes knowing all we can about the potential downsides created by agreements outside of our purview and control, yet which can and will affect each of us. |
Chuck Deaton
Member
Username: Chuckdeaton
Post Number: 25
Registered: 3-2002
| | Posted on Thursday, June 06, 2002 - 8:27 am: | |
My though is that in the past very few individual adjusters have been held personally responsible for their mistakes. I agree that generally vendor contracts included hold harmless agreements. And most vendors carried substantial E & O limits and were functionally self insured for E & O. Maybe that it is my lack of experience that leads me to beleive that few individual adjusters have been held individually responsible. Would some CADO reader who has been held personally responsible recount the experience on this page? |
Jim Flynt
Registered User
Username: Jimflynt
Post Number: 326
Registered: 6-2001
| | Posted on Thursday, June 06, 2002 - 5:49 am: | |
"Its a brave new world where adjuster's are being held responsible for their mistakes." (Chuck Deaton)
I thought about what Chuck posted overnight, and find it interesting that in this "brave" new world we (the individual cat adjuster) are being held to even higher levels of responsibility for our mistakes while at the very same time, FWUA (and other carriers) are being allowed "off the hook" (so to speak) for theirs (including negligence) by being able to pass along their liability to the vendors (and thus, to us) through these hold harmless agreements (which they obviously would have liked to have kept secret).
Wow.
A "brave" new world huh? |
Rj
Registered User
Username: Rj
Post Number: 6
Registered: 12-2000
| | Posted on Thursday, June 06, 2002 - 12:22 am: | |
I discussed this problem with my E & O agent today. She told me about an engineer that recently had one claim against his E & O. The result was that the carrier decided to non-renew his E & O policy. They had difficulty finding another carrier and when they did the engineer's annual premium went from $4,000.00 to over $20,000.00 per year.
I have just one question? How many of those flat rate hail losses per year will an independent adjuster have to complete just to pay the premium for his or hers E & O coverage. Well that brings up another question. What kind of a 2nd & possible 3rd job should an independent adjuster get to support his family, pay his taxes and on the road expenses while he is adjusting those low flat rate hail losses? |
Jim Flynt
Registered User
Username: Jimflynt
Post Number: 324
Registered: 6-2001
| | Posted on Wednesday, June 05, 2002 - 10:30 pm: | |
Chuck I agree,
$10 million first dollars is not a bad place to START. |
Chuck Deaton
Member
Username: Chuckdeaton
Post Number: 22
Registered: 3-2002
| | Posted on Wednesday, June 05, 2002 - 9:55 pm: | |
Did not some one ask how much E & O to carry? Did we not agree that $10 million first dollar would be adequate.
Its a brave new world where adjuster's are being held responsible for their mistakes. |
Ghostbuster
Registered User
Username: Ghostbuster
Post Number: 286
Registered: 12-2000
| | Posted on Wednesday, June 05, 2002 - 8:55 pm: | |
With 'legalese' like this becoming common, it's gonna be imperative to load our lawyer in the back of the truck with the ladder, ironing board, and office chair when we go on the road from now on.
'Just another cost to doing business', as the expression goes, along with Big Brother Xactimate. I'm telling ya, brothel management is looking better each day compared to this racket! |
Jim Flynt
Registered User
Username: Jimflynt
Post Number: 323
Registered: 6-2001
| | Posted on Wednesday, June 05, 2002 - 5:55 pm: | |
Herein is the FWUA "Hold Harmless Agreement" for your reading and contemplation:
***************************************************************************
8. Indemnification.
Each party agrees to indemnify, defend and hold harmless the indemnified party, including their agents, affliates, employees, legal representatives, successors, assigns, and subsidiaries from and against any and all claims, damages, payments of money, loss and expenses, including, but not limited to, liabilities, liens, and attorneys' fees and costs, whether incurred in anticipation of trial, at trial, or on appeal, imposed on, incurred by, or asserted against the indemnified party, arising out of or resulting from the obligations of or services provided by the indemnified party under this Agreement or arising out of any claim, action, suit, or proceeding relating to the obligations of or services provided by the indemnified party under this Agreement, attributable to bodily injury, sickness, disease or death, fines, penalties, or to damage or destruction of tangible property caused by any negligent act or omission of the indemnified party or anyone directly or indirectly employed by the indemnified party or for whose acts the indemnified party may be liable.
(It is suggested that every cat adjuster who anticipates working claims for FWUA provide a copy of this (required of their vendor/employer) "hold harmless agreement" language to their personal attorney and their E&O insurance agent for their scrutiny and comments prior to vendor commitment. The rights you protect may be your own.
Around here we call it KNOW BEFORE YOU GO.
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