| Author |
Message |
Jim Lakes
| | Posted on Saturday, October 13, 2001 - 4:32 pm: | |
TO ALL,
I spoke with a home office General Adjuster this past week and was told that they are handling everything, "In House." He stated that he usually handles about 20-25 claims a year, he now has 42. This carrier has four HO GA’s.
This carrier writes about 75% commercial and is big in the New York area. He stated that a lot of the carriers are doing the same thing, because they feel the CPA’s will do 95% of the work anyway, so why pay an independent to handle something they can, in house.
If you are a CPA, I would recommend contacting some of the carriers.
Sorry people, “Just the facts.”
Jim Lakes RPA
National Catastrophe Director
RAC Adjustments, Inc.
866.241.6574 |
Jim Flynt (Jimflynt)
| | Posted on Saturday, October 13, 2001 - 12:19 pm: | |
Just a note to let CADO readers know that GAB released all cat adjusters (80+ adjusters) from the GAB stand-by list for the World Trade Center disaster deployment yesterday (10-12-01).
Claims from the WTC event continue to come in for handling by regular GAB staff and GAB general adjusters. |
Justin Duckworth (Justducky)
| | Posted on Tuesday, September 25, 2001 - 9:14 pm: | |
older-than-dirt: If you need some help in your burger shack please let me know. I have been practicin on sayin "Do you want fries with that order Sir"? |
mark (Olderthendirt)
| | Posted on Tuesday, September 25, 2001 - 2:06 pm: | |
As exciting and challenging as New York would be; if they are pulling staffers then when a traditional CAT (wind hail etc) hits they will be needing us. I am curious, I have a couple of Canadian friends and they often have difficulty crossing the border to work even with that free trade thing, how do they get adjusters from other countries in to work? I also wonder if companies just assume we are a one dimmensional group, ok to write an estimate, but not up to something challenging, if that is the case they are missing out on some very skilled people.... At least this year was good enough that I can still afford hameburger to flip. |
Jim Flynt (Jimflynt)
| | Posted on Tuesday, September 25, 2001 - 1:21 pm: | |
Todd, I suggest the following responses may partially answer your question:
(1) Many tenants will clean up the ash and debris from within their apartments at their own expense.
(2) Many tenants will not have the HO-4 Tenant policy coverage.
(3) FEMA will likely provide some grants and funding for clean-up such as this.
(4) Some insurers are denying these type claims on the grounds that interior damages are not covered without an "opening" in the building.
(5) The NYC local independents and largest adjusting firms are advising that large losses are being reported in unbelievable numbers while smaller claims are not.
(6) GAB, Lindsey, Crawford, McLarens Toplis, Maxon Young and regional independents are bringing in their staff adjusters as well as GA's and EGA's not only from around the US but also from their offices around the world to help with these claims.
(7) Carriers are by and large bringing in staff adjusters and many have announced that they will not be using cat adjusters from outside their carrier family (Liberty Mutual and Chubb come to mind).
(8) Many smaller claims are being handled by staff telephone adjusters.
(9) Many claims will be assigned to preferred contractors who are on retainer to carrier preferred contractor programs for handling with supervision by an inside staff adjuster.
(10) Some carriers will undoubtedly deny these claims on the basis of there being no covered cause of loss or a questionable cause of loss, or on the basis of an airborne pollution exclusion.
(11) Many reinsurers will be taking an active role in assisting with this damage event, and that may include deployment of their own adjusters to assist in claims handling.
(12) Insurance agents and brokers in New York City and NY State are among the most sophisticated and savvy anywhere, and the carriers are likely to increase their agent's settlement authority to allow them to assist in handling an even larger number of smaller claims.
(13) Given the enormous job displacement this disaster has caused, it would be surprising not to see a local or state work agency created to help with the clean-up. This action would also provide temporary jobs to help those displaced workers and to keep the local economy stimulated through federal aid package fund utilization.
(14) While rare, some insureds may decline to report a legitimate claim out of some sense of patriotism or because they just don't want the 'hassle' of having to deal with an adjuster or insurance company.
(15) Given the emotional horror of having lived through this scathing event, many scared NYC dwellers are saying they want to leave the city (NYC) and may either never return to their apartments, or break the lease while moving out without cleaning up.
Hope this helps. While you may not agree with any of the ideas I have posted here, perhaps they will trigger your own thoughts and ideas, and assist in your own reasoning one way or the other in response to the question posed.
But hey folks, don't kill the messenger just because you don't like the message. These are the realities of our workplace whether we like them or not.
Just remember, as the President of the Insurance Institute of London (UK) has said, "as cat adjusters we are always the adjusters of last resort." |
Todd Summers
| | Posted on Tuesday, September 25, 2001 - 1:13 pm: | |
I just saw a report on CNN regarding the cleanup of apartments and condos in Manhattan. CNN stated that 270,000 live in southern Manhattan and that only 500 homes had been cleaned up so far so that the tenants and owners could move back in.
Could Mr. Flynt or any others with sources comment about who is going to be handling these claims. It would seem that there should be a sufficient number of these types of claims to get at least some cat adjusters out there working claims that are not as complex as the BI and commercial claims we have all been reading so much about here. |
Tom Toll (Tom)
| | Posted on Wednesday, September 19, 2001 - 11:36 am: | |
This will be, beyond doubt, one of the most difficult assignments ever. Be prepared for the worst and best in people. Never forget that we live in a capitalist society, which brings out the good and unfortunately the bad. If you have never worked in a large metroplex, such as New York, you are going to have a rude awakening in sociatal differences. Some southerners consider New Yorkers as rude and obtrusive. They actually are not. They live in a packed and fast paced environment. They want things done and done now. Of course that is not going to be possible with this catastrophe. The vendors and companies involved in this will be very careful as to what the say and certainly what they do. You must do the same. We are independent contractors who represent vendors and companies. We have no power of settlement and final resolve. We submit what we find in a professional manner and wait for authority to proceed, and this may take months and months. The cost of living in the Manhattan area is not affordable by a cat adjuster. A typical two bedroom apartment can cost $4,600.00 per month, plus parking, if any is available.
This can be an excellent honing device to make all of us better at what we do. For the beginner or novice, work with another experienced adjuster and learn, learn, learn. Even after 40 years in this business, I will have a lot to learn from this event. That is the wonder of adjusting all types of losses, you always have to learn more. Most of us are questioning ourselves as to whether we know enough to attend this disparity, myself included. This will be historically the largest, most complex event to date.
Roy Cupps started this CADO site to accomodate those who wish to be informed and to learn from others. Even with my experience, I learn something from CADO on a daily basis. Thanks, Roy, for you unselfish work. |
Jim Flynt (Jimflynt)
| | Posted on Wednesday, September 19, 2001 - 9:28 am: | |
MEMO TO MARK:
You wrote: "On site help sessions between cado members might be a good idea. Sharing what we know may help us all get though these challenges..."
I agree wholeheartedly and will do whatever I can to help anyone either by phone, email or in person. While we can share a lot of information with some onsite CADO sessions, teaching business interruption and commercial forms handling to newer adjusters in any kind of shortened time frame would prove to be mostly impossible.
If the right opportunity presents itself, I will consider taking a couple of newer adjusters under my wings for training. And if there is a vendor looking for an experienced adjuster to head a team concept while also serving as a mentor/trainer please let me know.
Once the calls come to deploy, let's take a look at how and where we can set up an onsite CADO location for cat adjusters to share information, coffee, moral support and fellowship. |
Jim Flynt (Jimflynt)
| | Posted on Wednesday, September 19, 2001 - 7:48 am: | |
MEMO TO 'INTERESTED':
Most claims in Manhattan are going to be rental in nature as a vast majority (99%) of ownership is in institutional hands. If you get HO-3 claims you'll be across the river over in Queens or Brooklyn.
Assuming you are correct in your prognostication of claim types, the policies will be HO-4 and HO-6 and I'll bet you a six pack you won't be seeing HO-3 claims (Multi-family will be in commercial forms). Don't fail to remember that the HO-4 and HO-6 policies are Named Peril which will limit some damages. Think about it.
I'm not sure where you think you are going to find asbestos coverage within the HO-4 or HO-6 policies, and I am sure many of us would benefit from your sharing of your unique claims coverage theory.
Perhaps you can also share your thoughts and interpretations about what is loosely known as the airborne pollutants exclusions while you are at it.
Structural damage (exterior or interior) is not going to accrue to the HO-4 or HO-6 policyholders, so now we are back over with the commercial forms handling. Condo associations and condo 'docs' adjusting for the neophyte.
The practical points I would make for your consideration:
(1) Any claim in NYC is going to take a long time to settle. On T&E and schedule that means it is going to take a while for you to get paid.
(2) Many claims (even the small ones) will be represented by New York Public Adjusters who are both aggressive and knowledgeable.
(3) Most vendors/carriers are going to handle these claims paying adjusters on either a T&E or cat schedule. Some of these schedules are fair and adequate in Des Moines, Topeka or Omaha but they won't be in New York City.
(4) Without a day rate (which you may see for some of those handling commercial claims) cat adjusters are going to have to finance the front end of this assignment until files are closed and cash flows are generated.
(5) Most vendors/carriers are not going to be paying housing/living expenses for an assignment which is in one of the most expensive markets in the U.S.
(6) Forget driving from one claim to another.
Subs, rail, bus and taxi will be your modus operandi. Walking is also good exercise for overweight adjusters not used to aerobic exercise.
(7) Plan on staying over in 'Jersey' and commuting into the city by rail or bus.
(8) New Yorkers love to negotiate and they are good at it. They especially love to negotiate with folks from the South and Midwest, and with time, you'll learn why. Also learn to be patient, it will come in handy.
(9) Don't let the vendors rush you up there prematurely in order to establish their presence. The word I am getting from the ground and on the street up there is that they are not letting outsiders (including adjusters) into the damage zone. Getting there too early and just sitting around twiddling your thumbs costs you money.
(10) Learn to talk with your hands. With great animation is even better.
(11) If you think New Yorkers walk,talk,think and move too fast it is only because you are doing the same things too slow. Remember the word patience. For yourself. They don't understand the word.
(12) Find yourself a good translation agency up front: your insureds will come from every country in the world, and many can't speak a word of English.
(13) If you are handling a business interruption or other claim requiring the insured to submit financial records, remember this: Every businessperson in New York City has three sets of records. One for his banker, one for the IRS and then the REAL numbers. You want and will need the records he sends to the IRS.
Just a few thoughts from someone who has been there, done that and already has the T-shirt.
BTW, I really do LOVE New Yorkers and always learn something from working with them. I'll see you all there! |
mark (Olderthendirt)
| | Posted on Tuesday, September 18, 2001 - 8:07 pm: | |
If and when the calls come and we roll, we could be doing all sorts of losses. The list of the major insurers is not the list we are used to. One has to expect the vendors are all in major negotiations. Jim you are right again, if I get to go I will take on what ever is offer in the way of losses. There is more to a major cat then the $s. We as industry may get a chance to prove we can do more then write a property estimate. On site help sessions between cado members might be a good idea. Sharing what we know may help us all get though these challenges... |
Interested
| | Posted on Tuesday, September 18, 2001 - 7:08 pm: | |
Please correct me if I’m wrong, I’m under the understanding there is a large residential population in the area of the WTC, and there will be thousands of personal property damage claims? I would think there would be asbestos contamination, smoke contamination, water damage and structural damage (exterior and interior) claims being filed by homeowners. I have been contacted for standby, however I was led to believe this would be the type of claims I would be working. |
James Guerrero
| | Posted on Tuesday, September 18, 2001 - 6:05 pm: | |
Please call me at cellular 954.243.1067 or home 954.680.8784.
James Guerrero |
James Guerrero
| | Posted on Tuesday, September 18, 2001 - 6:01 pm: | |
If you're hungry, you'll go to Manhattan. With eight hungry kids, and I just lost my job, what do I have to lose? I don't have much cash to handle the front end, so I'm looking for support and financing for that, too. I've read about adjuster inexperience and lack of knowledge in a tough situation, and tough people to deal with. Well, it would be better to start learning to be the best of the best (because that is where I'm at), especially in a place like New York city, since it is more the "melting pot". This event has ushered in the international adjuster with special skills and lingual abilities. Well, I'm up to it. I am a retired Marine Corps officer, dependable, and willing to serve. I fulfill the requirements for dependability, 10 years experience in commercial property adjusting, $2 Million E&O, and all work done in MSB(DDS) with current subscription. I really and truely do not need guidance but I work with all people well. Do you have a need for my services for deployment to Manhattan immediately? I happen to be available now. I live in Fort Lauderdale, and I can easily be reached at cellular 954.243.1067 or home 954.680.8784. Thanks. |
Ken
| | Posted on Tuesday, September 18, 2001 - 3:54 pm: | |
Re: Property damage estimates - Prior to starting
you need to understand the cost basis. 1) This area of NYC is union, wages including all benefits range can be $ 75/hr and more and some unions productivity is less than 30% per day.
2)Getting material to the buildings while construction is being performed is limited.
3)The entire area is covered with asbestos. I would'nt rush in until it's cleaned. 4)New York
Public Adjusters are tough, but they still must present their claim, comic books are not accepted. Thge bottom line is a seasoned adjuster with the proper knowledge can handle this claim. Any questions you can call me.
Ken Hecht - 516-938-4177; Kdhrapa@aol.com
Cat-adjuster
New York Registered Architect
Former New York city contractor- who did millions of work in the World Trade Center |
Ghostbuster (Ghostbuster)
| | Posted on Tuesday, September 18, 2001 - 10:49 am: | |
Or...
To quote from the third 'Dirty Harry' movie, which I believe was the last line in the script, our boy Harry says, "A man's gotta know his limitations".
(This was the one that had the rogue motorcycle officers and they did the stunt of jumping the bikes over the aircraft carrier decks. I thought that was a really good movie. Hal Holbrooks character has the weasley boss always reminded me of my first claims manager.) |
Jim Flynt (Jimflynt)
| | Posted on Tuesday, September 18, 2001 - 10:25 am: | |
September 17, 2001
Industry may face $30 billion in losses: Best
OLDWICK, N.J. Insured losses from last week's terrorist attacks could ultimately exceed $30 billion, according to an estimate issued Monday by A.M.Best Co.
Oldwick, N.J.-based Best cautioned that is too early to predict the exact financial impact of the disaster, in which hijacked commercial jets were crashed in New York, the District of Columbia and Pennsylvania. However, based on information provided by insurers and reinsurers and on its own analysis, Best said that losses for all lines of insurance including life insurance could go above $30 billion. That would make the terrorist attacks the most costly catastrophe in history in terms of insured losses. According to Best, property, aviation, business interruption, workers compensation, commercial liability and life insurance would probably see the largest losses.
According to Kenneth S. Zuckerberg, vp-equity research for Dresdner Kleinwort Wasserstein in New York, insured property and liability losses could run as high as between $25 billion and $30 billion. He said that the losses could break down roughly as: $8.5 billion to $9 billion in aviation liability and hull losses; $4.5 billion in commercial property for the World Trade Center, and $1 billion to $2 billion for other buildings in the affected area; $5 billion to $10 billion in business interruption; $2 billion to $3 billion in workers compensation; and as much as $2 billion in other insured damage (auto). In addition to the property/casualty loss, there could be an additional $2 billion to $4 billion in life insurance losses, Mr. Zuckerberg said.
Mark, my question to you is where in this equation are the 'Mom and Pop' claims you mention?
And in fairness to the well experienced adjusters ('oldtimers') who have paid their dues, why don't we let them handle those easy "Mom and Pop' claims and leave the 'glory claims' (complex commercial and business interruption) with year or more long tails to the newer and more inexperienced adjusters who never back away from a challenge? So what if you suffer financially for a while until some of these long tail files close and generate a cash flow for you?
Yes this industry is changing and this event will undoubtedly go a long way toward changing it even more. This is going to be the catastrophe that separates the men from the boys and the real adjusters from the wannabees.
And you want a challenge? Why don't we let the new inexperienced adjusters hang around and clean up the inevitable mess created by greedy vendors sending in warm bodies who don't have a clue in handling a business interruption, leasehold interest, and complex commercial loss?
As Pogo used to say, "I have seen the enemy and he is us." |
mark (Olderthendirt)
| | Posted on Tuesday, September 18, 2001 - 9:33 am: | |
I'll happily do all the mom and pop claims, smaller losses that can be closed, and leave the glory claims that will take a year to someone else. Between mold and New York, this has got to cut into the numbers of adjusters available to work other assignments, the winners may those who don't go. With these long tail cats it seems our industry is changing. |
Jim Flynt (Jimflynt)
| | Posted on Tuesday, September 18, 2001 - 9:25 am: | |
Mark, the better question is, how many adjusters can afford to handle business interruption claims on a T&E basis without any expenses paid?
Business interruption claims are going to take a long time to close, and hence adjusters are going to be left to finance the front end of this event until the closed files generate cash flows.
And this is not exactly one of the cheapest places in the US to live while on the road.
I keep hearing adjusters here on this board talk about 'day rates' and 'paid expenses' but that is not what I am hearing from the large carriers and vendors that I am talking with on a daily basis. |
Russ Lott (Russ)
| | Posted on Tuesday, September 18, 2001 - 9:24 am: | |
I am in agreement with most of seasoned adjusters, in that this is not a situation for the inexperienced. I have worked in the Northeast before and the logistics of this event are gonna be staggering. Also not that this is the honeymoon period where everyone is still in shock. Once the initial contacts and paperwork has been exchanged watchout. These people are gonna want "their" money and want it yesterday. With Underwriting requests being made for the policies on everyclaim the system is going to get bogged dow, and the adjuster is gonna be the bad guy. Don't you just love it. If a new adjuster wants to get into the fray let him have at it. After one or two law suits it will harden them up. |
mark (Olderthendirt)
| | Posted on Tuesday, September 18, 2001 - 9:12 am: | |
Jim you are so right, to go or not will be a very difficult choice, and any other assignment would be a relief. Most of us do not get a lot of business interuption work. This will be the most challenging assignment ever, and most of us do not run from a challenge. But, how many of us will be able to afford the risk at the current cat fees? |
Jim Flynt (Jimflynt)
| | Posted on Tuesday, September 18, 2001 - 8:26 am: | |
Ghostbuster, you are absolutely correct. The New York City damages are going to be 95% accounting and 5% adjusting.
If you are considering going to NYC, leave your ladders, tape measures and cameras at home as well as your DDS, Xactimate and PowerClaim (sorry Gale, even THAT will be of no use in this particular cat).
Don't forget to bring your calculator with tape, extended spread sheet programs, the latest copy of FC&S as well as the GAAP rules, and a comfortable chair to sit in while 'crunching numbers' all day as well as long into the night. You might also be well served to bring your reference books on extra expense calculations, loss of income form variations, and commercial policies including all New York endorsements. Lots of cash for taxis and day parking (at $50 to $100 per day) as well as a GREAT deal of PATIENCE in dealing with some of the worst traffic backups in the world won't hurt either.
Without a strong background in accounting concepts as well as a detailed understanding of the various business interruption forms (BIC) and years of heavy hands on experience in handling business interruption with or without extra expense forms, an adjuster is going to be in over their heads before they ever get there.
The impossible thing for any adjuster to be able to do on this catastrophe is to BS their way through their lack of knowledge, understanding, application and experience in these complex policies and policy issues.
In my opinion, there are going to be several naive inexperienced adjusters who fail to heed the warnings posted here. They are going to very quickly be sent home with their heads between their legs, their faces covered with egg, and their pocketbooks much lighter from having spent large sums for unreimbursed travel and hotel expenses. Stay tuned to hear them whine here on the CADO Forums in the weeks and months ahead about how they didn't 'know' in advance.
To everyone, this is the one time and one catastrophe, where you better KNOW BEFORE YOU GO.
Ghost, like you and Dave, I'm not 'itching to go' either and I'm giving this assignment the greatest weight in contemplating a final decision. Like Dave, for me as well, it is Maybe. Maybe NOT.
(Ghost please send me your email address privately (I'll protect your identity.) I want to share a few ideas with you privately. Thanks.) |
Jim Flynt (Jimflynt)
| | Posted on Monday, September 17, 2001 - 8:29 pm: | |
There is a question which Kile has asked which J.P has answered which is 'generally correct' when he uses the term 'most policies' as a qualifier.
However, we need to be reminded that contingent business interruption losses do occur which can cause an insured to suffer financial loss through damage even though it occurs at a location or at a property which it does not own. An instance would be a manufacturer which depends on a supplier for crucial raw materials or a small retail store which depends on a larger magnet store or leader property to draw customers.
Contingent business interruption losses are not covered under an unendorsed BIC form but this dependent property exposure is available for coverage by using either a Business income from dependent properties - Broad form or a Business income from dependent properties - Limited form.
The broad form is used when an insured wants the same limit to apply to business income at dependent locations as it has at their insured location. This form does not add any coverage but extends coverage to BI losses at other locations which are scheduled.
The limited form is used when separate limits are desired or when income is wanted for dependent property locations only. This form has a separate limit which is scheduled for each scheduled location.
Coverage is triggered as J.P mentions by a covered cause of loss which is designated on the BIC form. Cause of loss forms for BIC follow the Basic, Broad and Special forms which are used for CPP. The perils covered under the BIC dependent forms do not need to be the same as those for the insured's location although usually they are. Nor does the cause of loss form for the BIC have to be the same as the insured's cause of loss forms for property (CPP) and business personal property (BPP) coverage (CP10-10, CP10-20, CP10-30).
A special provision provides Additional coverage to unscheduled locations not operated, owned or used by the insured . The miscellaneous locations coverage is limited to an amount not in excess of 0.03 of the sum of all limits for all scheduled locations for one day of business interruption at the insured's location. Hence a policy with $1,000,000 in limits would provide up to $300.00 per day in business interruption benefits.
I hope this helps those with questions about the problem which Kile brought to us, and I think it shows the complexity of what we may expect to encounter in handling claims from the World Trade Center catastrophe.
Therefore I think it is fair to say that Business Income coverage was certainly available to some of the insureds and in the specific scenarios which Kile mentions if only they have utilized a sophisticated risk manager and/or savvy insurance agent in putting together their insurance program and selecting the proper coverage forms.
I would not venture to guess how many of the insureds which Kile mentions have the needed endorsements and proper coverage for the present situation, and I would also guess that few insurance personnel have thought ahead deep enough to include this type of loss projection within the gross damage estimates which have been bandied about. |
Skeered to go
| | Posted on Monday, September 17, 2001 - 7:14 pm: | |
Coverage, be it Business Interruption or Loss of Income, on manuscript forms can be anything the two parties want it to be. Determining coverage is the first step in handling any loss and with commercial claims it is an essential first step. Be certain that you have E & O and liability before getting involved in handling claims resulting from the WTC catastrophe.
Some of the claims resulting from the bombing of the WTC are still making their way through the NY court system.
In NY City filing suit is an accepted part of business. |
J.P. Theriot (Jpt)
| | Posted on Monday, September 17, 2001 - 5:52 pm: | |
Kile,
Most BI policies are tied in with the commercial property coverage. In order for BI coverage to be triggered, the insured must sustain a "Covered Cause of Loss" at their location which causes the BI. Otherwise, no coverage is available. |
Kile Anderson (Kileanderson)
| | Posted on Monday, September 17, 2001 - 5:37 pm: | |
Before I say anything here, I'd just like to say that I, in no way, wish to work the catastrophe in NY. Not because I don't want to help or don't think I can handle it emotionally or physically. I made it through some of the toughest training Fort Benning and the US infantry could give me. The reason I don't want to work there is that it will simply be staggering. I have a degree in accounting and I still don't look forward to the work.
But, with that said, Since it is going to be such a staggering, monumental task, I believe the industry will have to take a different approach to adjusting these claims. Even the most seasoned adjuster won't be able to do this work on his or her own. Teams of adjusters will have to be assigned to each claim. Possibly, a senior adjuster would be assigned a couple of newer adjusters as his assistants to help with the details.
I was thinking just yesterday, could firms in other parts of the country, such as brokers, flight schools, FBO's at airports, vendors servicing the airlines have business interuption claims? If so, this could be alot bigger than anyone has been saying, or have these claims been figured into the $25-50 billion estimates? Who would have ever thought that a disaster in NY could put a small businessman in Amarillo out of business? |
Jim Lakes
| | Posted on Monday, September 17, 2001 - 4:10 pm: | |
Jim,
I could not agree with you more. The sad part of all this is, that a lot of adjusters will think that we are saying this just to scare everyone.
We all know and will hear, “we all must learn sometime”, however this is not the place to learn, unless you are just working with someone that knows how to work these claims. These type claims, you learn on an individual basis, in an area that you are familiar with, and you have the time to converse with someone that knows what to do and when to do it.
I will be real honest and say that we all are going into an area and dark hole that none have ever gone before. I thought that the first bombing of the WTC was a first and was intimidated by the size and complexity of it, this is in the infinity area. In addition, I don’t mean just the ordinary adjuster; I am talking about the RPA’s, EGA’s GA’s and all adjusters. There are going to be so many lawyers and PA’s involved in this that it will take 20 years or longer to sort out and conclude. If you think that is funny, just look at Minneapolis hailstorm of 1998. Those claims are still going on and it was just a hailstorm. I will say this, if there were an assignment somewhere else, like a hurricane, I would much rather go to it, than to NYC.
As you always say, “KNOW BEFORE YOU GO.” If ever that phrase was true it is now.
Jim Lakes RPA
National Catastrophe Director
RAC Adjustments, Inc.
866.241.6574 |
Dave (Dave)
| | Posted on Monday, September 17, 2001 - 4:02 pm: | |
TO ALL ADJUSTERS::::
PLEASE read and take to heart what Jim is saying. Having lived in the area for many years, worked here and there, and almost everywhere else, his words are not idle ramblings.
It has been stated before and now again. This is liken only to working in a trauma center or a M.A.S.H. unit. The variables will sorely test the knowledge, tolerance, skills,and fortitude of anyone and everyone that opt's to consider this assignment.
The thoughts of LC are noted,"as a patrotic duty", and many would like to participate.
Please consider Jim's admonishment in this venue. Are you really preforming a "duty" to the insured or to the carriers, if you cannot stand up to the requirements?
GB has a well taken point, in letting the staff people burn themselves out on this also.
This is the most difficult,thought provoking assignment anyone will ever have to consider.
I'M THINKING TOO!!!!!
Maybe, Maybe NOT. |
Ghostbuster (Ghostbuster)
| | Posted on Monday, September 17, 2001 - 3:38 pm: | |
Honest to God, Jim...
Even with my quarter century of pure property adjusting on everything from one hole outhouses to glass & steel skyscrapers, I would take a pass on this one. I believe the Insureds are better served by having the company folks on company expense reports and with their corporate legal boys behind them to compute these losses. That's right, 'computing', as in number crunching on extended spread sheets.
I see a lot more accounting in this loss than adjusting. I'll wait for some hail in the midwest with a Super Walmart, $30/night motels, and free parking, with my losses all within a 3 mile radius. If you want to call me chicken, I'll just cluck, cluck, cluck. |
Jim Flynt (Jimflynt)
| | Posted on Monday, September 17, 2001 - 2:51 pm: | |
(Here is an email which I received from a well experienced adjuster which I post here for comments and response from the CADO audience. I will be posting a full length article of my own thoughts as well as a refresher course in what adjusters can expect in terms of policy issues and consierations within the next 24 hours in response to this and other requests concerning these events).
"Will this terrorist act bring about a new era of adjusting? No one has every worked these kind of claims. Can we even imagine the problems and the grey areas that will exist. Will today's adjuster be able, knowledgeable or even willing to put themselves in this fray. Maybe is our patriotic duty to join in and help settle these claims. I have been in this business 20 years and I don't think there is anyone out there with enough experience to even know what to expect. Public Adjusters will be present at this cat for sure. Any way I saw your message on the Cat web site, I just wanted to see what your take on all this is. Thanks LC"
(Note: I am aware of some adjusters with minimal experience (2-3 years) trying to find assignments for this catastrophe, and personally, I think that anyone without at least 10 years experience as well as heavy experience in commercial policies and endorsements as well as heavy business interruption losses is going to be in well over their heads and doing a disservice to themselves and some very hurting insureds. There are going to be many adjusters sent who cannot handle either the psychological pressures and continuing threats, cultural differences that only New York presents, and the broad base of knowledge required and they are going to be sent home within a week to 10 days. There is just no way naive adjusters can BS their lack of knowledge and ability in business interruption, commercial, and leasehold interest adjusting. More about that later.) |
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