| Author |
Message |
joseph m lombardo jr
Registered User
Username: Jlombardo
Post Number: 29
Registered: 1-2002
| | Posted on Wednesday, July 10, 2002 - 9:37 am: | |
BILL,
THANKS FOR THE WARNING |
William S. Cook
Registered User
Username: Wscook
Post Number: 51
Registered: 1-2001
| | Posted on Wednesday, July 10, 2002 - 8:49 am: | |
Some independent adjusters working Lloyd claims last June flood losses encountered problems with sub-par pricing demands by the insurer and vendor. Accordingly claims could not be closed, file requirments changed frequently causing reject of files that were closed based on prior file requirments. Vendor would advise that claim was reassigned and adjuster would not be paid as work product had no value. I did not personally experience this but was informed by an associate. Perhaps others that were directly involved with Lloyd flood claims could share thier outcome with the forum. The associate was shorted about thirty percent of pay after major disputes and delay in collecting the seventy percent. Lloyds is a major insurers in Texas for flood and if you enjoy the challenge of settling claims for substandard rates, not having the protection of the NFIP supervisors for decision disputes and battling for a paycheck for your work product you will enjoy working for their vendors. Know before you go (in writing)should be the watchword in this instance.
William S Cook |
Lee Mushaney
Registered User
Username: Red
Post Number: 11
Registered: 3-2001
| | Posted on Tuesday, July 09, 2002 - 9:42 pm: | |
W Cook:
please expand on what you mean in the previous post about the payment of claims and the vendor payments. I don't quite understand what you are saying. Can you expand on the post please.
Thanks
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William S. Cook
Registered User
Username: Wscook
Post Number: 50
Registered: 1-2001
| | Posted on Tuesday, July 09, 2002 - 7:41 pm: | |
Caution in Texas
NFIP is competing with Lloyds for flood coverage and if an adjuster is working for a vendor representing Lloyds he will find that the circumstances of coverage are different and how they wish claims to be handled. Make sure that if you elect to go to Texas that you don't get trapped in the more restrictive guidelines of being a LLoyds flood adjuster with associated pay problems from Lloyds and their vendors. Know before you go or you WILL be disappointed.
William S Cook |
Jeff Goodman
Registered User
Username: Jgoodman
Post Number: 8
Registered: 12-2001
| | Posted on Tuesday, July 09, 2002 - 3:16 pm: | |
There aren't very many lawyers concerned with Flood losses.
"Just file your case in federal court and in twenty-seven months see how open the judge is to your complaint."
This was actually a suggestion given to those in attendance at a NFIP certification when the instructor was asked, "What if the insured wants to sue anyway?"
The federal government underwrites all Flood claims. And it is a very limited coverage.
If it is not within the footprint of the building, it ain't covered. If the insured finished the bottom part of an elevated beach house, it ain't covered. If the agent did the flood zone search wrong, and you have paid premium for years, sorry, here is your premium back, it ain't covered. If your building is Post-FIRM (Ya better know that one for NFIP claims) in a hazard zone, and the personal property is under the house, it ain't covered.
If the staff adjuster who did not know any better told your neighbor that he will be paid for property uncovered on the lower part of the house, and you will not pay the neighbor, your insured will complain and eventually they will tell the neighbor that he will not get the check he was originally told he would. Then you are the villain for two insureds. All because you know the policy.
Flood claims can be tough to close. Not in the closing process, but in informing the insured that even though he told his agent, "I want to insure everything as much as I can.", the personal property outside the walls of his house or under the lowest elevated living area are not covered. Nor except for garages or carports, is there any APS coverage. Floods take down your fence? Too bad, no coverage.
I worked a claim on Carolina Beach after Hurricane Fran on which the house sat directly on the ocean, with waves breaking thirty feet from the house. The loss notice said it was a C zone, or non-hazard zone. Therefore all the lower floors are covered and all (or much more) personal property is covered. And the premium is much lower.
I told the insured that in my opinion the house was rated incorrectly and eventually it would be re-rated and most of the damage not covered. The insured produced documentation from his agent showing his plot and a stamp that said "Not A Flood Hazard Zone". He was adamant that his beachfront house was not in a flood zone.
After consultation with my supervisor, the claim was written as rated. Total damage around $35,000. In my last conversation with the insured I re-iterated that if the property was re-rated to a hazard zone, most of the estimate I wrote would not apply.
Five months after I come home from working that storm, I get a call from the insured. It seems that NFIP finally realized that his house was indeed in a flood hazard zone and he would not be getting the original estimate amount. Covered damage was in the $7000 dollar range. And since the premium in a hazard zone was so much higher, the insured now owed $1,300 in back premiums. Not a happy camper I can assure you.
Flood claims have their own drawbacks, and I am not considering the mold.
Jeff Goodman
www.stormcentral.com
One Man's Software
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alan jackson
Registered User
Username: Ajackson
Post Number: 120
Registered: 12-2000
| | Posted on Tuesday, July 09, 2002 - 12:16 pm: | |
Sure wish I had gone to NFIP school. Looks like I'm out in the cold on this one. Does anyone have any advice or know of any emergency schools I could attend? Anyway, good luck to those who were smart enough to get certified
I really would like to get out there and butt heads with the lawyers who will no doubtly be lurking in the shadows.
A.Jackson J.D. |
Kile Anderson (Kileanderson)
| | Posted on Thursday, January 17, 2002 - 4:25 pm: | |
From the 2001 Adjuster Claims Manual prepared by FEMA and distributed at the re-write seminar last year:
"To be approved for Residential, Commercial, or Manufactured (Mobile) Homes losses, or any combination thereof, an adjuster must:
1. Residential, Commercial, and Manufactured (Mobile) Homes Authorization
a. Have at least 4 consecutive years of full-time property loss adjusting experience.
b. Be capable of preparing an accurate scope of damage and dollar estimate to $50,000
c. Have attended an NFIP workshop and be able to demonstrate knowledge of the SFIP and of NFIP adjustment criteria for all policy forms.
d. Be familiar with manufactured (mobile) home and Increased Cost of Compliance adjusting techniques.
These requirements will be checked and verified prior to approval.
2. Large Commercial and RCBAP Authorization
To be approved for Large Commercial or RCBAP losses, or both, an adjuster must:
a. Have at least 5 consecutive years of full-time large-loss property adjusting experience.
b. Be capable of preparing an accurate scope of damage and dollar estimate of $500,000 or more.
c. Submit written recommendations from three insurance company supervisory or claim management personnel. The recommendations must reflect adjusting experience only.
d. Provide information regarding current Errors and Omissions coverage.
These requirements will be checked and verified prior to approval."
Hope this helps. |
Craft
| | Posted on Thursday, January 17, 2002 - 3:40 pm: | |
Can anyone tell me what exactly are the requirements to get NFIP certified. I have read and heard so many differant things that I don't know what to believe. I have 35 years experience in the construction industry and have dealt with all kinds of situations, but this one stumps me. |
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