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trader
USA
236 Posts |
 Posted - 04/03/2004 : 11:49:43
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This hypothetical and will change some of the O & P blabber, as thats all it is. No price fixing folks. Think this out as it problably has many right paths.
An unnamed town on the Gulf Coast marsh had one road from the outside world, one boat dock, no airport. A severe storm destroyed a section of the highway, rendering the town an "island". Severe to minor damage occurred on each of the 500 structures.
Q. Would your computer program allow you close these losses on a one shot call. ?
(2nd revision) |
Edited by - trader on 04/05/2004 12:01:57 |
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KileAnderson
USA
875 Posts |
Posted - 04/03/2004 : 12:10:01
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| First I would challenge the provincial law that requires a "local" to adjust the claims. It sounds very anti-competitive and probably against the law in most states. |
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trader
USA
236 Posts |
Posted - 04/03/2004 : 12:18:09
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| delete |
Edited by - trader on 04/05/2004 12:39:58 |
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trader
USA
236 Posts |
Posted - 04/03/2004 : 12:20:11
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| No 1[:D]. I would have 500 losses (rough scoped) in 24 hours. |
Edited by - trader on 04/03/2004 12:26:05 |
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katadj
USA
315 Posts |
Posted - 04/03/2004 : 17:31:59
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Time to re-clarify the situation; the terminology is not appropriate according to Barron's Dictionary on Insurance phrases.
Special Masters are court appointed to oversee only certain aspects of jurisdiction.
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LarryW
USA
126 Posts |
Posted - 04/04/2004 : 07:33:06
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| The first topic in my outline to the reinsurers would include the statement that it is not the re-insurers function, duty, or contractual right to get involved in the handling of claims or to even attempt to control reconstructoin costs or claims expenses. |
Larry Wright |
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trader
USA
236 Posts |
Posted - 04/04/2004 : 16:23:56
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| Changes in titles and duties, noted and made. |
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ALANJ
USA
159 Posts |
Posted - 04/04/2004 : 16:58:51
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| The above story outline is one that could never happen. |
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adjuster12
USA
21 Posts |
Posted - 04/04/2004 : 20:35:25
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| Never happen, period |
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LarryW
USA
126 Posts |
Posted - 04/05/2004 : 07:01:25
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| Trader: Why ask a question, get several responses and then change (edit) the question. It tends to make for a nonsensical thread. |
Larry Wright |
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trader
USA
236 Posts |
Posted - 04/05/2004 : 11:40:37
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The answer is less than 4% of readers responded to the original post. This corrected post will show the inaccurate working figures of estimates derived from estimates generated by price guides or data basis on a national/regional basis only. The transportation cost for men and materials will change radically, based on the highway repairs.
All of the losses would have long tails, and should be settled by agreement.
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Edited by - trader on 04/05/2004 11:41:54 |
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katadj
USA
315 Posts |
Posted - 04/05/2004 : 12:30:42
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Loss would be similar to "Bald Head Island" in North Carolina.
No way to close the loss without determination of costs associated with transport of materials, equipment, labor, and disposal of debris.
Prices will escalate to 200 and maybe 300% of base line, and we do owe the actual cost incurred. These would have a difficult time passing muster, and someone else can have the files. |
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KileAnderson
USA
875 Posts |
Posted - 04/05/2004 : 18:18:53
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As is always the case, there is an exception to every rule. The majority of losses can be settled using the carrier supplied price guide. Trader is trying to point out that there are certain cases when because of extenuating circumstances there will be a need to pay more than the normal repair costs. It could be a transportation issue, a lack of local supplies a non-existant local labor pool. There are lots of reasons that prices may need to be adjusted for the particular situation.
But for the most part, they don't. As the old saying goes, "When you hear hooves, think horses, not zebras". |
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What would you do if you were the Storm Supervisor
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