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Ghostbuster
476 Posts |
 Posted - 11/25/2003 : 15:57:33
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StatMan
USA
9 Posts |
Posted - 11/25/2003 : 18:55:51
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<reply to Kile deleted>
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Edited by - StatMan on 11/26/2003 11:24:04 |
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Johnd
USA
110 Posts |
Posted - 11/25/2003 : 20:56:11
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John Durham
sui cuique fingunt fortunam |
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LAW1526
USA
43 Posts |
Posted - 11/25/2003 : 21:08:25
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| The issue here is effective dates and insurable interest. I know for a fact in California the recording of a deed after buyer and seller has signed all documents at closing will take twenty four (24) hours to be recorded on the next business day. If the closing occurred on Friday the recording will not happen until the following Monday. The sellers policy is still in effect and responsible to provide coverage, providing there is a covered cause of loss. All of other time lines you have identified are unimportant, with the exception of the closing date. The important timetable is insurable interest. Until ones name is on a recorded title/document you have no interest in the property. |
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CCarr
Canada
1200 Posts |
Posted - 11/25/2003 : 21:15:22
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Edited by - CCarr on 11/25/2003 21:18:45 |
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Buster Cherry
14 Posts |
Posted - 11/25/2003 : 21:47:06
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Edited by - Buster Cherry on 11/25/2003 21:59:14 |
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CCarr
Canada
1200 Posts |
Posted - 11/25/2003 : 22:11:54
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Buster Cherry
14 Posts |
Posted - 11/25/2003 : 22:20:21
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CCarr
Canada
1200 Posts |
Posted - 11/25/2003 : 22:32:29
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KileAnderson
USA
875 Posts |
Posted - 11/25/2003 : 23:01:57
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Ok, Statman, this has been an interesting exercise but in the real world, let me let you know how this will play out.
Adjuster gets asigned the claim. He calls and gives insured his phone number the claim number asks basicaly what happened, asks insured if he has a place to stay and clothes to wear and gives instructions on mitigating damages, then sets up an appointment to inspect the loss.
Adjuster meets with insured and the ownership issue comes up. "MMMMMMM...that's a real head scratcher, I'll have to get back to you on that. In the mean time I need you to sign this form, it's called a non-waiver, it's a standard form I need you to sign before I inspect the damages, it protects both you and SIC"
Inspection is completed, all notes and diagrams and photos have been made and adjuster says, I'll call you tomorrow. He returns to office and immediately goes to his managers office and presents the coverage issue. Manager may ask a question or two and then either make a decision or punt and call underwriting who will either make a coverage decision or say "I'll get back to you" and they will then call legal and get a decision. Somewhere along that chain, way above mister adjuster's pay grade a decision will be made and the adjuster is the lucky one who gets to call back the insured and either give him the good or the bad news.
All the speculation is great fun, but that's the way it will happen in the real world. |
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StatMan
USA
9 Posts |
Posted - 11/25/2003 : 23:12:37
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Buyer sees two options: a) accept SIC's/Seller's handling of the claim and fixes, or b) have the whole deal reversed.
Buyer, who has to give adjuster access to house, sees adjuster as the face of SIC. For adjuster to serve SIC well, i.e. to serve Seller well, Buyer needs to be happy. If adjuster acts like CCarr acts here, Buyer won't be happy. If Buyer isn't kept informed about adjuster's schedule, it's a disservice to Seller. If adjuster doesn't understand "effective dates" and "insurance interest" (thank you, LAW1526) it delays the settlement, which in this case jeopardizes the property transfer and is seen as poor SIC service by all involved. There are lessons here for adjusters, whether you like my presence here or not.
Perhaps I have been unclear. This is a real case. I am an interested party. I'm not disgruntled; I'm rather satisfied with how it's turned out. But the experience would have been much better if the adjuster - the Buyer's only contact with SIC - had been more of a communicator.
And to follow up and learn more, I did some searching on the web and found the CADO forums. So I posted the exercise, thinking maybe somebody would learn something.
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Edited by - StatMan on 11/25/2003 23:31:49 |
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Buster Cherry
14 Posts |
Posted - 11/25/2003 : 23:12:49
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Kile how right you are.
It makes no difference whether the adjuster is Clayton Carr, John D., Jim Flynt, Ghostbuster, Buster Cherry or Kile Anderson.
It make no difference whether the insured is named Clayton Carr, John D., Ghostbuster, Jim Flynt, Buster Cherry or Kile Anderson.
In the end, the carrier will tell us peons how to handle the claim, and when they say jump, we will all say "how high"?
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KileAnderson
USA
875 Posts |
Posted - 11/25/2003 : 23:34:37
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| Statman, for the adjuster to serve Seller well, he needs to apply the policy and abide by the laws of the state. Buyer's happiness is of no concern to SIC's adjuster. As far as SIC's adjuster is concerned Buyer is irrelevant and has no bearing whatsoever in the claim. He is not a named insured and all payments will be made to and negotiations made with the named insured. Buyer has no place in any of this. |
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jlombardo
USA
212 Posts |
Posted - 11/26/2003 : 06:54:11
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Statman,
It appears that Kile has told you the facts of life.....you really are in a backseat position and communication with you is really a matter of courtesy and consideration. |
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fivedaily
USA
258 Posts |
Posted - 11/26/2003 : 08:37:26
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Actually Kile, if the insurance industry wants to grow, when it comes to handling claims, we can no longer merely satisfy our customers (or potential customers).
The following is quoted from an employee newsletter:
The Auto Insurance Report reports in detail the results of the J.D. Power and Associates' 2003 National Auto Insurance Study of consumer satisfaction and behavior.
The average satisfaction rating was less than 8 out of a possible 10; 52% of those average customers say they will renew with their current insurer, but only 23% say they would recommend the insurer to friends.
When the satisfaction rating goes to nine, renewal intention rises sharply, but recommendation intention does not rise as much.
At a rating of 10 renewal intention rises to 95% and recommendation willingness goes to 88%. Below the average 8, renewal intention drops to 31% and recommendation willingness falls to 8%.
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Now, this may be about auto insurance, but as a cat adjuster knowing this is still important to you. You need to delight your customers as much as possible, even in a denial, so that you have a job next year.
I am not entirely off topic here, but our job is not just about the mechanics of policy interpretation and how to write a check. We meet people at the time of their biggest need as cat adjusters and we can not call ourselves excellent if we have no heart.
In the given scenario, if the Buyer isn't happy, then the Seller most likely won't be happy. If the Seller isn't happy, do you think his next home will be with SIC??? Probably not. It only takes one bad, even mediocre adjuster to spoil it for everyone.
Jennifer
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Damage on closing day
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