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william s cook
53 Posts |
 Posted - 04/10/2004 : 07:47:58
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My understanding of the procedures that are applied to any flood claim is that,
Proof of loss forms for flood claims are required to be filed within 60 days of event unless period extended in writing by NFIP. All damages must be included in proof as they are filed in finality. In the event the damages are found to be exaggerated to allow for supplemental claims the entire claim can be denied for for fraudulent claim.
William S Cook
Public Adjuster
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Edited by - william s cook on 04/10/2004 07:53:36 |
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Ghostbuster
476 Posts |
Posted - 04/10/2004 : 08:38:29
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Again, Kiddies...Flood Insurance ain't like real Insurance. It is an instrument of the Yankee Federal Gov'mint and the game is played solely by their rules. This why it takes a horse of a different color to be successful as flood adjuster.
I did it once, had no problems, and have declined to do it again ever since. I'm just the other colored horse. |
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KileAnderson
USA
875 Posts |
Posted - 04/10/2004 : 09:05:44
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| I've never met anyone that enjoyed or looked forward to working flood claims. Most of us approach each claim the same way we approach our tax forms and with the same trepedation. The goal is to push the envelope as far as you can without breaking it. You need to pay for every thing you possibly can but at the same time nothing you shouldn't. And quite often even when you ask management coverage questions you get a different answer from everyone you ask. The stakes are high and the margin of error is almost non-existent. No matter how well you do your job the insured will not be happy with you. Everyone I know that does flood does it as a favor to the vendor in exchange for future consideration when the more plumb asignments come along. Unless and until the flood policy changes and the corporate culture of NFIP becomes more pleasant (which will never happen at a government agency) flood claims will be the closest you can come to the dentist without the novacane. |
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Russ
USA
75 Posts |
Posted - 04/10/2004 : 09:55:12
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| Y'all send all your Flood claims my way. As a former Contractor, I built the expense of insurance into my prices. I do agree that in some cities O&P should be higher. Most Contractors (myself included)had a local assn. to deal with items such as workmans comp. Their is NO difference in the local daily claims price list and a CAT price list for flood claims. Most Carriers do daily claims in all Cities and have a good handle on pricing. Whil working Isabel on the Outer Banks, I dealt with GC's on a few claims and had no problems getting an agreed price on the scope that the SFIP covers. Items not covered were the responsibility of the Insured and the Contractor to work out. Until the SFIP changes, we are limited to the coverage under the policy. I have said in the past that Price has never been an issue doing flood losses.I have bumped my area factors sometimes to 120% to meet the local pricing. Scope and depreciation are always the problem areas upon reinspections or re-opens. My biggest headache was sand removal or replacement. Under the flood guide lines we could only pay for 3' outside the foot print of the structure, which on a lot of claims was only a fraction of the sand to be dealt with on each property. I only worked North Carolina, but I cant emagine Va. or MD being much different. (except for POLITICS). It's not rocket science, it's doing the Flood claims like they were for your Mother, giving every consideration to the insured. Y'all have a great day. |
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katadj
USA
315 Posts |
Posted - 04/10/2004 : 10:00:31
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The NFIP Flood Policies all contain the appraisal clause, which requires the use of the appraisal process. It is a straightforward explanation, the same as an ISO policy.
Why this process is NOT being invoked, prior to bringing suit, (in Federal Court) as required by the policy, is beyond my comprehension.
The use of the appraisal process has always been there for either party to the contract. Only ONE (1) time in the past 20 years has this writer been knowledgeable of the use of the process. ( Im sure there must have more)
Perhaps, as in most cases, the insured does not read the policy, nor understands the process, or is not willing to bear the costs associated with the implementation.
Food for thought, if the re-opens do not satisfy the insured or the carrier With the appraisal process each are on equal footing, providing the process is followed correctly.
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JP
4 Posts |
Posted - 04/10/2004 : 15:28:00
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Good point about the appraisal process. The reason you don't see apprasial as much on the flood side is because you have a few factors working against it.
1) NFIP special assist reinspections- these are the "informal" claim reviews that often take the place of appraisal. Often times the NFIP GA will reinspect the loss with the homeowner, claim rep., contractor, PA, etc. and make a determination of the loss that will appear to be final.
2) Some WYO carries will often request the assistance of NFIP when apprasial is demanded. The thinking is that since the NFIP owns the file, they should be made aware of the situation. I know, it sounds like a loaded proposition.
3) Most flood claims that end up as a federal lawsuit, are for the most part, class action. These suits often deal with issued such as underwriting reformation, flood mapping, and repetitive losses.
Having sais all that, Maryland/North Carolina, etc...now find themselves in the largest apprasial case in the history of the flood program.
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Quaka
Cuba
17 Posts |
Posted - 04/10/2004 : 16:07:19
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| Forget the appraisal process. The GA's from NFIP come into play and usually jam up the insured. We know of a few GA's who care, the rest are sincere corporate types, with a crush you like a bug attitude. Once your GA jams you up, good luck getting the appraisal process through on any timely basis. This is where the Fed and (like most carriers), grind the insured into full submission. Wait till you see how long the screwed over insured's have to wait out a fair and final settlement in appraisal on the Isabel fiasco. There will be no quick and easy appraisal process now, or ever from the NFIP, WYO's Direct side, FISERVE or any other service company involved in flood. A flood policy is just one little check available to those that suffer a general condition of flooding. The rest of those affected mediocre flood claim payments receiving insureds can line up at their local SBA Disaster assistance office and sign their life away. Those adjuster's that think that handling flood losses are a good deal, will soon find out that those were the old days. Like Dick Allen use to tell all of us " There's a lot of sadness in this world." Looks like the sadness will now be on the homeowners and the independent flood adjuster. Wait and see. By the way, did anyone ever get called for the reopen NFIP fiasco, YET ?. I think this will be a very select club. Stay tuned, more is coming. Wait till the Fed has their meetings in NC on April 20th. |
Quaka Mole |
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JP
4 Posts |
Posted - 04/10/2004 : 21:25:24
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| Don't expect there to be even a small number of IAs brought in to handle the reopens. The initial word is that NFIP has hired 12-16 retired GAs and FEMA employees to assist with the Community Outreach Teams. This in addition to the temps that will being some of the reviews. Not much consideration is being given to having the WYO adjusters assist in resolving these issues. Most of it will be handled by NFIP, with the only WYO activity being to issue supplemental payments when necessary. |
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fivedaily
USA
258 Posts |
Posted - 04/10/2004 : 21:54:40
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I have a question for those who worked Isabel flood claims.
When you settled the loss and got paid, was some of your fee held back until the claim was settled? Have you been fully paid for your work on those flood claims? If not, how will this review affect your pending payment?
Jennifer |
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trader
USA
236 Posts |
Posted - 04/11/2004 : 10:13:17
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| I settled some and still have not been paid by National Flood Service, Inc. who, have not paid my vendor, |
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ChuckDeaton
USA
373 Posts |
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katadj
USA
315 Posts |
Posted - 04/11/2004 : 13:52:25
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So what is the deal? What competition do any of the WYO Carriers have to service their Flood Claims?
Has a monopoly been created? Is this legal? Lots of questions, and NO answers.
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mrmonk
6 Posts |
Posted - 04/12/2004 : 07:03:55
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| Hey Chuck, where was the link to NFS being sold? I couldn't find it. :<( |
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ChuckDeaton
USA
373 Posts |
Posted - 04/12/2004 : 08:35:13
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| My understanding is that Fiserv bought NFS. |
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ChuckDeaton
USA
373 Posts |
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"Isabel", is a Hot Potato headed behind?
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