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katadj
USA
315 Posts |
 Posted - 04/12/2004 : 10:20:34
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In checking the provided website, under news announcements, they have also purchased EDS. Now what is there in the way of competition for the WYO carriers to choose to service their flood claims?
Competition = Zero. Profits = HUGE.
Is this fair? Reasonable? Proper? Legal? Responsible? Hardly. (Neither was Enron or World Com)
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KileAnderson
USA
875 Posts |
Posted - 04/12/2004 : 10:57:24
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| There are lots of options for the carriers. The vendor I work for does flood work. Most big IA vendors do. |
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katadj
USA
315 Posts |
Posted - 04/12/2004 : 12:04:32
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The question remains:
How many "servicing agents" are available to the Carriers (WYO) to compete for the work? Do the WYO’s service their own claims? In order to have a competitive marketplace there has to be competition.
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KileAnderson
USA
875 Posts |
Posted - 04/12/2004 : 15:51:32
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| Yes, the WYO carriers service their own flood claims and contract with IA vendors to handle the overflow. Just like any other catastrophe. |
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katadj
USA
315 Posts |
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Ghostbuster
476 Posts |
Posted - 04/13/2004 : 16:08:51
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This will set an interesting precedent for future flood losses. It's turning into a 100% case review on top of the already stringent initial examination of the loss by the file examiners. I would suspect that it will the adjuster who will wind up being the whipping boy so the NFIP honchos can come off looking good.
Yet another reason to stay away from flood work. I know...some folks like it, that's fine. I just want them to know they will have no competition from me. |
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katadj
USA
315 Posts |
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olderthendirt
USA
370 Posts |
Posted - 04/14/2004 : 15:15:37
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| If they keep this postion in the furtur then flood work may be ok, if only they paid decent on the low end. |
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ChuckDeaton
USA
373 Posts |
Posted - 04/14/2004 : 16:57:12
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| Kile, please name some of the options alluded to in your 4/12 posts. |
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ALANJ
USA
159 Posts |
Posted - 04/14/2004 : 17:12:52
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| I read the above article. GW wants to be president real bad. |
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katadj
USA
315 Posts |
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KileAnderson
USA
875 Posts |
Posted - 04/14/2004 : 17:24:47
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| Chuck are you refering to the options WYO carriers have for getting their flood claims serviced? If that is what you mean, I am flood certified as are many of my co-workers. I have worked flood claims for Big Red through my vendor and I know of others who have worked flood claims for Big Blue also through another national vendor that is not known as a flood only outfit. I think all the major IA vendors keep a stable of flood certified adjusters for that kind of work. |
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Stormdame
7 Posts |
Posted - 04/14/2004 : 19:05:05
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Worked lots of NFIP claims in MD this last season. Have been paid for claims worked. Total of 121 claims which included Dwelling, General and Condo.
Always attempt to work claims in the fullest professional manner possible. Do your research and give docs supporting your pricing. Know what you are talking about.
To many adjusters do not work claims in a full professional manner and do not have the knowledge to do so. Often the lack of research skills will cause adjuster submit improper docs which cause the files not to close properly.
Spoke with lots of adjusters that mailed the Proof of Loss out to the insured and left the site not knowing if the Proof of Loss was returned in the proper and timely manner.
Do your work properly, close your claim professional and see the difference it makes in your pay. Have been working flood claims now for over 8 years, I have no company that does a hold back on me. Thankfully I have few files that get reopened. Close all files in a manner that will kept them closed.
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LarryW
USA
126 Posts |
Posted - 04/14/2004 : 23:18:28
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| Stormdame: I guess the problem NFIP will identify when they review all these flood claims is that you didn't work them? You closed all files in a manner that will "kept" them closed? Based on what I have read in this thread and my experience working flood claims, there are a multitude of problems with the NFIP. I would imagine the least of the problems were caused by adjusters. But of course, adjusters will bear the brunt of the blame. Maybe President Bush will apologize for the mess. I bet John Kerry has a plan to fix it, he'll turn it over to NATO. |
Larry Wright |
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ChuckDeaton
USA
373 Posts |
Posted - 04/15/2004 : 09:20:09
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We were told, in Southaven, MS, earlier this week, that the NFIP has sent out 25,000 letters those policyholders with claims asking if they are satisfied with the settlement. My expectation is that flood files will reopen at about the same rate no matter who handled the claim.
Closing the Isabel flood claims may take longer than closing the earthquake claims. |
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"Isabel", is a Hot Potato headed behind?
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