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Ghostbuster
476 Posts |
 Posted - 03/14/2004 : 12:33:33
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Kile,(or as he is known by his secret codename, Tin Bucket), is more than correct, the Great State of Maryland has no swing or sway in the machinations of that Yankee Federale Gov'mint program we all know and dearly love as NFIP.
But, being an election year, the swinging dongs of the politicians must make like serving toadies to the "little people" so they won't be rudely ejected from office on ballot box day. This is the only reason they are stirring up the dust and speechifyin' on the floor of the state house and senate chambers. Their Insurance commissioner is correct and he is being made a scapegoat for something he has absolutely no say or involvement in, the NFIP.
I find it all hilarious and completely typical for the comedy of an election year. |
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LarryW
USA
126 Posts |
Posted - 03/14/2004 : 12:36:07
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Perhaps, our illustrious member, Mr. John Postave, will contribute to this thread. His input might be enlightening. I agree, he could come out as the scapegoat for a flood program that is misunderstood by nearly everyone,including myself at times. Simsol happens to be a very good estimating program from an adjuster's point of view. Of course it, like most computer applications,lends itself to the old GIGO (Garbage in: Garbage out)concept. If there is indeed a problem with claims being underpaid (not just someones allegations thereof),you can be assured the real culprit is the adjuster/operator, not the estimating program. Imagine the gall, Mr. Postave saying that adjusters should adjust claims. That is a concept from the dark ages. Leonards cranks em out by the boatloads without ever teaching anyone to adjust claims. To even suggest that adjusters should be expected to adjust is antiquated. Get the license and find out where to pick up those HUGE paychecks. After all these guys that have been doing this as a real career for 10, 20, 30 years don't seem all that bright. If they were, they would have a viable organization to protect and preserve their beloved industry.
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Larry Wright |
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Russ
USA
75 Posts |
Posted - 03/14/2004 : 12:41:54
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| I have closed many Flood claims using SIMSOL as well as most other software and always recompute my location factors to bring the pricing in line with the local Contractors. NFIP re-inspectors were especially critical of the Scope and the depreciation. Price was not a major concern. I reworked a lot of Isabel Flood claims and talked with many Contractors about pricing. Hatteras Village was the real concern due to the ability to get materials and crews in to start reconstruction. I only worked North Carolina so I cant speak for the prices in other areas, but in all my years doing Flood, pricing was never an issue,(accept for sand removal). I dont think the software is an issue, the Adjuster should set there location factors to keep the pricing in line. I HATE having to rework a $60,000.00 file for $100.00. Have a great day!!! |
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LarryW
USA
126 Posts |
Posted - 03/14/2004 : 12:50:38
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| Kile (Tin Bucket): You and I realize that no state can dictate to or regulate the Feds. My point was: Why don't the politicians in Maryland know that? We can bet those who propound those ridiculous proposals are politicians who have no clue about that of which they speak. |
Larry Wright |
Edited by - LarryW on 03/14/2004 19:18:13 |
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trader
USA
236 Posts |
Posted - 03/14/2004 : 15:22:35
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A flood claim story> The house is an elevated building within three blocks of the Atlantic on the West End of Hatteras Island. The tidal wave destroyed all buildings within 2 blocks of the beach. This house was 3 blocks and had severe pile/pier damage (missing/leaning members) and undermining of soil with voids under post construction concrete floors on grade. This house had a cinder block fireplace and chimney. The firebox was in the living room of the house (elevated floor)the chimney extended through the soffit in the usual manner. The fireplace foundation pad was scoured out allowing downward settlement and cracks opening. Tear down and rebuild was the prudent option.
Adjuster, Homeowner, Public Adjuster and NFIP General Adjuster; explored, read and all concluded the covered building claim included the heating device for this house , a part of the building.
Capitol City Insurance Co. ,Inc. flood supervisor in Kalispell, Montana rejects whole claim and responds 32 days after receiving POL. Requesting adjuster rewrite the estimate as: "The fireplace and chimney is below the lowest elevated floor and would not have coverage". Instead of sending out a check for the adjuster submitted signed, sworn proof of loss of $37,315.14 minus (the supervisors disputed) amount of $7,749.20 for the (fireplace)... $ 00. payment has been made
and 60 days has expired.
Discussed with National Flood Services Inc. last week and claims examiner, Mary A. Ross advised she mailed out the covered portion of the claim I submitted, amount $17,000.00 range.
Seems the fireplace was not the only items. |
Edited by - trader on 03/22/2004 14:04:48 |
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KileAnderson
USA
875 Posts |
Posted - 03/14/2004 : 15:42:55
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| I'm unsure of this, but, can the carrier send out a payment less than the signed proof of loss without getting another proof of loss signed? If the letter stating that the fireplace was not covered because it is below the lowest elevated floor arrived on day 32 why did the insured and adjuster do nothing for the remaining 28 days? If there was a disputed amount could they not have supplied a partial proof of loss for the non-disputed amount? Just some questions. Ain't flood claims a hoot? |
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JimF
USA
1014 Posts |
Posted - 03/14/2004 : 16:44:10
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There are three 3 US Senators now investigating the allegations about NFIP and estimate pricing include Senator Elizabeth Dole, and the two US Senators from Maryland.
The real point of this post is to share a link to today's Norfolk Virginian-Pilot which discusses the same problem with more focus on Virginia and North Carolina homeowners.
The link is as follows:
http://home.hamptonroads.com/stories/story.cfm?story=67368&ran=194067 |
Edited by - JimF on 03/14/2004 20:12:28 |
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KileAnderson
USA
875 Posts |
Posted - 03/14/2004 : 17:39:20
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Why are the prices good for wind and fire claims but the same prices aren't good for flood claims. When does an insurance adjuster write a new construction estimate only? Unless the house is picked up by a tornado and nothing is left but a bare slab then all insurance estimates are repair estimates that require at least some demolition and debris removal.
I think this all stems from a fundemental misunderstanding of what flood insurance actually is. It isn't designed to make the insured whole again. It is designed to keep a major disaster from being a personal catastrophe. From my experience it never pays enough to fix EVERYTHING and was never intended to. It's stop gap coverage to help people out and prevent the bankruptcy of people who are flooded. It's all part of the price you pay for that great view from the back porch. |
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trader
USA
236 Posts |
Posted - 03/14/2004 : 18:01:16
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| OK clones. When you modify the prices your required program prints it out as * OR BOLD, right. And you can't get your files approved..... unless you have doc,s from the Pope or Frank Loyd Wright. So you send them in for the clean up crew and hope to get paid. Don't blame the software program, blame the insurance companies heavy handed supervisors who hold you hostage by dictating to the middle man who doles out the bi-weekly pay checks. Also the same supervisors live in terror the NFIP will not reimburse the claim file 100%. We need Federal Judges to inforce the state laws in each state, and flood supervisors who know what they are doing. This problem has been around since 1976.I have no problem with experienced professional adjusters who can read contracts. |
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khromas
USA
103 Posts |
Posted - 03/14/2004 : 18:06:10
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Having sat through my first NFIP seminar recently, I can see why those claims are the "avenue of last resort" for any adjuster to handle. The time and headaches involved for a fee schedule that is absurd make it a lesson in frustration for all parties.
I think Kyle has hit the nail on the head in his assertion that flood insurance is NOT designed to make you whole, it just helps stop the bleeding. The law of percentages just catches up. A second point is that contractors NEVER think that an insurance estimate is adequate in scope or pricing. If the NFIP says pay for the drywall up to the water line, the contractor says "but it wicked up another foot so we need to take it out all the way to the ceiling".
A contractor friend of mine recently obtained his Texas adjuster license (not sure where) and we have had discussions about writing estimates. I have to remind him to write the estimate as an adjuster, NOT as a contractor. (What is covered - not what is profitable.)
IMHO! |
Kevin Hromas |
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Ghostbuster
476 Posts |
Posted - 03/14/2004 : 18:24:42
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Don't ya smell it? Sniff! Sniff! It's the distinct odor of a Hollywood scriptwriter. Quick, we gotta think up a name for this new movie deal that's coming down the pike. Remember at the 1994 L.A. earthquake when we said that L.A. deserved to have a volcano erupt out of the La Brea tarpits and wipe them all out...and then 18 months later it was on the big screen? Same thing is a gonna happen here.
First thing we need is a working title for this thing...Flood Wars? Night of the Zombie Adjuster? No Phone Calls Returned? Proof of Loss or Bust? FEMA Attacks!? |
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trader
USA
236 Posts |
Posted - 03/14/2004 : 18:40:04
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| OK... my local grape vine told me. "the biggest vendor is going to reduce the commission split by 5%for storm adjusters and straight % for supervisors". You know how they follow the bell cow. |
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Johnd
USA
110 Posts |
Posted - 03/14/2004 : 18:53:47
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Why not just a remake of WATERWORLD with Kevin Kosner. Because Insurance is involved maybe we could get Erin Brokovich to co-star as a mold victim. The Proof of Life (Loss), could be played by Russel Crowe. All in all not a bad idea Ghost, put me down for one share of this venture.
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John Durham
sui cuique fingunt fortunam |
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katadj
USA
315 Posts |
Posted - 03/14/2004 : 20:48:10
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"Catastrophe"
As a title, says it all....................
Uh, GB I'd like to sponser your venture , a bit. |
Edited by - katadj on 03/14/2004 20:49:45 |
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ronald1942
USA
1 Posts |
Posted - 03/14/2004 : 21:55:57
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Clayton:
FEMA/NFIP have only themselves to blame for the current situation. Many dedicated flood adjusters have left the business in the last 5 to 10 years due to death, taxes and the fee schedule leaving only a core group of part-timers. This small group cannot even approach handling a big flood event. The remaining claims (the majority) wind up in the hands of less experienced adjusters who have been battlefield certified. The result is what you have in Maryland. NFIP estimates they will be cleaning up the mess for a least another year. I have spoken with some veteran flood adjusters who are turning down flood work due to the structure of the fee schedule. With the fees out of proportion to the majority of claims, an adjuster has to be super-organized to make money on the $5K to $20K losses (where 80% of the claims fall). It takes just about the same amount of time, effort and paperwork to work an $8K loss as a $20K loss. This needs to be addressed or the NFIP will have to hire and train their own "National Flood Catastrophe Team." If the bennies were decent, I might consider hiring on. |
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"Isabel", is a Hot Potato headed behind?
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