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trader
USA
236 Posts |
 Posted - 03/22/2004 : 14:14:27
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| Read the five page post on "Isabel" then the coverage post. I am writing a short book on Flood Claims, Outer Banks, NC. Its free, but do you want to be short chapter or long paragraph.[:D] |
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Tom Toll
USA
154 Posts |
Posted - 03/22/2004 : 16:24:55
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| Some like handling flood losses and for those who do it on a regular basis, probably make decent money. We are well qualified to handle them, but find the paper work very distasteful. Seems NFIP is excluding more and more as the years go by. I remember the old days when NFIP first started, they covered everything and had much less paperwork. Going to the NFIP seminars on a yearly basis is ridiculous. Same O same O, year after year. If they paid us to go, that might be something else, but is it more money out of your pocket, just to qualify and you may or may not get flood work. |
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glenn220
USA
10 Posts |
Posted - 03/22/2004 : 17:35:24
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| I've not done flood but it seems I've found that adjusters are segmented into two groups, those who love doing flood, and those that won't touch it. There doesn't seem to be much grey area. |
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JimF
USA
1014 Posts |
Posted - 03/22/2004 : 18:20:38
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I stopped going to the flood seminars years ago, hence I gave up my flood certification.
Frankly, it never was my cup of tea, and my personal perception is that it has not affected my income nor my ability to find vendors or work during hurricane season.
Unless an adjuster is handling flood either exclusively and almost fulltime, I just don't see where the adjuster makes any real money. And as Tom says, the paperwork and exclusions are only becoming more distasteful.
I'm just glad that some of you enjoy flood so you can handle all the claims I miss.
Give me wind and ice any day! |
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Cecil
USA
35 Posts |
Posted - 03/23/2004 : 07:54:16
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Flood work is irregular at best. For what you have to do, the pay is low. There is a certain area of damage where pay is adequate but if the flood damage is mediocre the pay is low.
The meetings are also tough to bear. A CD interactive study course would be much better. One like the old Florida Wind came up with.
I know a lot of adjusters who just swear they will never do flood again. I have agreed to do flood but mainly as an accomodation to remain in the loop for regular work. But I wonder if that is something that really works or not.
I know that the floods from Isabell were arduous for several reasons. But after working on clean up in Virginia for 5 months, I am hesitate to just start casting blame on everyone. It seems that blame casting has become a pastime.
A lot of inexperienced adjustors were thrown into this because no one else was available. A lot of the management was inexperienced. Control was tight, or/and it was attempted to be tight. Insured's were in a pickle. Competent, experienced contractors were at a premium. A lot of SWAGGING was going on. Some contractors thought this was going to be like the mold thing in Texas and were bidding the jobs like that.
So, it was difficult. As Jim said, why do flood when the hassle is high, the pay is low the work irratic and the threat, yes the "threat", did any of you get that from the NFIP meetings, is there.
One speaker at the NFIP meeting indicated we were paid very adequately. Not for what we have to do and all the extra time and trips a flood loss requires. Almost all claims in Virginia had reformation issues and coverage issues. As you who were there know, if the insured had contents coverage, they were not covered in the unelevated attached garage but were covered in the detached garage or shed.
The language in the policy is also ambiguous in several areas and NFIP interpretation rules. |
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KileAnderson
USA
875 Posts |
Posted - 03/23/2004 : 12:00:57
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| I was shocked at the NFIP meeting when the guy said that they were thingking of requiring us to stay on site until all of our claims were closed. He didn't mention any additional pay either. So we would be forced to sit in a hotel at our expense while the insured's drag their feet on getting their contents list together. I guarantee that won't last lost if it is ever implemented. I'd like to see how the NFIP will explain it to their insured's when there aren't any adjusters to handle the claims. |
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Steve H
Switzerland
30 Posts |
Posted - 03/23/2004 : 15:11:01
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| I saw an article in the Insurance Journal that said that a company called Covansys is going to admin NFIP, including claims. I wonder what effect that will have. |
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345
USA
28 Posts |
Posted - 03/23/2004 : 21:34:10
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| The flood claim pay schedule has not changed for 2004 and is several years old. Every year the flood claims require more and more paperwork and hassle. I feel that more and more adjusters are coming to the conclusion that flood adjusting is not profitable. A catagory 2 hurricane produces a lot of no claims and minimum billings. It is difficult to close many of the claims before the 60 day deadline. It is no longer profitable for me to drive 1500 miles each way to the east coast, stay 60+ days and wait another 30 days to get a paycheck that is less than I normally receive for 15 days work on a hailstorm. |
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Are you sure you want to handle flood claims?
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