Looking for someone who knows and uses XM* 25.2. Working in the New Orleans area and one of the enclosures required to complete a claim is the "Statement of Loss" report found under the Claim Reports tab. Not a problem in most cases. Except one...
If you have an insured who has 80% or greater required coverage, and has recoverable depreciation, BUT total of loss is less than deductible, then the statement of loss report shows recoverable depreciation as owed to the insured. Recoverable depreciation should also be taken out of the residual deductible after loss is taken out, leaving $0.00 as owed/payable to insured.
Basically, say the insured has 100% coverage required $100,000, a deductible of $2,000, loss of $1,000 and recoverable depriciation of $500.
After the $1,000 loss is taken from the deductible, the recoverable depreciation of $500 is also taken out of it. As the claim has not exceeded the deductible, there is no claim/payment due the insured.
But on the statement of loss report, it's showing a balance due the insured as $500. Has anyone else had this problem?
Thanks in advance,
Robert Hill