|Posted on Wednesday, December 29, 1999 - 5:20 pm: |
AGAIN!!!!!! The adjuster has always been the one to educate the insured. I've had to set and go over the policy with the insured more times than I care to remember. The agent is the one with the most contact with the insured. I feel like the agent should explain policy and if needed offer remedies to the problems that the insured feels would be a problem area. I worked both N.C. and Fla. and found some insured were covered with a 500.00 ded., but most had the 2% ded.. The adjuster can read and comprehend policy as can the insured, if the insured would just read the policy. The agent along with the insurance co. should be the first line to educate the insured as to policy and change in coverage. As usual the adjuster is the one that is forced to tell the insured about policy coverages and changes at a time when the insured feels most vulnerable.
|Tom Joyce |
|Posted on Wednesday, December 29, 1999 - 9:54 am: |
It can at times be a problem, working on files that the loss is not going to exceed the deductible, but so are assignments involving no coverage situations. Imagine if four out of five of those claims were never reported or assigned out, little need for adjusters to handle overflow work.
|Posted on Tuesday, December 28, 1999 - 7:37 pm: |
Lyndon does the insurance commissioner of each state have to approve these policy changes or can the carrier do it unilaterally? Do you not offer training for adjusters from time to time? If so when will be the next time frame you plan to hold a class?
|Posted on Tuesday, December 28, 1999 - 6:56 pm: |
As many of us found out during this last hurricane season, many changes have occurred on the Eastern US coastline in the last two years. In an effort to control rising costs, the Insurance companies have devised new ways to cut their losses during hurricanes.
There were two basic methods that they have utilized. The first one was to change the deductibles from the $500 range to a percentage of the Coverage A amount. The percentage ranges fron 2% to 5% depending upon how close you are to the coast. That generates a deductible of $5,000 to $10,000+ for the average newer home.
The second method was to add an endorsement specifically for hurricane damage. The endorsement completely over-rides the policy wind coverages with a very limited coverage for dwelling extensions, personal property, and dwelling coverages. With the restricted coverage, the loss amounts are much lower than normal. During Hurricane Irene in Miami, only one in five claims warranted payment. The rest were closed under deductible or without coverage!
The big problem is that the Insureds were notified only by a memo enclosed in their policy renewal statements. There were also other sales brochures included as well. Many people stated that they pulled the bill out, paid it, and threw away the rest without reading it. Therefore, they had no idea that their deductibles/coverages had been changed.That was done about two years ago!
Here comes the cat adjuster after a loss, and he/she has to break the bad news to the Insureds. The agents offer little or no help because they did not cause the changes to occur. . .what can they say?
One Insured in Miami was so angry that he said he was going to come down and kill the whole office.
In a nut shell, the adjuster was left facing the brunt of the Insured's rath! This occurred from Miami to Maine. What should we do to prevent this type of burden from falling on the adjuster again?