| Author |
Message |
Kelley Roberson (Kelley)
| | Posted on Wednesday, December 13, 2000 - 6:22 pm: | |
As I have stated in the past. As adjusters we are often there to only carry out the will of the carrier. In a cat situation the carrier should be giving guidelines on what to apply taxes to. We don't make the rules... we really do not carry them out, we are there to make "recommendations". |
Cecil Kraft (Cecil)
| | Posted on Monday, December 11, 2000 - 10:58 am: | |
Option: Do not add sales tax to content items if the RC amount is guestimated by insured since that amount contemplates the total RC with tax included. If the insured has a quote or uses an amount which is otherwise documented as needing sales tax added, then certainly it should be added. Often times the receipt we receive already has the sales tax added. |
John Durham (Johnd)
| | Posted on Wednesday, December 06, 2000 - 9:13 pm: | |
John:
Will your system handle a scenario where the policy (and the loss) is covered under both an ACV and full RC that will be estimated on the same estimate. Some midwest Farm/Ranch policies have this along with scheduled items. Is your sales tax calculated on line items or at the tail end of the estimate. Some food for thought. |
Guest
| | Posted on Wednesday, December 06, 2000 - 6:19 pm: | |
Yes, there is one other scenario. In some states (New Hampshire comes to mind) there is NO sales tax, so the 5th option should allow for no payment of sales tax in any event. |
John A. Postava (Johnp)
| | Posted on Wednesday, December 06, 2000 - 6:05 pm: | |
Here at SIMSOL we have been enhancing the personal property estimating module of our system for adjusters for our January 2001 update. Based on discussions we have had with our carriers, independents and cat adjusters, we have come up with four (4) scenarios for applying sales tax to contents claims with regards to both ACV and RCV payments. They are: (1)Hold back all sales tax on an item until it is replaced; (2) Pay all sales tax for an item up front in the ACV payment; (3)Hold back only the depreciated (RC holdback) sales tax amount until an item is replaced and; (4) pay only the depreciated sales tax amount in the ACV payment.
Can anyone come up with another scenario where one of the 4 mentioned above would not apply? |
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