Proving an Insured Loss: Policyholders Need Experts Too!

Property Insurance Roundtable

Today, we will be discussing how experts can benefit policyholders prove an insured loss. More and more insurance companies are using experts to support their side of a claim settlement. That is why today’s policyholder must often take advantage of similar professional resources to help prepare, support, and settle their claims. Understanding and utilizing the coverages available for this purpose can help protect the insured not only against financial loss but for the cost of recovering it. Our experts will review the basics of loss preparation cost coverage including what it is, why it’s needed, and how to ensure you have purchased the right type and the amount of coverage.

Key Takeaways:

[1:58] Why is it important to know who is who in the insurance claims process?

[2:58] What types of professionals who may participate in a policyholder’s property loss work for an insurance company?

[3:25] What types of professionals work for the policyholder?

[3:57] Are there any professionals who may work for both the insurance company and the policyholder?

[4:33] How can qualified outside professionals make a significant difference in the amount of a settlement and the speed at which it’s reached?

[5:21] What types of experts and professionals will insureds possibly need to hire during the property insurance claim process?

[5:57] Historically the cost of the experts to support and prepare a claim are the insured’s responsibility, but now it seems the burden of cost seems to be shifting. Why is that?

[6:54] How does current coverage to reimburse policyholders for loss preparation costs vary among insurance carriers?

[7:20] What steps should policyholders take when considering this type of coverage?

[8:11] What other types of questions should policyholders consider when they are researching loss adjustment expense coverage?

[9:43] Why is it important that a policyholder identify the carrier’s precise intent for loss preparation coverage before a loss occurs?

[10:30] What should policyholders do if they haven’t found an acceptable endorsement that will respond to their business's unique needs?

[11:14] Why do so many organizations fail to make sure their insurance program includes reimbursement coverage?

[13:07] Examples of businesses who want people to maximize their financial settlement after a disaster because they didn’t have this type of coverage or they didn’t hire the right experts.

[15:00] If an agent or broker offers to handle a claim is that an unauthorized practice of public adjusting or are they legally allowed to do it?

[16:42] Other important points about making a case for experts.

[18:12] Why is coverage for public adjusters rarely seen?

Panelists:

? C. Todd Thomas, Executive Director at Adjusters International and Member of the Society of Risk Management Consultants

? Jim Beneke, SPPA, President at The Beneke Co./Adjusters International

? John Marini, Senior Advisor for Business Development & Government Affairs at Adjusters International

Moderator:

? Marjorie Musick

Mentioned in This Episode:

Adjusters International