Posted by Lorraine Cline

Jun 20, 2018 11:27:00 AM

Leave a Comment

How Can A Public Adjuster Get Me A Better Settlement?

You have just suffered an emotionally upsetting loss to your home or business. You now face the task of preparing and submitting a complicated claim to your insurance company—a task required by your policy.

For most, the preparation of a property damage insurance claim is unfamiliar and rough terrain: depreciation, exclusions, replacement cost, actual cash value... At times, the list seems endless, but it is your responsibility to prepare and prove your claim to the insurance company.
 
In order to be successful, you will need to have a thorough understanding of insurance coverages and the adjustment process. Given the scope of the loss you have just suffered, are you prepared to take on this task?
 
Many policyholders have asked the same questions: How do I estimate my loss? Will I recover enough to rebuild? Can I do this myself? Will the insurance company's settlement be fair and accurate?

Pictured here is Cambridge, Massachusetts condo that suffered a fire loss.

Read More

Topics: public adjuster, building claim, business income claim, insurance claim, loss, loss adjuster, fire, condo, settlement

Posted by Leonard Theran, SPPA

Mar 1, 2013 1:53:00 PM

Leave a Comment

Suffered A Property Loss? Who Will Protect Your Interests?

Who Is There To Protect Your Interests When You Have Suffered A Property Loss and Need To File An Insurance Claim?

You have just suffered an emotionally upsetting loss to your home or business. You now face the task of preparing and submitting a complicated claim to your insurance company—a task required by your policy. For most, the preparation of a property damage insurance claim is unfamiliar and rough terrain: depreciation, replacement cost, actual cash value... At times, the list seems endless, but it is your responsibility to prepare and prove your claim to the insurance company. In order to be successful, you will need to have a thorough understanding of insurance coverages and the adjustment process. Given the scope of the loss you have just suffered, are you prepared to take on this task?
 
Many policyholders have asked the same questions: How do I estimate my loss? Will I recover enough to rebuild? Can I do this myself? The uncertainty is easily removed by the depth and experience of the Professional Loss Adjusters, Inc. team of insurance claims experts.

There is no substitute for diligence, hard work, cooperation, and “out-of-the box” creativity. Each of our associates brings unique skills to the adjusting process—many have even worked as adjusters for insurance companies, giving them insight that can be extremely valuable in settling your claim. Because we enjoy working together, we are able to resolve myriad issues that arise during the adjusting process in a non-confrontational manner that provides the maximum benefit to you, the policyholder.

Here is a quick look at our team. We encourage you to visit our website to meet our team in person. >> Click here

Jonathan F. Sadick, SPPA, is a graduate of Dartmouth College with a combined degree in Economics and Engineering. Jon is the fourth generation of his family to be involved in the public adjusting profession and has more than 30 years of adjusting experience. Jon also earned the SPPA designation, with more than 10 years experience, and having passed a rigid certification process. He has handled in excess of two hundred million dollars in claims. He is an active member of his community, serving on a number of charitable boards as well as being a past master of his Masonic Lodge. He served as vice president of the Massachusetts Association of Public Insurance Adjusters (MAPIA) and has been affiliated with the National Association of Public Insurance Adjusters (NAPIA) for many years.

Read More

Topics: public adjuster, building claim, professional adjuster, insurance adjuster, NAPIA, loss adjuster, building damage, insurance, property loss

Posted by Lorraine Cline

Jan 15, 2013 11:35:00 AM

Leave a Comment

Little-known Benefits of Extra Expense Insurance

So, how do you allow a business not to fail after it suffers a loss?

Read More

Topics: public adjuster, building claim, loss, professional adjuster, business income, loss adjuster, extra expense, building damage, insurance

Posted by Lorraine Cline

Jan 10, 2013 2:17:00 PM

Leave a Comment

Extra Expense: An Important Complement To Business Income Insurance

Recently, I had the honor of presenting a talk to a group of insurance professionals from around the country at the 2012 First Party Claims Conference in Warwick, Rhode Island. The topic was “Business Income and Extra Expense for Small Business vs. Manufacturing or Retail.” My co-presenter was Glen Ricciardelli, a partner at Matson, Driscoll & Damico, LLP, a leading forensic accounting firm working on behalf of the insurance industry. Our different backgrounds enabled us to provide varied perspectives on the subject.

Now, I realize that most discussions about insurance are boring. But, with business income insurance and extra expense insurance, we are talking about keeping a business alive after a disaster—anything but boring.

Most businesses purchase business income insurance, the intention of which is to put you in the same financial position you would have had if there had been no loss. However, it is often more important to ensure that the business also has extra expense insurance. Why? Before we discuss it, it is worth defining business income insurance and extra expense insurance:

Business Income Insurance
BII provides loss income coverage for your business by replacing your operating income during the period when damage to the premises or other property prevents income from being earned. Regardless, your business must meet its expenses: payroll, utilities, communications, advertising/marketing—expenses that help your company derive profit. If you suffer a business interruption and have to close for several months, or operate at a reduced pace due to fire or other perils covered by your Earnings insurance, this income will cease or be reduced.

For the purpose of this insurance coverage, “earnings” are defined as the actual loss sustained by the insured as a direct result of business interruption necessitated by damage or destruction of real or personal property. The damage or loss must be caused by the insured perils. Furthermore, “business income” is defined as the sum of total net profit, payroll expense, taxes, interest, rents, and all other operating expenses earned by the business.

The amount of coverage your Earnings insurance provides is established on the basis of either amount of insurance or actual loss sustained for each 30-day period of necessary business interruption caused by damage or loss from covered perils. There are several ways to set up Business Interruption depending upon your particular business. Monthly limitations, coinsurance, maximum time period to be paid, etc.

Extra Expense Insurance
If your building was rendered untenantable by fire or any other insured peril, it would probably be necessary to secure other quarters to continue your business operations. However, the use of such buildings would undoubtedly involve many extra expenses, such as rent, installation of telephones, computer networks, etc. Extra Expense insurance covers such expenditures over and above your normal monthly expenses.

As you can see, BII has a number of limitations:
• It only allows for financial recovery of earnings until the business recovers, plus typically a month or so afterwards. This may not allow a business to recoup a loss that occurred well after the business is restored; for example, when it takes a long time for the business to regain its customers.
• It may be limited to one year or a specific dollar limit.
• It may be very difficult to determine what sales would have been had there been no loss.
• Necessary records may have been destroyed or disposed of as a result of the loss.

Read More

Topics: property damage, building claim, loss, business income, loss adjuster, extra expense, FPCC

Posted by Lorraine Cline

Dec 28, 2012 4:10:00 PM

Leave a Comment

Is Your Homeowners Insurance Falling Short?

THIS ARTICLE APPEARED IN THE WALL STREET JOURNAL WEEKEND INVESTOR
Updated December 7, 2012

Read More

Topics: public adjuster, property damage, building claim, insurance claim, loss, inventory claims, loss adjuster, hurricane, building damage, storm, Sandy, homeowner insurance, insurance payout

Posted by Lorraine Cline

Jun 28, 2012 2:08:00 PM

Leave a Comment

10 Tips For Proper Coverage In The Event You Experience A Loss

I recently read an article posted by Angie’s List, the membership-based website featuring thousands of unbiased reports and reviews about service companies throughout the United States. Members regularly share their experiences with each other so that others can choose the service company that’s right for their needs. Angie’s List also posts information and tips to help homeowner’s save money.

This particular article asked: “Does your homeowner’s insurance policy offer enough coverage to replace your house should catastrophe strike?”
That’s a really important question, considering your home (and your business) is probably your most valuable asset. Many homeowners (and business owners) neglect to perform an annual review of their policy, and may, over the years, end up dramatically underinsured. Angie’s List offers the following 10 tips to help homeowner’s obtain proper coverage:

1. Annual review: When you get your renewal notice, talk to your agent about whether you need to adjust your coverage. Update your policy if you have added square feet, remodeled, bought expensive items like jewelry, artwork, electronics, or a boat for example. Consider increasing your liability protection if you install a pool, or add a new pet to the family. This will help protect yourself if someone is injured on your property.
2. Get what you need: Replacement cost insurance covers the cost of replacing your home and is generally the policy for most homeowners. Your agent will evaluate your home and its contents and write a policy that would replace it at that value.
3. Get specific: Find out what your policy says about storm, water, mold, wind and flood coverage. In the past 10 years, companies have increasingly changed the language about these specific items. Ask about adding specific endorsements if your agent or company doesn’t offer the coverage you want.
4. Flood warning: If you live in a low-lying area or one that is predisposed to flooding, purchase flood insurance from the National Flood Insurance Program.
5. Get loss of use coverage: Consider loss of use insurance to cover rent or hotel fees in the event your home is uninhabitable after a catastrophe. Experts recommend at least one year of coverage.
6. Claim deadline: Check with your state’s Department of Insurance for the statute of limitations for filing a claim, which can vary from one to two years.
7. Safe keeping: Put important paperwork, especially policy information, in a fireproof/waterproof safe. Take photos and videos of everything in your home. Keep the originals in a safe-deposit box and send copies to relatives or friends across the country.
8. Ask around: Don’t take an insurance adjuster’s proof-of-loss statement as accurate. Instead, use at least three independent contractors’ estimates as your starting point. The insurance company’s initial payout is often drastically lower than what the work will require.
9. Public adjuster: If you experience a sizable loss, consider hiring a public insurance adjuster who will file and submit your claim on your behalf. These adjusters often have years of experience on the private insurance side and work to get homeowners the best settlement possible. Their compensation is a percentage of your settlement. That percentage varies by state.
10. Crash course: Familiarize yourself with what you are entitled to receive in the event of a loss. Ask your agent about his or her experience in handling a loss claim. An experienced agent should be able to not only detail what your policy will and will not cover, but be able to give you a good idea of what to expect if a claim takes place.

Professional Loss Adjusters deals with the items outlined in Tips 8, 9 and 10 on a daily basis, and we know that when a homeowner or business owner is faced with a catastrophe, the last thing he or she is prepared to do is begin inventorying and evaluating their loss. Here is why you should follow Tip 9 and hire a public adjuster:
• PLA has the expertise to accurately and rapidly determine the scope and value of your loss. We use high-tech equipment and years of experience to document your entire loss. This is vital for a successful settlement from the insurance company.
• The insurance company will assign their own adjusters to handle your claim. They represent the interest of the insurance company that employs them. PLA represents you—and only you. Our objective is to obtain the best settlement for you, so that you can begin rebuilding your home or business.
• PLA handles the tedious task of learning the details specific to your insurance policy. This helps you avoid the risk of making mistakes that could hinder or diminish your settlement.
• PLA relieves you of the time-consuming and difficult matters involved in preparing and filing a claim with your insurance company. This leaves you free to concentrate on recovering and rebuilding your life.
• PLA’s professionals include former insurance company adjusters, a certified arson investigator, a damage control expert with the U.S. Navy, a former senior statistician and research analyst, an economist and mechanical engineers.
We’ve secured hundreds of millions of dollars in claims for homeowners and business owners. Wouldn’t you rather work with a team of professionals who work for you, and not for your insurance company? Angie thinks so.

Read More

Topics: public adjuster, property damage, building claim, tornado, flood, insurance claim, loss, inventory claims, collapse, fire

Posted by Lorraine Cline

Jun 7, 2012 4:21:00 PM

Leave a Comment

Condo Fire: Lack of Preparation Can Cost You Everything

Read More

Topics: public adjuster, property damage, building claim, fire, condo

Posted by Leonard Theran, SPPA

Aug 27, 2011 4:14:00 PM

Leave a Comment

Prof. Loss Adjusters complete major loss adjustment in record time

On June 1st 2011, a devastating tornado hit western Massachusetts. It left damage and ruin in its West to East trail of destruction that began in Westfield and passed through West Springfield, Springfield, Wilbraham, Monson, Brimfield and Sturbridge. The tornado left four individuals dead and 33 injured in the city of Springfield, according to a report by the Boston Police Department. The tornado resulted in substantial property loss for those living in the Springfield area. Roofs were torn off houses and apartment complexes. A few homes were completely torn from their foundation and flipped up side down. 

Read More

Topics: public adjuster, building claim, tornado, inventory claims

Posted by Leonard Theran, SPPA

Jun 19, 2011 8:55:00 PM

Leave a Comment

Tornado in Springfield, MA creates many insurance claims, Part 2

It is difficult to get a sense of the path and breadth of destruction of the June 1 tornado in Massachusetts from the ground. Photos from the air give a better indication of what happened.

Photo of forested areas show width and path of the tornado 

According to the
Read More

Topics: property damage, building claim, tornado

Posted by Leonard Theran, SPPA

Jun 18, 2011 2:19:00 PM

Leave a Comment

Tornado in Springfield, MA creates many insurance claims, Part 1.


Professional Loss Adjusters is representing several property owners in the adjustment of their insurance claims. You have probably seen photos of the incredible building damage from the ground. Recently, I took aerial photos of several of the claims we are adjusting to give you a different perspective.

Read More

Topics: public adjuster, property damage, building claim, tornado