Posted by Leonard Theran, SPPA

Sep 15, 2018 7:27:01 PM

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Secrets of a Public Adjuster: What Really Happens After A Major Disaster?

Insurance companies are under tremendous pressure to respond to a claim as soon as possible. However, they have reduced the number of their property adjusters in recent years, and when a major calamity occurs such as  Hurricane Florence, they have to bring in adjusters from out-of-state to write an estimate for the cost of the repairs. The technical term for these adjusters is “Cat Adjusters,” which is short for “Catastrophe Adjusters.”

These Cat Adjusters wait for a widespread disaster to hit, such as hurricanes. They then work very hard for a few months and then move on to the next disaster, wherever it may be.
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Topics: public adjuster, flood, insurance claim, loss, water damage, hurricane

Posted by Lorraine Cline

Jun 20, 2018 11:27:00 AM

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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.

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

Posted by Lorraine Cline

Sep 17, 2014 11:46:00 AM

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Brunelle's Marina Bounces Back After Fire With PLA's Help

 

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Topics: public adjuster, business income claim, loss, fire, Massachusetts, insurance, claim, South Hadley

Posted by Lorraine Cline

Mar 6, 2014 12:25:00 PM

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Speaking To A National Audience About Business Interruption Claims

Leonard Theran, SPPA, principal of Professional Loss Adjusters, Inc. recently presented to a group of insurance industry professionals from across the country at the First Party Claims Conference (FPCC), which was held in Warwick, Rhode Island. The topic was “Major Business Interruption Cases—Made Simple.” Richard Lewis, Esq., an attorney with Reed Smith, LLP, one of the leading experts in Business lnterruption law in the country, was co-presenter. 

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Topics: public adjuster, property damage, insurance claim, loss, professional adjuster, New Hampshire, Maine, insurance adjuster, business income, loss adjuster, extra expense, FPCC, building damage, insurance, storm damage, property loss, Rhode Island

Posted by Lorraine Cline

Jul 23, 2013 2:54:00 PM

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10 Things To Do After A Fire or Flood

You have just suffered an emotionally upsetting loss to your property—maybe a fire, a flood, wind damage, water damage or another type of disaster. Large or small, you now face the task of preparing and submitting a detailed claim to your insurance carrier, not only because you need to be compensated for your losses, but because it is required by your insurance policy.

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Topics: public adjuster, property damage, insurance claim, loss, professional adjuster, New Hampshire, Maine, insurance adjuster, business income, loss adjuster, extra expense, building damage, storm damage, property loss, Rhode Island

Posted by Leonard Theran, SPPA

Jun 10, 2013 2:17:00 PM

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Months Later, Boston Impact Zone Businesses Continue To Wait

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Topics: public adjuster, insurance claim, loss, Boston, bombing, impact zone, Ed Markey, terror

Posted by Lorraine Cline

Jan 15, 2013 11:35:00 AM

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Little-known Benefits of Extra Expense Insurance

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

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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

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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.

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

Posted by Lorraine Cline

Dec 28, 2012 4:10:00 PM

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Is Your Homeowners Insurance Falling Short?

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

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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

Sep 5, 2012 3:09:00 PM

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Call Me Mr. Gadget: A Public Adjuster's Toolbox

Simply put, when a client experiences a loss, Professional Loss Adjusters, Inc. (PLA) is retained to assist in preparing and filing a detailed insurance claim. To accomplish this, one of the most critical parts of my job is to perform a thorough and accurate on-site analysis of building and property damage. Time is of the essence when I am working to secure a settlement for my clients. Their home or business needs to be rebuilt as soon as possible, so they can return to their normal activities.

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Topics: public adjuster, insurance claim, loss, visible light images, tool, building damage, moisture meter