Adjusters Internationalās Property Insurance Roundtable features property insurance experts discussing current issues affecting first party claims. Each podcast focuses on a critical topic that is currently trending within the property insurance industry and includes real life examples intended to improve disaster preparedness.
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Legislative Update: Issues Affecting the Public Adjusting Industry
Thursday, April 4, 2019 ā¢ Duration 21:38
Experts discuss the legislative efforts supported by the National Association of Public Insurance Adjusters (NAPIA) regarding the Unauthorized Practice of Public Adjusting (UPPA), issues surrounding Assignment of Benefits post-disaster, and more.
"The National Association of Public Insurance Adjusters (NAPIA)Ā was established in 1951 to promote a higher standard for policyholder advocacy.Ā Public insurance adjusters are licensed to serve the general public and deliver knowledgeable and experienced representation when filing a claim for property damage. The founding members of NAPIA envisioned an association that would provide the appropriate resources for policyholder advocates in pursuit of successful claims resolution.1"
This discussion is about ordinance or law coverage and how to insure for this potential exposure. After a disaster causes property damage or loss many policyholders discover that rebuilding the structure to conform to the latest building codes can add 50% or more to their recovery cost. Then comes the unpleasant surprise of discovering the ordinance or law exclusion that prevents a full recovery. With building codes, such as sprinkler systems and handicap accessibility, frequently changing, it is important to understand what your insurance excludes and how to acquire adequate coverage.
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Key Takeaways:
[1:47] What is the ordinance or law exclusion?
[3:59] What are the three distinct areas of uninsured losses under the ordinance or law exclusion?
[10:00] How to determine if the exclusion will apply and what its probable expense will be on the loss adjustment?
[12:59] How can policyholders protect themselves from the ordinance or law exclusion?
[18:26] What types of coverages are available for policyholders to counteract the ordinance or law exclusion?
[24:31] Is it true that once the need for ordinance or law coverage is established policyholders must ask how much of each coverage is needed?
[27:41] Are there any circumstances in which the building ordinance or law coverage would not apply?
[30:38] Who can the insured reach out to for questions and insurance concerns regarding ordinance or law coverage?
[32:00] How does the ordinance and law exclusion affect business income and extra expense coverage?
[34:48] What role could ordinance and law play when a building has contiguous walls to another structure?
The Unauthorized Practice of Public Adjusting (UPPA): Affecting Insurance Companies and Policyholders Alike
Tuesday, May 2, 2017 ā¢ Duration 45:37
To quote Robert Baker's published piece on the Unauthorized Practice of Public Adjusting (UPPA), "The unlicensed practice of public adjusting is a vehicle of consumer fraud that preys on some of the most vulnerable elements of our society. The disaster-stricken, the elderly, the unsophisticated and those for whom English is a second language. Individuals losses range from a couple of thousand to tens of thousands of dollars. And frequently, victims are left without a remedy, because UPPA offenders just disappear or are not worth suing."
Our experts discuss this timely issue - what it is, who is affected, and what can be done to stop it - in this episode.
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[01:52] What is the unauthorized practice of public adjusting and how and when did it start?
[05:46] How did the practice of UPPA develop and get worse over time?
[10:00] Do insurance agents ever assist in claims and does it cause confusion?
[13:19] How prevalent is the problem and are some states worse than others?
[15:25] In terms of dollars, what does this practice cost policyholders and/or the insurance industry?
[22:18] What has been done to counteract this practice and who is doing it?
[25:42] How are the insurance industry and public adjusters united in addressing this issue?
[27:35] Have insurance companies taken a position on this topic?
[32:08] Once claims have been settled, do homeowners have any recourse?
[34:14] Real world examples of unlawful public adjusting activity.
[38:28] Recommended resources for home and building owners who may experience the illegal activity.
[40:00] What is being done to educate consumers about this issue?
Disaster Recovery Planning: Preparation is the Key to Surviving Disasters
Monday, April 3, 2017 ā¢ Duration 01:00:05
According to the Insurance Information Institute, insured losses due to natural disasters in the U.S. totaled $16.1 billion in 2015 and $15.3 billion in 2014. Some of the most expensive disasters to hit the U.S. included Hurricane Katrina in 2005, the World Trade CenterĀ terroristĀ attacksĀ in 2001, Hurricane Andrew in 1992, Hurricane Sandy in 2012 and the Northridge California Earthquake in 1994. How can businesses prepare to weather these types of events and the cost associated with them? The chances of a full and expedient recovery are greatly improved when a comprehensive disaster recovery plan is in place.
This discussion explores how and why those organizations that anticipate what could happen, and plan for it, stand a much better chance of surviving. Our experts review the basics, disaster recovery planning, coupled with interesting facts and statistics about the impact of natural and manmade disasters.
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Key Takeaways:
[2:20] Is it true that natural disasters are happening more frequently or are we just paying more attention to the property damage costs associated with these disasters?
[4:33] According to the Insurance Institute for Business and Home Safety, many businesses arenāt prepared to respond to a man-made or natural disaster. Does this statement surprise you?
[6:15] Are there differences between business continuity plans, continuity of operations plans and disaster recovery plans?
[7:42] How can a business test their level of disaster preparedness?
[13:47] What are the main steps in the disaster recovery plan development process?
[15:24] When developing a disaster recovery plan, why doesnāt a one-size-fits-all approach work for every organization?
[18:31] What types of challenges can a planning team run into when developing their disaster recovery strategy?
[20:32] If an organization has no disaster preparedness plan in place, why is establishing their team the most important aspect?
Wildfires: Filing Property Insurance Claims for One of Natureās Most Fearsome Foes
Tuesday, March 7, 2017 ā¢ Duration 30:23
According to the National Park Service, "as many as 90% of wildfires in the U.S. are caused by humans, resulting from campfires left unattended, the burning of debris, negligently discarded cigarettes, and intentional acts of arson. The remaining 10% are started by natural phenomena, such as lightning or lava." Regardless of the actual cause, wildfires can be devastating.
The Insurance Information Institute reports that "the 2015 fire season set a new record for the number of acres burned in the U.S. Between January 1st and December 30th there were 68,151 wildfires, which burned 10,125,149 acres according to the National Interagency Fire Center." Over the 20-year period 1995-2014, fires, including wildfires, accounted for 1.5% of insured catastrophe losses totaling $6 billion dollars, according to the Property Claims Services Unit of ISO.
During todayās discussion, we will explore the important areas of risk management and property insurance that must be addressed, to be prepared for the destruction that can be caused by future wildfires.
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Key Takeaways:
[3:04] What is a wildfire, how do wildfires start, and which areas of the U.S. are impacted the most?
[4:13] What is a wildfire hazard zone, and how can policyholders find out if they live in one, and how best to assess their risk?
[4:50] Are wildfire insurance claims different from other fire insurance claims? Are the rules and restrictions the same?
[5:34] How can a property be compromised if subjected to a wildfire?
[6:52] What are things home and business owners can do, to prepare for a disaster such as a wildfire, for easier claims processing?
[7:40] Does a standard insurance policy include coverages to assist those affected by an emergency situation?
Adjusting Today Issue #3010: Debris Removal and Pollution Damage
Monday, February 13, 2017 ā¢ Duration 23:20
A small storm that causes a tree to fall on the roof of your home, to a large-scale disaster that takes out an entire shopping plaza, will call for clean up in the aftermath. Added to this complex situation could be hazardous materials or pollutants that are exposed to the environment, nearby towns or residences, in a disaster setting that will also need to be taken care of. Our experts discuss which coverages you need to protect your home, business, and self from having to incur these additional costs. For further information on this topic, please read our correspondingĀ Adjusting TodayĀ article titledĀ "Debris Removal and Pollution Damage: How These Additional Costs Impact the Property Claim."
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Key Takeaways:
[2:06] Are the costs to clean up debris after a disaster, such as a hurricane, flood, or wildfire, included in a standard residential or commercial insurance policy?
[3:18] Debris removal coverage will include the following to a standard policy.
[4:07] What is the history of debris removal coverage?
[5:48] Who is responsible for cleaning and removing debris or hiring contractors to help?
[7:05] How can policy holders comply with insurance company rules regarding debris removal coverage?
[8:31] What types of pollution can result from a property damaged in a disaster situation?
[9:51] How does a home or business owner predict if pollutants may be exposed, in the event a disaster occurs?
[11:49] How has debris removal coverage impacted the settlement of policyholdersā claims?
[14:20] What problems have arisen for policyholders that have debris removal coverage?
[17:27] What type of coverage is necessary, to mitigate the risk of extracting pollutants from land and/or water?
This podcast and the corresponding Adjusting Today article titled,Ā "Disasters, Raising Questions of Insurance Adequacy: Bombings! Hurricanes! Earthquakes! Fires!" is designed to assist policyholders in making educated decisions regarding insurance coverages. In this episode,Ā our expert panelistsĀ discuss the ever-changing landscape of insurance coverages in the face of disasters such as bombings, hurricanes, earthquakes, fires and more. This conversation explores risks that property owners may face, both natural and man-made, that can affect their coverage.
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Key Takeaways:
[2:06] Is there a place in the world that is immune to disasters, man-made or natural?
[2:49] Advice for business owners who have just suffered a disaster.
[4:45] Is it true that after a large scale disaster, tenants who did not experience damage to their property may be prevented from re-occupying their property by order of Civil Authority?Ā
[10:34] What do business owners need to know about Civil Authority coverage?
[13:53] What is the extended period of indemnity and how can business owners use this coverage after a property loss occurs?
[19:28] Examples of obtaining materials in a low supply, high demand environment after a disaster.
[24:03] Real life examples of common mistakes made by policyholders with regards to disasters.
[28:16] How can home and business owners be sure they are evaluating their coverages adequately?
[34:10] If a property owner owns more than one property at multiple locations, can all the locations be covered on one policy?
[36:33] If a contractor cuts corners and the property is damaged afterward, what are some possible consequences for the insured?
Adjusting Today Issue #3042 ā Difference in Conditions Coverage
Friday, August 5, 2016 ā¢ Duration 40:44
This podcast and the corresponding Adjusting Today article titled,Ā "Difference in Conditions Coverage: What It Is and Who Needs It?" is designed to assist any business that needs more protection than supplied by standard property insuranceĀ in regards to flood and earthquake perils. Todayās expert panelists answer questions regarding terminology, past and present changes in coverage, and what types of businesses need this type of coverage. This roundtable ends with additional important thoughts and real life examples of DIC policies.
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Key Takeaways:
[1:45] What is the Difference in Conditions (DIC) coverage?
[2:36] Why are these policies often misunderstood by policyholders?
[3:34] Who or what types of businesses need this type of coverage?
[7:19] To which type of disasters, other than flood and earthquake losses, does this coverage apply?Ā
[10:21] A coinsurance requirement can have a serious adverse effect on the insured at the time of loss. Why?
[11:24] Why is it important to watch for definitions, such as flood and earthquake, if they are defined in your main policy?
[16:05] What type of limits do DIC policy limits contain, as compared to AAIS form limits?
[20:25] Do commercial insureds who carry business interruption or business income coverage in their main commercial property policy also need to purchase similar coverage in their DIC policy?
[21:37] Why the ordinance or loss can be troublesome for policyholders who sustain serious property loss.Ā
[24:00] How are subrogation provisions usually written in DIC policies, and what role do they play?
[25:08] Are court decisions involving DIC coverage common, and if so, why?
This podcast and the corresponding Adjusting Today article titled, "Builderās Risk Insurance: Specialized Coverage for Construction Projects" focus on a policyholder and which steps they should take to ensure there is adequate insurance coverage on their upcoming or existing new construction project. Important points of this roundtable include identifying exposures, increased costs due to the shelf-life of previously acquired bids and basing your Builderās Risk Insurance policy on the anticipation of a total loss.Ā
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Key Takeaways:
[1:14] How to define Builderās Risk Insurance.
[2:31] Who purchases Builderās Risk Insurance?
[3:51] When a building is being constructed what kinds of risks is it exposed to?
[5:54] Who and what can be covered under a Builderās Risk policy?
[10:31] How do you define the term builder?
[13:22] Does this policy cover materials in transit to the job site as well as when materials are in storage awaiting transit?
[18:03] What is the best way for a buyer to get adequate coverage?
[21:06] What are common errors on the Completed Value Form?
[27:43] What is the difference between a Completed Value Form and a Reporting Form?
[31:07] What role does a deductible play when calculating penalties relating to Builderās Risk Insurance?
[32:40] What are examples of covered causes of loss and exclusions under a Builderās Risk policy.
[45:38] What options are available if a Builderās Risk policy is terminated but there is still work to be completed on the building?
Adjusting Today Issue #3027 - Hurricanes and Windstorm Coverage
Thursday, June 9, 2016 ā¢ Duration 44:55
This podcast and the corresponding Adjusting Today article titled: "Hurricanes and Windstorm Coverage," focus on the idea that understanding your insurance policy before a disaster strikes is essential to protecting your organization from the next major hurricane or windstorm and ensuringĀ a fast recovery. Different types of special coverages may be available and needed for property owners in hurricane prone areas. Tips for policyholders include: making sure there is an electronicĀ PDF copy of the insurance policy, before and after claim property pictures/videos, insurance audits and considerations for microbes.
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Key Takeaways:
[1:30] What areas of the United States are the most exposed to hurricanes or tropical storms?
[2:54] What type of hurricane damage should property owners be concerned about?
[5:07] Does a standard residential or commercial insurance policy protect a property from hurricane damage or is special coverage required?
[8:10] In laymanās terms, what types of coverages are available that would benefit property owners in case of a hurricane or windstorm?
[25:10] Is mold covered in a standard insurance policy and is it capped?
[29:23] In the aftermath of a hurricane, what is the first thing a policyholder should do?
[36:46] Additional comments from the panelists about coverages and premiums.
[38:58] How have insurance policies changed based on past major hurricane events?
[26:42] What goals should be met during the first disaster preparedness planning step?
[29:52] In the Adjusting Today publication the second step in the planning process is to analyze capabilities and hazards, how should the planning team conduct this analysis?
[33:23] Did 9/11 spawn the need to include terrorist attacks in disaster planning?
[34:07]Ā Step 3 in the process is establishing the plan.
[37:35] Post-disaster considerationsĀ that an organizationās disaster preparedness team should discuss.
[45:02] What role should technology play in an organizationās disaster plan development and recovery efforts?
[46:15] Once a plan has been completed and approved how should an organization implement it?
[52:34] What is on the horizon for disaster recovery planning?
[55:56] Examples of organizationās putting together great plans to effectively see them through a disaster.
[8:42] What options exist under Additional Living Expenses (ALE) coverage?
[10:26] For renters of apartments, condos, etc., what are their responsibilities, and what are the responsibilities of the building manager, in a wildfire situation? Also, what type of insurance coverage do they need in order to be fully reimbursed?
[11:41] What extra coverages should homeowners have added to their policy, in order to mitigate any and all risk?
[12:42] What extra coverages should business owners have added to their policy, in order to mitigate any and all risk?
[14:16] After a wildfire occurs, contractors are in high demand. How does this affect construction cost?
[15:02] What are the biggest hurdles in establishing building valuations post-wildfire? And, what can be done in advance to overcome these hurdles?
[16:15] What steps can home and business owners take to help recreate lost personal property?
[17:55] Examples of real life wildfire claims.
[19:10] What challenges exist when dealing with carriers, due to the volume of claims post-wildfire?
[20:10] What about debris removal, county-sponsored authorized companies, and how they affect recovery?
[21:48] What actions should a policyholder take, immediately following damage from a wildfire?
[23:16] What is meant by ārule of thumbā values, and why some valuations donāt apply in post-disaster environments?
[24:26] Who is available to assist policyholders to become familiar with the ins and outs of their insurance policies?
[25:57] The panel shares expert advice regarding wildfire insurance claims.
