by dm777 » Thu Oct 08, 2009 05:39 pm
I've had a fire loss and the claims adjuster says that if I do the work myself instead of his low-bid contractor, he is going to deduct the 10k "overhead" and "profit" line items from the contractor's written bid, since I don't have the overhead, and I'm allowed not to profit from the claim. So he says unless I sign a contract with this contractor for him to do the work, the settlement check to me/mortgage company will be minus the 10k contractor P&O. I'm familiar with the concept of not profiting from an insurance claim but does this sound right?
Posted: Sun Dec 20, 2009 05:04 pm Post Subject:
What state are you in? Actually Overhead and Proft ( O&P) should be 20%. NOT 10.
Did you hire a public adjuster to represent you? Are you a contractor or attorney?
Who is the policy with?
I am a PUBLIC ADJUSTER for 5 years now. I represent home owners on their loss. If you did not hire a Public Adjuster, chances are you are being short changed more than just that 10%.
Btw, the adjuster that went to your loss is not the one that deducted the O&P. It is the file examiner that he submits it to. Contact me for more info if you'd like. [/b]
Posted: Sun Dec 20, 2009 05:16 pm Post Subject:
Why do people answer questions with out any knowledge??
NO, once you accept a check, its not a FINAL SETTLEMENT.
As a matter of fact, you have a 5yr window to file a SUPPLEMENTAL...
Also, Depreciation can be recoverable or not. Depending on the state, you could get it up front or at the end after repairs are made.
This also depends on the type of policy (HO 3, HO 6, HO 8) and if you have a RC endorsement or if it's strictly ACV.
Posted: Sun Dec 20, 2009 05:25 pm Post Subject:
Why do people answer questions with out any knowledge??
You tell me.... the statute of limitations applies here and it's not 5 years in many (5 out of 50) states.As a matter of fact, you have a 5yr window to file a SUPPLEMENTAL...
Posted: Sun Dec 20, 2009 05:31 pm Post Subject:
At the onset of my post I ask "what state are you in"?
And that is why I mentioned that it depends on the STATE.
Thanks Again
Posted: Sun Dec 20, 2009 05:37 pm Post Subject:
And that is why I mentioned that it depends on the STATE.
Actually you did not... not when it comes to filing a supplement. You mention that depreciation is state dependent.Posted: Sun Dec 20, 2009 05:43 pm Post Subject: TCOPE
The fact that your tag says "forum expert" does not make you a forum expert by any stretch of the imagination, Especially on an industry as complex as insurance.
The users of this service I assume have at least a basic level of understanding of insurance and its applicability. Clearly, all insurance policies are dependent on their state of production along with many other details. I answer posts from years of experience, training and knowledge.
It would be absurd for me to give a detailed answer to a general question. I therefore provide general information that absent any gross negligence will guide the consumer.
If you feel that you are unequivocally the authority on Insurance Regulation and application, please send me your resume and I might have a position for you within my company.
Posted: Sun Dec 20, 2009 05:50 pm Post Subject:
The fact that your tag says "forum expert" does not make you a forum expert by any stretch of the imagination, Especially on an industry as complex as insurance
Those titles are not something the posters pick... they are assigned by the forum software. It does say "forum" expert... not "insurance" expert. It really only means I've been here for awhile.It would be absurd for me to give a detailed answer to a general question. I therefore provide general information that absent any gross negligence will guide the consumer.
Telling the OP that they have 5 years to submit a supplement is pretty specific. I only pointed out that this does not apply a vast majority of states... that it's dependent on the states statute of limitations.If you feel that you are unequivocally the authority on Insurance Regulation and application, please send me your resume and I might have a position for you within my company
No, but thank you.... I already have a job. I can say that I have about 25 years experience in the P&C biz with about 20 of those years as an adjuster and about 17 years handling claims in Florida.Posted: Mon Dec 21, 2009 03:40 am Post Subject:
I would have to side with tcope here.
As a matter of fact, you have a 5yr window to file a SUPPLEMENTAL...
You did state it as a fact and then attack him for having a title of forum expert.
Posted: Mon Dec 21, 2009 03:42 am Post Subject:
Some more than 5, some less than 5.
Posted: Mon Dec 21, 2009 04:22 am Post Subject:
What state are you in? Actually Overhead and Proft ( O&P) should be 20%. NOT 10.
Typical PA. Doesn’t actually read what the OP stated, just looked at the company trying to not PAY WHAT IS OWED. Where did the OP state that that the O&P was 10%. They said that it was about 10K....and a few posts down said the company would pay the overhead or about 5.5K.
So whats the problem. The OP got what it will take to cover the damages plus 5.5 as overhead (lining up different trades that he can't/doesn't want to do).
If you did not hire a Public Adjuster, chances are you are being short changed more than just that 10%.
But if you do hire one, you will be short changed 10%.
Btw, the adjuster that went to your loss is not the one that deducted the O&P.
Wrong. Any adjuster worth anything will know to remove these items from an estimate if the insured is going to do the work. That the overhead was put back in was a choice made at a paygrade higher then the adjuster. (This I believe excludes TX. I believe that all claims require O&P even if a contractor is not involved. Since I don't live in TX, I could not confirm this).
I am a PUBLIC ADJUSTER for 5 years now.
If you are looking for work, you may want to stop posting this in public. I'm going with the person with 20+ years experience.
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