by difference30360 » Wed Mar 24, 2010 06:26 am
I have a question: I am about to receive a financial offer from the Home Insurance Comp, where the Total Replacement Cost Value is $6,050.00.
The Deductible is $1,000.00, the Recoverable Depreciation is $1,800.00 and the Net Claim is $3300.00 (excluding the Recoverable Depreciation) Total Net Claim will be around $5,100.00 (if Recoverable Depreciation is received). The Claim includes changing paper felt, shingle, flashing, (if necessary part of the rotten wood structure), replacing sheetrock and repaint. I work as an Independent Contractor (Sole propietorship, Doing Business As "Company Name").
First question:Can I pay my own DBA, for the value of the deductible + whatever labor value I can do on my own (given the fact that I do have more than 15 years experience in Construction / Remodeling), and subcontract the rest of the job that I can not do non my own, with another subcontractor? If yes, am I legally required to mention that in the initial invoice to be presented to the Insurance Company (on which I do plan to ask for the recoverable depreciation), or I can present only the initial invoice on my DBA and subcontract part of the job, thereafter?
Second question: Can I ask for additional funds, besides the Recoverable Depreciation, if the discovered reality (that could not be seen at the moment of the Estimate), claims that necessity? The estimate is saying that: ..."it reflects only known covered damages to the property"...and any estimate that will be in the excess of their estimated value "might be covered" based on additional payments that has to be subject to prior agreements, before the work is performed (for example: if after I take off the felt paper, I would discover that a considerable amount of wood structure has to be replaced as well)
I do plan to keep a very strict record as to where each dollar is going (materials + labor). Thank you
The Deductible is $1,000.00, the Recoverable Depreciation is $1,800.00 and the Net Claim is $3300.00 (excluding the Recoverable Depreciation) Total Net Claim will be around $5,100.00 (if Recoverable Depreciation is received). The Claim includes changing paper felt, shingle, flashing, (if necessary part of the rotten wood structure), replacing sheetrock and repaint. I work as an Independent Contractor (Sole propietorship, Doing Business As "Company Name").
First question:Can I pay my own DBA, for the value of the deductible + whatever labor value I can do on my own (given the fact that I do have more than 15 years experience in Construction / Remodeling), and subcontract the rest of the job that I can not do non my own, with another subcontractor? If yes, am I legally required to mention that in the initial invoice to be presented to the Insurance Company (on which I do plan to ask for the recoverable depreciation), or I can present only the initial invoice on my DBA and subcontract part of the job, thereafter?
Second question: Can I ask for additional funds, besides the Recoverable Depreciation, if the discovered reality (that could not be seen at the moment of the Estimate), claims that necessity? The estimate is saying that: ..."it reflects only known covered damages to the property"...and any estimate that will be in the excess of their estimated value "might be covered" based on additional payments that has to be subject to prior agreements, before the work is performed (for example: if after I take off the felt paper, I would discover that a considerable amount of wood structure has to be replaced as well)
I do plan to keep a very strict record as to where each dollar is going (materials + labor). Thank you
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