Most professionals who have served the claims industry long enough appreciate working harmoniously with an experienced public adjuster who they know will make more meaningful contributions to streamline the claims process for the policyholder and will handle potentially volatile consequences of “bad actors,” to the satisfaction of all parties concerned.
One can never be completely prepared for disaster or other societal impacts a disaster can bring to a region. In our firm’s experience, those who are best prepared have formerly endured the claim process and call their public adjusters right away. The Historic 2021 Winter Outbreak wreaked havoc in Texas bringing snow, sleet, and freezing rain along with extreme cold temperatures that lasted for several days. It was one of the most impactful winter events in recent history that culminated with multiday power outages, loss of heat and countless broken pipes leading to the costliest weather disaster for the State of Texas.
At the onset of helping the owner and overseeing property managers of this portfolio, acquiring an accurate insurance policy proved harder than the logistics of setting up inspections with nearly 12 different adjusters assigned by the insurance company. Adding to the misery were hundreds of tenants, left without power in freezing temperatures. As if things couldn’t get worst, broken water pipes thawed out causing saturated ceilings to collapse on families huddled together in their beds.
After 45-days, the insurers provided an update on their claim investigation and evaluation of the applicable terms of the policy, informing that coverage was accepted for the claim. However, the insurers notified coverage was pending an agreed scope and cost of repairs, which they pointed out were subject to the policy’s limited coverage for mold ($5,000) and asbestos ($25,000). Moreover, the insurers notified the owner that he was required to submit all documentation to fully validate the Replacement Cost Claim and upon receipt and review of the RCV claim submission, payment(s) only up to the sum of the documentation received to support the RCV claim would be considered. Documentation to support the RCV claim submission can include but are not limited to; cancelled checks, itemized invoices, itemized contracts, itemized estimates, etc. For this process to go smoothly, we communicated to all parties working to restore the building to keep itemized documentation throughout the process which shows the work completed and the cost for same. Final payment(s) typically depend on the insurers ability to fully record and document the actual loss sustained via actual itemized documentation and evidence of work.
Some of the key items we also assisted the client with during the claims process included:
At the end of a very complex and time-consuming claim, our client received a $3.5 million settlement for the 3 complexes in question. All parties felt a fair settlement had been reached. A win-win for all. Our firm has is no stranger to helping insurance agents, property managers and attorneys providing our expertise and playing our role as public adjusters to manage the claim.
- Streamlined audit process with insurers Mitigation Analysts and insureds EMS Vendors.
- Requested Advance Payments when appropriate to help ease insureds finance burden.
- Prepared Itemized (Per Building) Repair Estimates bearing in mind layered Policy’s, coverages, and consistent SOV’s.
- Attended (4) multi-day sight inspections from April - October with IAs & Building Consultants to achieve Scope & Price agreements.
- Worked together with the Management Company to organize Lease Agreements, Rent Rolls and working lists of displaced tenant names.
- Provided weekly reports to insureds with data concerning extra expenses and income losses.
- Assembled BI claim for insureds approval before final submission.
- Coordinated a final settlement conference meeting with all concerned parties that resulted in an amicable and satisfactory resolution of all claims.