Property Insurance Roundtable

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) was established in 1951 to promote a higher standard for policyholder advocacy. 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" 1. https://www.napia.com/about ↩ Key Takeaways: [1:07] What are the biggest legislative challenges in the U.S. today? The Unauthorized Practice of Public Adjusting (UPPA) Assignment of Benefits Restrictions on public adjusters' rights to practice [3:43] How are these challenges helping or h

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.   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

Today, we will be discussing how experts can benefit policyholders prove an insured loss. More and more insurance companies are using experts to support their side of a claim settlement. That is why today’s policyholder must often take advantage of similar professional resources to help prepare, support, and settle their claims. Understanding and utilizing the coverages available for this purpose can help protect the insured not only against financial loss but for the cost of recovering it. Our experts will review the basics of loss preparation cost coverage including what it is, why it’s needed, and how to ensure you have purchased the right type and the amount of coverage.   Key Takeaways:   [1:58] Why is it important to know who is who in the insurance claims process? [2:58] What types of professionals who may participate in a policyholder’s property loss work for an insurance company? [3:25] What types of professionals work for the policyholder? [3:57] Are there any professionals who may work for both the

Today, we will be discussing the legislative efforts of the National Association of Public Insurance Adjusters (NAPIA). Founded in 1951, NAPIA advocates for public adjuster education and a higher standard of professional conduct and ethics. NAPIA members are committed to working in the best interest of their clients and to conducting business with integrity. For more than 66 years NAPIA members throughout the U.S. have joined together for the purpose of education, certification, marketing opportunities, legal and legislative representation, scholarship and research and the promotion of the public adjusting profession.   Key Takeaways:   [1:54] How involved is NAPIA in the insurance legislation landscape? [6:44] The roles of Brian Goodman and Randy Goodman within NAPIA. [8:05] What are the biggest legislative challenges NAPIA and its members are facing? [13:05] Who punishes those who violate Unauthorized Practice of Public Adjusting (UPPA) laws? [18:37] How do these challenges affect consumers and insurance pr

Today, we will be discussing the highly-active 2017 hurricane season and its impact on the people, areas, and economy as well as how home and business owners can properly insure themselves for this exposure in coming years. Our panel of experts has first-hand experience in the public adjusting industry and will guide us through this discussion.   Key Takeaways: [1:21] Why were home and business owners were caught off guard by Hurricane Harvey? [3:09] For future hurricanes, how can home and business owners prepare themselves? [3:59] What was unique about Hurricane Harvey? [4:39] What was the effect on Louisiana, Texas, and elsewhere? [8:57] Tips for property owners still dealing with the aftermath of Hurricane Harvey. [10:09] What is FEMA’s role in the clean-up efforts? [12:09] How long can residents expect to be affected after a hurricane? [13:59] What types of property insurance coverages are home and business owners lacking with regards to Hurricane Irma claims? [15:38] Is FEMA help available? And if so, wh

Today we will be discussing the insurance coverage for collapse. Throughout the years, insurance companies have updated the policy language as to what constitutes a collapse loss and continue to do so today. How can you be sure you are covered in case of collapse and furthermore, how can you help to mitigate a collapse loss to your property? Find out on this episode as we discuss collapse with our experts.   Key Takeaways: [1:40] What are common reasons or circumstances that cause a property to collapse? [2:31] What constitutes a collapse loss according to the insurance company? [4:54] If a home or business were to collapse due to a natural disaster would it be covered under a standard property insurance policy? [7:23] How can policyholders protect themselves when it comes to exterior buildings on their property? [10:02] What happens if two variables cause the collapse of a property? How would the policyholder’s claim be handled? [16:11] How can home and business owners protect their property from collapse? [

Today we will be discussing the ins and outs of insurance policies, and the importance of understanding what your policy does say and cover, as well as what it does not. In this episode, our panelists will discuss how those with an insurable interest in a property can protect themselves from issues such as inadequate reimbursement should a disaster occur.   Key Takeaways: [:27] After a disaster occurs such as a fire, flood, or severe windstorm and damages a property, what are some of the more common mistakes an insured or policyholder makes that results in the inability to provide proof of loss to the insurance company? [3:20] Is the ‘inability to provide proof of loss’ a common theme in property damage losses? [5:12] What are the ways in which a policyholder can prevent such roadblocks? [8:00] What does the concept of ‘insurable interest’ mean in relation to a property insurance policy? [9:38] If a person does not have to be the property’s owner in order to have insurable interest, what are some examples of

Today we will be discussing the ins and outs of various interesting insurance claims that our expert panelists have handled and adjusted successfully. These memorable cases range from a fire at a Midwestern school to two New York City buildings that were damaged during Hurricane Sandy. Our panel of experts has extensive experience in the public adjusting industry, and will guide us through our discussion.     [1:40] Electrical Fire in a Special Needs School — Chuck Sorrell Chuck describes a fire at a special needs school in Minnesota. The ways Chuck's company differed from the carrier’s consultant. Settlement details Client feedback   [13:56] Fire in a Fast Food Restaurant The client had the proper coverage. This claim was unique because the insured was put in a position to manage sub-contractors. The challenges included a business hierarchy and a million dollar discrepancy. Lessons learned from this claim Other unique aspects to this claim and ADA ordinance issues   [25:10] Major Loss from Hurricane Sand

This discussion will take an in-depth look at insuring the many exposures and losses that result from disastrous catastrophes. While multi-family buildings offer many amenities to residents such as maintenance and lawn care, which allow for a simplistic and flexible lifestyle, the insurance policy to cover them are anything but. Apartments and condos are often inadequately insured, and the risk posed for those who own or reside in them is high. For further insight on this topic, please see the corresponding Adjusting Today article: “Multi-Family Complexes (Apartment and Condo): An In-Depth Look at Insuring the Many Exposures and Losses.”   Key Takeaways: [1:57] Defining what constitutes a multi-family property. [2:19] How do multi-family exposures differ from typical residential or commercial exposures? [3:13] Why, by law, must multi-family property owners purchase adequate insurance coverage? [4:45] Does preparing a multi-family policy take more foresight and planning than a conventional homeowners policy?

The National Association of Public Insurance Adjusters (NAPIA) provides the public adjusting industry with more than licensing. NAPIA board members have created scholarships, educational programs, and have arranged sessions with legislators to inform them of pertinent information regarding public adjusting. Today’s panel of experts discusses the substantial benefits NAPIA supplies to its members, and who is eligible to become a member. They also discuss the comprehensive NAPIA website and the professional designations NAPIA offers.   Key Takeaways: [:57] What is NAPIA, when and how did it form, and what is its mission? [5:12] Who are NAPIA members and who is eligible to apply for membership? [6:33] How the panelists support NAPIA in addition to being members. [8:29] Karl Denison explains when and why his firm joined NAPIA. [10:00] Personal and firm-related benefits related to being a member of NAPIA. [12:45] Interactive educational programs provided by NAPIA include wind, roofs, business interruption and lega

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.   [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 t

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 Center terrorist attacks 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.   Key Takeaways: [2:20] Is it true that natural disasters are happening more frequently or are we just

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 today’s 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

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 corresponding Adjusting Today article titled "Debris Removal and Pollution Damage: How These Additional Costs Impact the Property Claim."   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:

This podcast and the corresponding Adjusting Today article titled, "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, our expert panelists 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.   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?  [10:34] What do business owners need to know about Civil Authority coverage? [13:53] What is the ex

This podcast and the corresponding Adjusting Today article titled, "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 insurance in regards to flood and earthquake perils. Today’s 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.   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?  [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

This podcast and the corresponding Adjusting Today article titled, "Builder’s 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 Builder’s Risk Insurance policy on the anticipation of a total loss.    Key Takeaways: [1:14] How to define Builder’s Risk Insurance. [2:31] Who purchases Builder’s 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 Builder’s 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? [21:0

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 ensuring 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 electronic PDF copy of the insurance policy, before and after claim property pictures/videos, insurance audits and considerations for microbes.   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 layman’s terms, what types of coverages are available that would

Equipment Breakdown Insurance covers loss and/or failure for many types of equipment from air conditioners to industrial presses. Insurance policyholders are urged to review their policy documents to ensure they have the proper coverages should an event occur. Policyholders should also keep complete maintenance records, photos of the equipment during the breakdown or loss and a written procedure, including contact information, with the correct steps post-breakdown. For further information on this topic, please read our corresponding Adjusting Today article: "Equipment Breakdown Insurance: Too Important to Ignore!"   Key Takeaways: [1:17] What is Equipment Breakdown Insurance and what does it include? [3:21] What types of failures are covered under Equipment Breakdown Insurance ? [4:00] What does Equipment Breakdown Insurance exclude? [5:40] What types of coverages are available to counteract the exclusions? [7:46] Which types of equipment are categorized under this type of coverage? [9:55] What type of forms

Oftentimes post-disaster, policyholders unfortunately discover that they do not have enough insurance on their property. Preparation and planning in advance surely can help avoid such issues as being underinsured. However, after a loss there are still options available to the policyholder to maximize their financial recovery and minimize their underinsured loss. For further information on this topic, please read our corresponding Adjusting Today article: "How to Make the Most of an Underinsured Loss" Key Takeaways: [1:07] How often are policyholders underinsured? [2:17] How can policyholders ensure they have the proper coverage? [5:36] How often should business owners meet with their insurance company? [6:11] What are blanket policies and how do they affect coverage limits? [8:53] What do policyholders need to do to conduct a comprehensive analysis of their policies? [14:50] Where do policyholders find hidden coverages? [18:40] Is landscaping coverage often overlooked? [23:11] What is third-party recovery an