Property Damage & Disaster Restoration Blog: Long Island & New York City

Fireman’s Fund Mobile by Fireman's Fund Insurance Companies

Posted on Mon, Jul 30, 2012 @ 08:11 AM

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Fireman’s Fund Insurance Companies: Personal, Commercial, and Entertainment.

Fireman’s Fund’s mobile application is designed for personal policyholders, business and commercial policyholders and our specialized entertainment lines policyholders.

Store your insurance information, as well as information about the autos and properties covered by these insurance policies. Use the optional password to secure your personal data.

Keep insurance information in one place and with you for maximum convenience.

Fireman’s Fund policyholders can use this application to notify Fireman’s Fund of personal, commercial and entertainment accidents and losses. Submit information about your accident or loss and receive a confirmation message from Fireman’s Fund, followed by a phone call from a helpful claims adjuster. Resubmit your first notice of loss easily if you do not receive the expected acknowledgment. A claim has not been filed and will not be processed until you receive acknowledgment of receipt from Fireman’s Fund.

Fireman’s Fund Insurance has been selling dependable property and casualty insurance to families and businesses across the country since 1863.

Visit your App store to download or scan the QR code to load the:

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Tags: insurance app, firemans fund insurance compaies, insurance, insurance claim, mobile app, fireman's fund mobile app, fireman's fund insurance companies, insurance claim app

Footing the Bill for MF Global’s Lawyers

Posted on Fri, Apr 13, 2012 @ 10:23 AM

 

BY PETER J. HENNING

New York Times 

From left, Edith O'Brien, Henri Steenkamp, Christine Serwinski and Laurie Ferber of MF Global at a House panel in March.Jay Mallin/Bloomberg NewsFrom left, Edith O’Brien, Henri Steenkamp, Christine Serwinski and Laurie Ferber of MF Global at a House panel in March.

When four top MF Global executives testified before a Congressional subcommittee on March 28 about how $1.6 billion in customer money went missing during the firm’s final days, they were accompanied by teams of lawyers. Care to guess who is paying for all that legal firepower?

As unfair as it may seem, it is the company insurance that pays, even in bankruptcy.

As virtually every large company does, MF Global bought insurance to pay for the expenses its employees might incur if they were investigated and found liable for actions taken while working for the firm. It had two policies in place at the time of its collapse into bankruptcy on Oct. 31: a “directors and officers” policy for $225 million and an “errors and omissions” policy for $150 million.

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An opinion by Judge Martin Glenn of the United States Bankruptcy Court in Manhattan issued Tuesday affirmed that insurance policies bought by MF Global can be used to help pay for the lawyers for the firm’s employees, including its chief,Jon S. Corzine. Mr. Corzine and others have been named in a host of civil lawsuits, and are having to answer to several regulators trying determine whether any wrongdoing has been committed.

The judge on Tuesday noted that the employees had spent $8.3 million on legal fees so far. He authorized payment for those fees, while imposing a “soft cap” of $30 million on such expenses, which can be increased later.

Although they covered different types of conduct, MF Global’s two policies give first priority to paying for the expenses of individual employees. These are so-called wasting policies, which means that every dollar spent on paying for lawyers for the employees is one less dollar that would be available to pay a claim.

The commodity customers who lost $1.6 billion from their MF Global accounts filed a challenge in the bankruptcy court over whether the insurance policies could be tapped by the employees to pay for their lawyers. They argued that the proceeds of the insurance should be used to pay off their claims rather than going to the employees’ lawyers.

Another group involved in the case are the plaintiffs in a securities class action filed against MF Global and its officers who claim that they were defrauded by misleading statements about the company’s liquidity and internal financial controls.

Unlike the commodities customers, MF Global stockholders favored finding that the insurance policies should go to cover the expenses of the company’s officers because that would provide a larger pool of money to settle the securities case. The policies cover both legal fees and any payments made to settle claims over legal violations.

The bankruptcy trustee for MF Global, the former F.B.I. directorLouis J. Freeh, also supported the move to have the legal fees to be paid from the insurance policies. MF Global agreed to indemnify its employees for any expenses they incurred related to conduct at the firm, so having the insurers pay for the legal fees means fewer claims against the company’s remaining assets in the bankruptcy proceeding.

Judge Glenn was aware that there was a measure of unfairness in the decision, but that denying the employees the right to have their expenses covered would also be problematic. He acknowledged that many of MF Global commodities customers have faced hardships since the bankruptcy. But he also noted that the employees covered by the insurance “would suffer significant hardships if the policies were disabled.”

Some may believe that the insurance should be tapped to compensate victims, rather than officers. But as Kevin P. LaCroixwrote on the D&O Diary blog, “liability insurance exists to protect insured persons from liability, not to create a pool of money to compensate would-be claimants.”

MF Global’s two insurance policies make payment of the legal fees the first priority, and the bankruptcy judge chose to follow the terms of insurance contract.

MF Global’s two policies cover up to $375 million in liability. That sounds like a lot for legal fees but the recent experience of former executives at Lehman Brothers shows that such costs add up quickly. Lehman had $250 million in directors and officers insurance, and that amount has been almost completely exhausted through legal fees and settlements.

The legal fees for MF Global employees could quickly rise above the $30 million “soft cap” imposed by Judge Glenn if the Justice Department or the Commodity Futures Trading Commissiondecides to pursue charges. Even if a government agency settles with potential defendants, the settlement is likely to involve penalties that would be payable from the insurance policies.

Add to that the commodity customer claims for the missing $1.6 billion, and the potential liabilities can easily exceed $375 million available from the insurers.

There is a very good chance that MF Global’s insurance will not cover all the costs that arise. So in the end, the former employees — and commodity customers — may have to bear a portion of the costs.

Tags: insurance, new york, insurance claim, insurance company, claim, fm global, new york times

Chartis Insurance Introduces CyberEdge Tower(SM)

Posted on Tue, Apr 03, 2012 @ 01:05 PM

marketwatch,insurance,chartis,chartis insurance,insurance claims,new york,claims,property claims,

NEW YORK, Apr 03, 2012 (BUSINESS WIRE) --

Chartis today introduced CyberEdge Tower(SM), an insurance solution that provides catastrophic network security and privacy protection. As companies struggle to balance self-insurance with the increased prospects of a material cyber event, CyberEdge Tower offers a compelling value proposition. It provides total aggregate limits of liability of up to $100 million that are structured to allow the insured to cost-effectively retain up to the first $50 million of loss. The solution will be delivered via the Chartis insurers’ market-leading Specialty Risk Protector® insurance policy.

With growing concern about catastrophic cyber security and privacy exposures, as well as the likelihood of increased regulation and enforcement, companies are proactively addressing cyber risk and insurance disclosures. The SEC’s recent Disclosure Guidance on Cybersecurity makes it clear that cybersecurity risks should be elevated from an IT department issue to a boardroom priority. Accordingly, companies are reconsidering whether they can, or should, retain all of the potential risk of a cyber incident.

“Before the CyberEdge Tower solution, companies with large cyber exposures had limited cost-effective options and were primarily self-insuring,” said Chandra Metzler, Product Line Executive, Chartis Financial Lines, U.S. and Canada.

CyberEdge Tower provides customers with the benefit of Chartis’ cutting-edge insurance solutions and unparalleled claims handling, while allowing companies to retain the cost advantage of funding their own losses.

Marty Scherzer, Head of Global Risk Solutions at Chartis, said, “Our new solution delivers an innovative insurance tool that can help companies better manage their cyber risks.”

For more information about this offering, please e-mail [email protected], or visit http://www.chartisinsurance.com/us/cyberedge .


About Chartis
Chartis is a world leading property-casualty and general insurance organization serving more than 70 million clients around the world. With one of the industry’s most extensive ranges of products and services, deep claims expertise and excellent financial strength, Chartis enables its commercial and personal insurance clients alike to manage virtually any risk with confidence.

Chartis is the marketing name for the worldwide property-casualty and general insurance operations of Chartis Inc.

For additional information, please visit our website at http://www.chartisinsurance.com.

All products are written by insurance company subsidiaries or affiliates of Chartis Inc. Coverage may not be available in all jurisdictions and is subject to actual policy language.

Non-insurance products and services may be provided by independent third parties. Certain coverage may be provided by a surplus lines insurer. Surplus lines insurers do not generally participate in state guaranty funds and insureds are therefore not protected by such funds.


 

Tags: chartis insurance, insurance, new york, insurance claim, insurance company, claim, chartis

Satisfaction with Homeowners Insurance Claims Experience Increases

Posted on Mon, Apr 02, 2012 @ 03:07 PM

marketwatch,insurance,insurance claim,insurance claims,property damage,property claim,property claims,insurance company,customer satisfaction

J.D. Power and Associates Reports: Overall Customer Satisfaction with Homeowners Insurance Claims Experience Increases, Despite Record Number of Storm Losses

 

Amica Mutual Ranks Highest in Overall Satisfaction among Property Insurance Claimants

 

WESTLAKE VILLAGE, Calif., April 2, 2012 /PRNewswire via COMTEX/ -- Despite a record number of catastrophic storms and some of the largest payouts ever in the U.S. property insurance industry in 2011, overall customer satisfaction with the property claims experience has significantly increased from last year, according to the J.D. Power and Associates 2012 U.S. Property Claims Satisfaction Study(SM) released today.

 

 

The study, now in its fifth year, measures satisfaction with the property claims experience among insurance customers who filed a claim for damages covered under their homeowners policy by examining five factors: claim settlement; first notice of loss; estimation process; service interaction; and repair process.

After four years of relatively stable customer satisfaction with the insurance claims experience, overall satisfaction in 2012 improves to 833 on a 1,000-point scale, an increase of 10 points from 2011. This increase is noteworthy, as the claims experiences measured in the 2012 study are based on claims filed during 2011, when there were 99 weather-related disasters in the country, 14 of which totaled more than $1 billion in damages each, according to the Insurance Information Institute.

"A period of tremendous volatility in the industry, caused by a large number of devastating storms, led us to anticipate that satisfaction would decline, but that clearly was not the case," said Jeremy Bowler, senior director of the insurance practice at J.D. Power and Associates. "The industry as a whole did well in not only handling the day-to-day claims, but also the large volume of claims associated with those major events."

According to the study, high wind claims, which include tornado and hurricane damage, accounted for 33 percent of all claims filed, an increase from 21 percent in the 2011 study. Yet, among those who filed a claim for high wind damage, satisfaction remained stable relatively unchanged with the 2011 study.

However, when examining the claims experience by region, there are mixed results in overall satisfaction in those regions with large increases in particular weather events. For example, satisfaction in the South Atlantic and Northeast regions, both of which had increases in high wind claims due to hurricanes in 2011, improved 36 points and 18 points, respectively, compared with the 2011 study. In contrast, overall satisfaction in the East North Central Region, which also had an increase in high wind claims due to tornado damage, satisfaction has declined by 14 points from 2011. In addition, an increase in hail-related claims in the West South Central has resulted in an eight-point drop in satisfaction year over year.

"The way in which carriers ramp up for a major natural catastrophe can have a major impact on customer satisfaction," Bowler said. "Having a plan in place to handle the increased volume of claims helps carriers, but so does having time to prepare for an oncoming storm. There usually is some advance warning for a hurricane, so carriers have a few days to prepare and be proactive with their customers. However, since there is little warning for tornado or hail storms, carriers are forced to react in trying to manage claims associated with this type of storm damage."

The study finds that a positive claims experience fosters significantly higher long-term loyalty among claimants, while a negative claims experience may cause claimants to be more likely to switch insurers. Among highly satisfied claimants (satisfaction scores of 901 or higher), 84 percent say they "definitely will" recommend their insurer, and 81 percent say they "definitely will" renew with their insurer. Conversely, among claimants with low satisfaction (scores of 550 or lower), only 12 percent say they "definitely will" renew with the carrier that handled the claim, and 18 percent indicate that they have already switched carriers.

Amica Mutual ranks highest in overall satisfaction with the homeowners insurance claims experience, achieving a score of 894. Amica Mutual also performs particularly well in all five factors. Auto-Owners Insurance follows in the rankings with a score of 873, performing particularly well in service interaction, while Nationwide ranks third with 872. USAA also achieves high levels of customer satisfaction, although it is not included in the rankings due to the closed nature of its membership.[1]

Bowler offers the following tips for homeowners insurance customers:

Read and make sure you understand your homeowners insurance policy and make sure the coverage limits are adequate to cover the replacement value of your home and its contents.

Big-ticket items, such as valuable art work, expensive jewelry or collectables, should be declared on your policy. Often, insurers will require an independent appraisal to verify valuations.

Maintain an inventory of the contents of your home--at least the 10 most expensive items--and store it in a safe place. Some insurance carriers offer apps to help with this process.

Take pictures or videos of the damage.

Try to be at your home when the adjuster arrives to asses the damage.

Ask your insurance carrier to explain how the claims and repair process will work, and how long it is expected to take.

The management discussion based on the study, available for download here, provides an in-depth examination of homeowners insurance claims and the claims process.

The 2012 Property Claims Satisfaction Study is based on more than 4,200 responses from homeowners insurance customers who filed a property claim between May 2010 and January 2012.

        Customer Service Index Ranking              J.D. Power.com Power Circle Ratings
        (Based on a 1,000-point scale)              For Consumers
        Amica Mutual                            894 5
        Auto-Owners Insurance                   873 4
        Nationwide                              872 4
        Erie Insurance                          864 4
        CHUBB                                   859 4
        Automobile Club of Southern California  848 4
        COUNTRY                                 847 4
        State Farm                              846 4
        American Family                         842 4
        NCNU Insurance Exchange (Formerly CSAA) 842 4
        The Hartford                            841 3
        Safeco                                  835 3
        Travelers                               835 3
        Industry Average                        833 3
        Allstate                                829 3
        Liberty Mutual                          824 3
        MetLife                                 823 3
        Farmers                                 818 3
        The Hanover                             812 2
        *USAA                                   895 5
        


NOTE: Included in the study but not ranked due to small sample size: Foremost.*USAA is an insurance provider open only to U.S. military personnel and their families and therefore is not included in the rankings.

Power Circle Ratings Legend:5 - Among the best4 - Better than most3 - About average2 - The rest

About J.D. Power and Associates

Headquartered in Westlake Village, Calif., J.D. Power and Associates is a global marketing information services company providing forecasting, performance improvement, social media and customer satisfaction insights and solutions. The company's quality and satisfaction measurements are based on responses from millions of consumers annually. For more information on car reviews and ratings, car insurance, health insurance, cell phone ratings, and more, please visit JDPower.com. J.D. Power and Associates is a business unit of The McGraw-Hill Companies.

About The McGraw-Hill Companies

McGraw-Hill announced on September 12, 2011, its intention to separate into two public companies: McGraw-Hill Financial, a leading provider of content and analytics to global financial markets, and McGraw-Hill Education, a leading education company focused on digital learning and education services worldwide. McGraw-Hill Financial's leading brands include Standard & Poor's Ratings Services, S&P Capital IQ, S&P Indices, Platts energy information services and J.D. Power and Associates. With sales of $6.2 billion in 2011, the Corporation has approximately 23,000 employees across more than 280 offices in 40 countries. Additional information is available at http://www.mcgraw-hill.com/ .

Media Relations ContactsJohn Tews, Troy, Mich.; (248) 680-6218; [email protected] Perryman; Westlake Village, Calif.; (805) 418-8103; [email protected]

No advertising or other promotional use can be made of the information in this release without the express prior written consent of J.D. Power and Associates. www.jdpower.com/corporate

[1] USAA is an insurance provider open only to U.S. military personnel and their families and therefore is not included in the rankings.

SOURCE J.D. Power and Associates

Copyright (C) 2012 PR Newswire. All rights reserved 

 

Comtex

Tags: property damage, insurance claims, insurance, insurance claim, insurance company, property claim, property claims

The Long Island Insurance Golf League

Posted on Thu, Mar 01, 2012 @ 10:04 AM

The Long Island Insurance Golf League: 1st Meeting of 2012

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Fellow Golfers,


Spring will be upon us soon. It is time to start thinking ahead to the 2012 Golf Season.

We will be holding our first meeting of 2012 on Tuesday March 21st at Singleton's Restaurant in Hicksville, NY at 6pm.

Please Click Here to Fill Out the Form so we can have an idea on how many people will be attending.

The Long Island Insurance Golf League has been the place to golf and network for
the Long Island Insurance Community for over 25 years. Insurance Agents,
Brokers, Adjusters, and Claims Managers of all handicaps are all welcome to
participate.

The Long Island Insurance Golf League is a 9 Hole League that plays every Wednesday
from April through August. At the end of the year we hold an 18 hole outing
complete with dinner to celebrate the year at which time the league awards will be
handed out.

Are you new to The Long Island Insurance Golf League?

Click Here to Learn More

Click Here to Be Added to the Mailing List


May You Always Hit 'Em Straight....

Tags: long island golf, insurance golf league, long island, golf, insurance, insurance claim, long island insurance, long island golf league

Filing An Insurance Claim Could Cost Homeowners Down The Road

Posted on Mon, Feb 27, 2012 @ 12:51 PM

LITTLETON, Colo. (CBS4) – Many people are spending the weekend picking up debris in their yards from the wind and snow. But with so much damage, homeowners are wondering if they should file a claim with their insurance company.

Most homeowners’ policies have coverage for wind damage. But what they must decide is whether it is worth filing a claim because it could really cost them.

The wind slapped Christy Wheeler’s Littleton home hard this week. The siding was ripped off, a section of the backyard fence is gone, and shingles were torn from her roof. Wheeler wasted no time calling in an insurance claim.

 

“I know definitely this is going to cost more than our deductible,” Wheeler said.

Her deductible is $1,000.

By the next morning State Farm claims agent Bob Blume was at her home. He measured and documented the damage. The roof is likely the most expensive part of the claim, but the snow posed a problem.

“The roof cannot be properly inspected by an insurance adjuster until it’s clear and dry,” Blume said.

It’s not clear how much all of the damage will cost to fix. But Wheeler estimates just the roof will cost about $5,000 or $6,000.

When filing a homeowner’s insurance claim insurance expert Carole Walker offers caution.

“If someone is filing a lot of smaller claims over a short period of time, that could put them at risk for losing insurance, because what the insurance company is looking at is how high risk are you,” Walker said.

Walker says it’s not the amount of the claim, it’s the number of claims. The average homeowner files one claim every 8 years.

The Wheeler family will wait for the snow to melt and the roof to dry and the claims agent to return for a total damage estimate.

Those who have a $1,000 deductible and the total damage is $1,200, the homeowner pays $1,000 and the insurance company only pays $200.

“The difficulty is we’re in an economy where a couple hundred bucks is a lot,” 4 On Your Side Investigator Jodi Brooks said. “But consider; we still have hail season ahead of us, and two or three claims could cost you in homeowner’s insurance premiums, or losing your insurance. It’s not an easy decision.”


Tags: property damage, insurance, insurance claim, insurance company, filing a claim

Flood and homeowner's insurance are not deductible

Posted on Fri, Feb 24, 2012 @ 09:35 AM
 
 
 Q. I understand there is a tax deduction for mortgage insurance, provided that your income is less than $100,000 per year. Are flood insurance and home insurance also deductible if your income is under $100,000?

Mortgage insurance premiums paid on your personal residence or second home would be deductible as an interest deduction on Schedule A (itemized deductions) on Form 1040. The deduction phases out once your adjusted gross income (AGI) exceeds $100,000 for single and joint filers and $50,000 for married filing separately.

Flood and homeowners insurance are not deductible unless a portion of your home is used for business (for example, a two-family house). Based on the percentage of the property that is for business use, you would be allowed to deduct flood and homeowner insurance proportionately.

You must report rental income and expenses on business-use property on Schedule E of form 1040. — Eugene J. Varsalona is a certified public accountant in Little Ferry.

Q. When does it make sense for New Jersey taxpayers to do the work to amend a prior return? For example, we realized after filing for 2010 that total out-of-pocket medical expenses can possibly be deducted if they exceed more than 2 percent of adjusted gross income in New Jersey.

Individual income tax returns are amended on Form 1040X if you are amending a federal return and N.J. 1040X if you are amending a New Jersey return. According to the Internal Revenue Service, you can amend a return to correct the original return filed, make elections after the prescribed deadline, change amounts adjusted by the Internal Revenue Service or claim a carryback due to an unused credit.

Amended returns for both federal and state purposes must be filed within three years (including extensions) after the date the original return was filed or within two years after the date the taxes were paid, whichever is later.

Interest and penalties will be assessed against any balance due on the amended returns, so it is best to amend the returns as soon as an error is found.

I would recommend amending the N.J. 1040 if you determine that the out-of-pocket medical expenses exceed 2 percent of your New Jersey adjusted gross income. If you are entitled to a refund, you should claim it. — Thomas J. Braun is a certified public accountant in Park Ridge.

Tax questions? The Record's committee of local experts may be able to help. Accountants from theBergen County Chapter of the New Jersey Society of Certified Public Accountants, who are volunteering their time, will answer questions in The Record's Business section weekly until April. Email [email protected] with "Tax Mailbag" in the subject line.

Tags: long island, property damage, insurance, new york, flood insurance, insurance claim

Flood and homeowner's insurance are not deductible

Posted on Fri, Feb 24, 2012 @ 09:35 AM
 
 
 
insurance,insurance claim, flood insurance,property damage,long island,new york

Q. I understand there is a tax deduction for mortgage insurance, provided that your income is less than $100,000 per year. Are flood insurance and home insurance also deductible if your income is under $100,000?

Mortgage insurance premiums paid on your personal residence or second home would be deductible as an interest deduction on Schedule A (itemized deductions) on Form 1040. The deduction phases out once your adjusted gross income (AGI) exceeds $100,000 for single and joint filers and $50,000 for married filing separately.

Flood and homeowners insurance are not deductible unless a portion of your home is used for business (for example, a two-family house). Based on the percentage of the property that is for business use, you would be allowed to deduct flood and homeowner insurance proportionately.

You must report rental income and expenses on business-use property on Schedule E of form 1040. — Eugene J. Varsalona is a certified public accountant in Little Ferry.

Q. When does it make sense for New Jersey taxpayers to do the work to amend a prior return? For example, we realized after filing for 2010 that total out-of-pocket medical expenses can possibly be deducted if they exceed more than 2 percent of adjusted gross income in New Jersey.

Individual income tax returns are amended on Form 1040X if you are amending a federal return and N.J. 1040X if you are amending a New Jersey return. According to the Internal Revenue Service, you can amend a return to correct the original return filed, make elections after the prescribed deadline, change amounts adjusted by the Internal Revenue Service or claim a carryback due to an unused credit.

Amended returns for both federal and state purposes must be filed within three years (including extensions) after the date the original return was filed or within two years after the date the taxes were paid, whichever is later.

Interest and penalties will be assessed against any balance due on the amended returns, so it is best to amend the returns as soon as an error is found.

I would recommend amending the N.J. 1040 if you determine that the out-of-pocket medical expenses exceed 2 percent of your New Jersey adjusted gross income. If you are entitled to a refund, you should claim it. — Thomas J. Braun is a certified public accountant in Park Ridge.

Tax questions? The Record's committee of local experts may be able to help. Accountants from theBergen County Chapter of the New Jersey Society of Certified Public Accountants, who are volunteering their time, will answer questions in The Record's Business section weekly until April. Email [email protected] with "Tax Mailbag" in the subject line.

Tags: long island, property damage, insurance, new york, flood insurance, insurance claim

What is an Insurance Claim? by WiseGEEK.com

Posted on Thu, Feb 23, 2012 @ 01:32 PM

insurance, insurance claim, insurance claims,property damage,disaster,restoration,long island,new york,insurance agent,property damage claim

An insurance claim is the actual application for benefits provided by an insurance company. Policy holders must first file an insurance claim before any money can be disbursed to the hospital or repair shop or other contracted service. The insurance company may or may not approve the claim, based on their own assessment of the circumstances.

Individuals who take out home, life, health, or automobile insurance policies must maintain regular payments called premiums to the insurers. Most of the time these premiums are used to settle another person's insurance claim or to build up the available assets of the insurance company. But occasionally an accident will happen which causes real financial damage, such as a automobile wreck or a tornado or a work-related accident. At this point the injured policy holder has the right to file an insurance claim in order to receive money from the insurance company.

In general, the insurance claim is filed with a local representative of the insurance company. This agent becomes responsible for investigating the specific details of the insurance claim and negotiating the payment from the main insurers. Many times a recognized authority (doctor, repair shop, building contractor) can file the necessary insurance claim forms directly with the insurance company. However, sometimes the policy holder may not want to file an actual insurance claim if the damage is minor or another party has agreed to pay out-of-pocket for their mistake.

After an insurance claim is filed, the insurance company may send out an investigator called an adjustor or appraiser. The insurance adjustor's job is to objectively evaluate the insurance claim and determine if the repair estimates are reasonable. This is to prevent possible fraud by contractors who may inflate their bills for additional compensation. Insurance companies tend to accept the adjustor or appraiser's evaluation as the final word on the insurance claim.

Some insurance claims may not be recognized by the insurance company for any number of reasons. If a claimant's premiums have not been paid in full, the policy itself may not be active. Another insurance company may have already agreed to pay for the damages listed in the claim. This happens quite often in automobile accidents where one party is held responsible. Another reason an insurance claim may be rejected is a failure to fall under covered conditions. Most insurance policies spell out specific areas which qualify for benefits. If the accident or damage claim was caused by carelessness or an unavoidable "Act of God", the insurance company has the right to withhold payments.

An insurance claim is the only way to officially apply for benefits under an insurance policy, but until the insurance company has assessed the situation it will remain only a claim, not a pay-out.

Tags: disaster, long island, property damage, insurance claims, insurance, new york, insurance agent, insurance claim, restoration, property damage claim

Enservio Continues Growth, Acquires Insurers World

Posted on Fri, Feb 17, 2012 @ 10:54 AM

NEEDHAM, Mass.--(EON: Enhanced Online News)--Enservio (www.enservio.com), the nation’s leading provider of property insurance analytics, affinity marketing and claims solutions, today announced that the company has entered into a definitive agreement to acquire Insurers World (www.insurersworld.com) of Canton, Mass.

“Insurers World is an excellent company with strong management, great products, and similar values, and we have watched and admired them for years”

Together, Enservio and Insurers World will be able to offer property insurers a full range of solutions from strategic analytics to claims software and services nationally. As a combined entity, Enservio provides solutions to 12 of the largest property insurers in the nation, has over 300 insurer customers and over 450 employees nationally.

“Insurers World is an excellent company with strong management, great products, and similar values, and we have watched and admired them for years,” said Jon McNeill, CEO of Enservio. “This is a great day for both companies. We are thrilled to welcome Insurers World into the Enservio family. Over the years, we’ve developed a great deal of respect for the Insurers World professional team and their capabilities. This acquisition doubles the value we bring to our customers and doubles our geographic footprint in our claims services business.”

Don Stafford of Insurers World echoed the same, “We are thrilled to be joining Enservio and to benefit from their continued drive to create real innovation and efficiencies in the industry, including their enterprise Software as a Service (SaaS) platform. Together, we’ll not only provide our customers with the same unparalleled service levels, but also offer them a broader range of industry-changing solutions like the ReStoreMall and ReStoreCard.”

With this acquisition, Insurers World will retain its distinct brand identity, while strengthening and complementing Enservio. Insurers World will continue to be based in Canton, Massachusetts.

About Enservio

Enservio is the market leader in property insurance affinity solutions, strategic analytics, and contents software, inventory, valuation, replacement and replacement tools. Enservio created the first SaaS (software as a service) software platform for contents, the first replacement mall, the first payment debit card for claims and the first ContentsITV product. We provide software and services to property insurance carriers and their policy holders nationwide. Founded in 2004, we are headquartered near Boston, in Needham, MA with offices and professional staff across the United States. For additional information, please visit the company's web sitewww.enservio.com or call 888.567.7557.

About Insurers World

Since 1978, Insurers World™ has been a chosen partner of insurance companies to establish accurate LKQ and indemnity, incomparable to other industry services. Without the partnership of IW, an adjuster’s contents inventories may remain dormant while they manage more pressing tasks in their workload, returning to their contents evaluation now and again. This issue is simply resolved with the use IW’s inventory transcription and evaluation services, which proceed immediately upon claim submission, allowing the adjuster to concentrate on higher level tasks, making optimal use of their time.

Article First Appeared On EON Business Wire

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Contacts

Topaz Partners
Tom Francoeur, 781-404-2405
[email protected]

Tags: long island, insurance claims, insurance, new york, insurance claim, insurance industry, enservio, claim

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