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Pulling Back the Covers on the Insurance Industry

I subscribe to the digital version of Insurance Journal, a trade publication dedicated to reporting the most current trends and events in the insurance industry. No one can read each Journal “cover to cover.” The technical content tests one’s concentration. That said, my mind was attracted to an article entitled “P/C Insurers Caught Between Slowing Premium Growth and Rising Loss Ratios” in a recent issue.
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Corporate Tax Options Available for Casualty Losses on Underinsured or Uninsured Business Property

Alex N. Sill Company typically represents insured business policyholders in connection with adjusting property claims from insured perils such as a fire, hurricane, tornado and other calamities. In most cases, our business clients, fortunately, have sufficient insurance to cover the damages. However, there are instances where a business owner is either not insured or is underinsured vis a vis the damages sustained.…

Understanding the Insurance Replacement Cost Coverage Endorsement

If you are wondering what the Insurance Replacement Cost Coverage Endorsement is, it is an endorsement that provides Replacement Cost Coverage, describing the stipulations and conditions for application. Virtually all policies contain the following language: “The Company shall not be liable under this endorsement for any loss unless and until the damaged or destroyed property is actually repaired or replaced by the Insured with due diligence and dispatch.”…

Employee Theft and Dishonesty: “The Emerging Trend in Business Insurance Claims”

No company, including yours, is immune from employee theft. In fact, according to the U.S. Chamber of Commerce, employee theft is costing American businesses $40 billion annually and is increasing by 15% per year. In the past, we recognized employee theft as “raw materials walking out the backdoor.” Today’s trends indicate a dramatic shift towards more sophisticated “crimes” involving fraud, embezzlement or skimming often taking place over several (or many) years, usually involving older workers than younger workers and often involving the company computer network.…

Is your insurance policy prepared for a disaster?

Want to know how reliable a car might be, ask a mechanic. Want to know how reliable your insurance policy might be, ask an adjuster – a public adjuster. Public adjusters document damage and adjust property insurance claims on behalf of the business owner. We are the policyholders’ advocate to ensure your claim is prepared, presented and adjusted so that your best interests are protected. In this article, we will outline several insurance coverages and clauses you need to know about so that you can protect your assets in case the unfortunate happens.…

Why a General Contractor Should Not Be Used to Prepare an Insurance Claim Adjustment

Your insurance claim is based on the cost to replace with like kind and quality at today’s labor and material costs. This is true whether or not you would restore the property the same way it was or whether the material or construction techniques used in the original building are even possible in today’s market. The appraisers at Alex N. Sill Company are accustomed to supplying current unit cost replacement values based on like kind and quality to buildings of all ages.…

Property Claim Guidance from the Ohio Insurance Institute and the Ohio Department of Insurance

It is essential when an insured incurs property damage that the insured understands the rights under the insurance policy. Insured clients of Alex N. Sill Company have repeatedly commented that they discovered during the adjustment process that the insurance carrier has selfish motives in adjusting the loss claim — and the insurance broker and contractor had conflicts of interest in assisting the insured. The only party that did not have a conflict of interest, other than the insured, itself, was the public insurance claims adjuster. Our insured clients repeatedly further comment that it became clear, during the adjustment process, that they needed an advocate who could understand the policy language and speak and act on their behalf.…

Consumer Group: Insurers Overcharge

U.S. insurance companies systematically overcharge customers and underpay home and auto claims to pad their already fat-bottom lines, a consumer group said Thursday. The Consumer Federation of America’s insurance director, J. Robert hunter, said insurance companies have enjoyed robust profits and contained losses largely by “methodically overcharging consumers, cutting back on coverage, underpaying claims and getting taxpayers to pick up some of the tab for risks the insurers should cover.”…

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