“Insurance breakage” mirrors the concept of breakage in the retail sector. In retail, breakage refers to the revenue gained from unredeemed gift cards or prepaid services. Essentially, customers pay upfront for a service or product they never use, and the
Nobody can remember all the stuff they have accumulated and discarded during their lifetime. When a total fire loss happens, and there is nothing left other than charred remains and memories, many insurance companies add to the emotional trauma by not
Insurance company attorneys can be tricky because they try to “set up” defenses in the investigation of a claim and then claim non-cooperation or fraud if the requests are not fully responded to. It is almost as if the insurance defense
I recently shared a post titled “Public Adjusters Need To Raise The Bar For Admission If They Want To Be Seen As Professionals,” which sparked a lively and insightful discussion. I’m truly grateful for all the engaging responses
Brian Goodman is the General Counsel for the National Association of Public Insurance Adjusters (NAPIA.) At the First Party Claims Conference, he and Steve Badger debated on a number of topics. One topic concerned the professionalism of public adjusters and
Seek Now (fka Ladder Now) is a third-party vendor to insurance companies. It has non-licensed inspectors do work that historically was accomplished by company or independent adjusters. Here is a memo from a Seek Now manager to his field inspection
Are you a policyholder, insurance restoration contractor, or public adjuster dealing with a roofing claim adjustment involving roofing shingles with State Farm? Have you asked the State Farm adjuster for the process explaining how the adjuster is handling the claim?
In the post, “How Do Judges Appoint Umpires in an Appraisal? A Case Example from Louisiana,” who did the judge appoint? I noted that:
In this case, the judge appointed an umpire who had been appointed before as
Appraisers and umpires must ensure they have the necessary time to efficiently fulfill their responsibilities before committing to an appraisal panel. Both policyholders and insurers concur that policyholders deserve swift and complete compensation for their losses. The fundamental principle of
The greater the appraisal award is, the greater frequency that the insurance company will flip out and blame somebody or something for causing a large appraisal award. This is the situation in a North Carolina case where the insurance company
