The International Risk Management Institute, aka IRMI, is a fantastic resource for those involved in property insurance. Our firm has been a long-time subscriber to many of its publications. One of those, The Builders Risk Book, 1 came to mind while writing, Travelers Builders Risk Policy—Don’t Buy It If You Are an Owner or Developer. … The post The Builders Risk Book—A Great Reference Source For Those Involved With Builders Risk Insurance and Coverage Issues appeared first on Property Insurance Coverage Law Blog ..read more

Ten years ago, I warned that Xactimate pricing was woefully underestimating construction costs, resulting in underpayments to policyholders in Xactimate Price Trend Does Not Reflect Actual Costs: Yesterday, our firm hosted a training seminar for public adjusters and others who use the insurance claims estimating software, Xactimate. During the seminar, a common theme began to … The post Xactimate Price Warning—Xactimate Finally Admits It Is Not So Exact! appeared first on Property Insurance Coverage Law Blog ..read more

An article in the Times-Picayune, Law Firm Accused of Fraud in Louisiana Hurricane Suits Files for Bankruptcy in Texas, caught my attention. I know many of the players involved in this law firm. Many have scattered to the hills and are trying to avoid association with what they have been doing to solicit and then … The post McClenny, Moseley & Associates, aka MMA, Files Bankruptcy: Texas Lawyers Involved With Mass Hurricane Advertising Scheme Seek Reorganization appeared first on Property Insurance Coverage Law Blog ..read more

Policyholders dealing with property damage expect insurance claims to be handled fairly and efficiently. Yet, the reality can diverge due to delays in the insurance appraisal process. This raises an important question: What role do insurance carriers play in these delays, and do they have a duty to prevent them? The Appraisal Process and Its … The post Delayed Insurance Appraisals? Do Insurance Companies Have Good Faith Duties to Make Sure Their Appraisers Do Not Delay Appraisals? appeared first on Property Insurance Coverage Law Blog ..read more

Florida is the only state to address and provide a statutory definition for a “re-opened claim” or a “supplemental claim.” Florida’s law is not a consumer protection law. Instead, it is an insurance company protection law. The current wording of Florida’s statute on Supplemental and Reopened claims reads as follows: 627.70132 Notice of property insurance claim.— … The post Policyholders and Public Adjusters Beware of Claims Notice Deadlines! Florida Supplemental and Reopened Claims Statute Causes Potential Claims Denials For Otherwise Covered Claims appeared first on Property Insurance Co ..read more

Insurance company employer goals, which are supported by financial bonus and incentive programs to claims managers and adjusters, can cause insurance companies to fail in their ethical claims obligations to their customers. As noted in an often quoted article about this topic which is worthy of fully reading, Slouching to Gomorrah: Adjuster Pay Plans and … The post What Causes Bad Faith Claims Practices? One Reason Is Financial Incentives and Goals appeared first on Property Insurance Coverage Law Blog ..read more

Good faith claims obligations are not learned in bad faith insurance cases written by judges. That would be like doctors learning how to practice medicine by reading what judges write in medical malpractice cases. Most insurance company adjusters have access to and learn how to practice adjusting through insurance industry courses about insurance adjusting. Most … The post What Are the Good Faith Claims Handling Rules Insurance Companies Must Follow? Adjusters Must Do These or Be Guilty of Bad Faith appeared first on Property Insurance Coverage Law Blog ..read more

AIG’s subsidiary is back in trial on another bad faith case for failing to pay a wealthy family anywhere near what was owed for a hurricane loss. The appraisal panel issued an award to the policyholders totaling $9,179,272.15. American Home made two payments to the policyholders following Hurricane Irma, which occurred in October 2017. One … The post The Bad Faith Claim Practice Scheme of Attrition—Delay and Make Them Sue to Get Full Payment appeared first on Property Insurance Coverage Law Blog ..read more

What is meant when an insurance policy requires a policyholder to cooperate? Chip Merlin noted that the Cooperation Clause Does Not Require the Policyholder’s Slavish Obedience. In The Duty to Cooperate—What Happens If You Do Not Fully Respond and the Insurance Company Says Nothing About It? he stated: Insurance company attorneys can be tricky because … The post What Is Required From the Duty to Cooperate? Policyholders and Public Adjusters Need to Pay Attention to Requests For Information From Insurers appeared first on Property Insurance Coverage Law Blog ..read more

The term “lead underwriter” when dealing with Lloyd’s of London carries a distinct significance due to the unique structure of this marketplace. Lloyd’s is not an insurance company. As noted in The Lloyd’s Insurance Marketplace, Lloyd’s is a marketplace where multiple syndicates and insurers come together to insure risks. Each of these syndicates is made up … The post What Is the “Lead Underwriter” When Dealing with Lloyd’s? What Is the Significance When a Claim Is Presented? appeared first on Property Insurance Coverage Law Blog ..read more