Insurance/Legal Matters in Restoration

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Too many business leaders have been misled by the “accounting mentality” and think paying their people too much (whatever that means) results in uncompetitively high costs. Seriously? 

They say familiarity breeds contempt. Perhaps that is the inspiration for this piece. Or maybe it’s just that after 17 years of dealing with the same issue, you lose patience with it. Especially when the solution seems so simple. At least on the surface.

There are significant changes in the insurance marketplace in store for restoration contractors in 2019. These changes will adversely affect many restoration firms, some a lot more than others.

At this time of year, along with developing your business plan for the coming year, you should be reviewing your company’s Mission (or Core Purpose) statement, Vision statement, and list of Core Values.

Managing the risks associated with master services agreements with insurance companies for remediation services requires attention to detail when reviewing the contract. If a restorer misses a detail in the contract, the indemnity agreement in these contracts can leave the restorer in the position of being the insurance company of a big insurance company.

Social media abounds with complaints from clients claiming they are getting screwed by their lawyers. But don’t be ashamed or scared.

CoreLogic® (NYSE: CLGX), a leading global property information, analytics and data-enabled solutions provider, today announced updated residential and commercial flood and wind loss estimates for Hurricane Florence.