Insurance/Legal Matters in Restoration

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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.

Before I answer the question posed in the title, I want to challenge you to consider why you need an alternative. Third Party Administrators (TPAs) are not your friends. Friends don’t let friends “go broke tired.”

Every now and then the word “blockchain” appears somewhere in our daily life. It’s is almost always associated with getting fabulously rich, staggeringly poor or in some James Bond style theft of a large sum of money, a person with a Russian sounding last name hiding out in a 2nd world country.

Last month, we talked about the issue with claims frequency. However, I don’t want any of this information to scare you away from making a claim when you need to. In this article, you’ll find a list of situations that should always be reported as a claim.

When should you report a claim to your insurance company? Every claims adjuster will tell you “report all possible claims to us as soon as you can.” However, following their advice will usually turn out badly for a restoration firm. 

The jobs are completed and you have sent your invoices out. Yet you continue to have invoices unpaid and can’t seem to track down where the payment is. Who has it? The insurance company, the insured, the mortgage company?