Month: December 2016

  • December
    30 2016

    GETTING PAID FOR OVERHEAD AND PROFIT

    Withholding overhead and profit has become a common practice in hail storm claims handling for insurance companies.  Insurance companies demand that overhead and profit is actually incurred before paying claims.  Considering that overhead and profit are an estimated 20% of the claim value (10% for profit and 10% for overhead), that means that insurance companies […]

  • December
    28 2016

    What is a Fair and Reasonable Insurance Settlement?

    A settlement is an arrangement between two or more persons to resolve a dispute. All parties involved in a settlement typically expect some level of compromise.  Unfortunately, there is not a standard that is used in legal disputes with insurance companies. Defining a fair and reasonable settlement in the insurance arena requires that certain factors […]

  • December
    22 2016

    Hail Claims: Is The Appraisal Process Fair?

    The appraisal process is found in most homeowners’ insurance policies and it is commonly invoked to address disputed property damages. The appraisal process is used to determine the amount of property damaged caused by the loss event. (e.g., hail storm, wind storm, tornado, etc.).  There seems to be a lot of controversy as to whether […]

  • December
    16 2016

    5 MOST COMMON BAD FAITH INSURANCE PRACTICES USED TO DENY OR UNDERPAY HAIL CLAIMS

    Insurance companies owe a duty of good faith and fair dealing to their insureds.  These duties are usually codified into state insurance laws.  Simply put, bad faith is when an insurance company fails to act in its policyholder´s best interest.  Unfortunately, bad faith insurance practices are far too common in the context of natural disasters […]