Drones and new technology can help show damage easier, far less costly, and much safer. But are drone investigations accurate? Will they miss damages otherwise owed with a full investigation to determine roof damage?
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Calculating Actual Cash Value, Part 31: Vermont
This week in my series on calculating actual cash value, we will look at the Green Mountain State, Vermont. It is the second smallest by population and the sixth smallest by area of the fifty states.1
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FEMA Registration Deadline Extended Until January 8, 2018, for US Virgin Islands
Residents of the U.S. Virgin Islands affected by hurricanes Irma and Maria now have through January 8, 2018, to register with the Federal Emergency Management Agency (FEMA).1 Registration is required if survivors intend to apply for federal disaster benefits, such as low-interest Small Business Administration disaster loans and/or FEMA grants for rental assistance, home repairs, personal property losses, and other disaster-related needs.
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Depreciation of Labor and Actual Cash Value
The Mississippi Department of Insurance just issued a bulletin regarding the depreciation of labor from Actual Cash Value. This is similar to Arkansas which Shane Smith reported in Arkansas Insurance Department Bulletin on Depreciation of Labor.
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Assignment of Benefits, Part 9: Virginia
Following another reader’s request, this week’s installment of my blog series on Assignment of Benefits (“AOB”) we are exploring the applicability and validity of AOBs in Virginia.
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Loss of Business Income as a Result of Political Events
While most of our readers are familiar with Business Income loss claims as a result of a natural event such as fire or hurricane, what protects a business when forced to cease operations or can’t get the supplies needed to manufacture goods because of a political event?
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Does a Residence Restriction Violate the Standard Fire Insurance Policy?
Homeowner property insurance policies usually cover the dwelling located at the “residence premises,” which is typically defined as the one, two, three, or four-family dwelling used principally as a private residence and where the insured resides. What happens if the insured is not residing in the dwelling at the time of a fire loss? Is the fire loss covered? The answer may depend on whether the jurisdiction has enacted a standard form of fire insurance.
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Calculating Actual Cash Value, Part 23: Nebraska
In Nebraska, the test for calculating actual cash value is Fair Market Value. In Olson v. Le Mars Mutual Insurance Company of Iowa,1 when both the insurer and insured advocated use of the broad evidence rule, the Nebraska Supreme Court held that the test was Fair Market Value.
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Will You Take a Partial Insurance Payment and Give Up?
Last week I wrote a post: That Check from Your Insurer Might Just be the Insurance Company’s First Offer. I was unnerved at the language I heard at the Roundtable meeting about the insurance company’s sending over “first offers” and not hearing any rebuttal from their insured regarding the Matthew claims. I am most upset because the policy of insurance doesn’t say ‘after a loss we will pay you our first offer and let you negotiate with us.’ But that is what happens all too often.
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Merlin vs Badger II – Gonna Be the Baddest Show in Orlando
The Windstorm Insurance Conference in Orlando will feature a debate re-match between yours truly representing the policyholder view and Steve Badger who represents insurance companies. Many of my policyholder friends often ask how I can have such a good professional relationship with Badger whom they view as somebody akin to Darth Vader. I am certain some insurance claims executives wonder why Steve would hang out or discuss the current issues addressing insurance claims with somebody their world may view as on the insurance industry’s most wanted to destroy list.
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