Overhead and profit was recently mentioned by a colleague, Brandon McWherter, in, When Is Overhead and Profit Due in Tennessee? He noted that the general rule for when contractor overhead and profit is to be paid is when it is:

reasonably likely that the insured would be expected to hire a contractor to repair the property.


Continue Reading Overhead and Profit – Regulatory Criteria for When a Contractor is Required

The National Association of Public Insurance Adjusters will host their Mid-Year Conference in beautiful Palm Beach, Florida. The conference will begin on Thursday, December 8th and conclude mid-day on Saturday, December 10th. Having the National Association host this conference in South Florida is a wonderful opportunity and public insurance adjusters should join NAPIA and network with the leading professionals assisting policyholders across the county.


Continue Reading National Conference for Public Adjusters Coming Very Soon: December 8-10

FEMA has approved a 31-day extension for Hurricane Matthew survivors to apply for federal disaster assistance. Survivors now have until January 9, 2017, to register with FEMA. The new deadline also applies to homeowners, renters and businesses submitting applications for low-interest disaster loans from the U.S. Small Business Administration.


Continue Reading North Carolina Disaster Assistance Deadline for Survivors of Hurricane Matthew Extended to January 9, 2017

Most property and business policies contain a provision requiring the insured to submit to an examination under oath (known as an “EUO”) by the insurance company in connection with an insurance claim. It is similar to a deposition, with the policyholder providing sworn testimony under penalty of perjury. However, it is under a contractual policy requirement not the litigation process.


Continue Reading Examinations Under Oath – What You Need to Know

In yesterday’s post, Determining Depreciation–Are Policyholders Getting Ripped Off, I promised to discuss issues of actual cash value and depreciation. The article I am critiquing giving rise to this discussion cited California law regarding actual cash value and then made this statement:

In states in which condition is not included in the definition of actual cash value, actual cash value is generally defined as replacement cost less depreciation.

Is this true?


Continue Reading Determining Depreciation: The Definition of Actual Cash Value Varies Widely Between States

Many property insurance company adjusters are required by their companies to determine the amount of depreciation to be taken when arriving at amounts of actual cash value. Many are told to determine this amount by determining the replacement cost and then subtracting depreciation. The question is: How are property insurance adjusters trained to determine depreciation so the insurance customer is not “ripped off” by taking too much depreciation?


Continue Reading Determining Depreciation–Are Policyholders Getting Ripped Off?

At the recent annual FAPIA conference, a dedicated course specific to public adjusters was presented for the five-hour Law and Ethics Update Course. Every Florida public adjuster must take a course of this duration on these topics during their two-year cycle and this course was specific to public insurance adjusters. If you missed it, you should sign up at the next offering. Keeping on top of the rules and requirements of your license must be a priority for you.


Continue Reading Five Reminders for Licensed Public Adjusters in Florida