Property Insurance Roundtable
Proving an Insured Loss: Policyholders Need Experts Too!
Today, we will be discussing how experts can benefit policyholders prove an insured loss. More and more insurance companies are using experts to support their side of a claim settlement. That is why today’s policyholder must often take advantage of similar professional resources to help prepare, support, and settle their claims. Understanding and utilizing the coverages available for this purpose can help protect the insured not only against financial loss but for the cost of recovering it. Our experts will review the basics of loss preparation cost coverage including what it is, why it’s needed, and how to ensure you have purchased the right type and the amount of coverage.
- [01:58] Why is it important to know who is who in the insurance claims process?
- [02:58] What types of professionals who may participate in a policyholder's property loss work for an insurance company?
- [03:25] What types of professionals work for the policyholder?
- [03:57] Are there any professionals who may work for both the insurance company and the policyholder?
- [04:33] How can qualified outside professionals make a significant difference in the amount of a settlement and the speed at which it's reached?
- [05:21] What types of experts and professionals will insureds possibly need to hire during the property insurance claim process?
- [05:57] Historically the cost of experts to support and prepare a claim are the insured's responsibility, but now it seems the burden of cost seems to be shifting. Why is that?
- [06:54] How does current coverage to reimburse policyholders for loss preparation costs vary among insurance carriers?
- [07:20] What steps should policyholders take when considering this type of coverage?
- [08:11] What other types of questions should policyholders consider when they are researching loss adjustment expense coverage?
- [09:43] Why is it important that a policyholder identify the carrier's precise intent for loss preparation coverage before a loss occurs?
- [10:30] What should policyholders do if they haven't found an acceptable endorsement that will respond to their business's unique needs?
- [11:14] Why do so many organizations fail to make sure their insurance program includes reimbursement coverage?
- [13:07] Examples of businesses who want people to maximize their financial settlement after a disaster because they didn't have this type of coverage or they didn't hire the right experts.
- [15:00] If an agent or broker offers to handle a claim, is that an Unauthorized Practice of Public Adjusting? Or are they legally allowed to do it?
- [16:42] Other important points about making a case for experts.
- [18:12] Why is coverage for public adjusters rarely seen?
Todd Thomas is the Vice President at Adjusters International (AI) and Tidal Basin (TB). He is also the Chief Consultant and Partner of Adjusters International’s affiliate Sigma Consulting Corp. He has worked in the Management Consulting industry for 23 years. Currently, he works with AI and TB's strategic partners to offer the highest quality Risk Management and Disaster Recovery consulting services possible. Thomas has worked in a management capacity on high-profile FEMA, insurance and construction projects since 1996. Thomas regularly serves as an expert witness and Special Master to courts in the area of finance & insurance.
Thomas’ experience assisting public entities, non-profits and other organizations with risk management and insurance includes but is not limited to broker selection, insurance marketing, total cost of risk, risk identification, risk allocation, underwriting, claims, financial risk management, FEMA obtain & maintain compliance, risk analysis, risk management information systems and enterprise risk management.
He is a Fellow of the American Academy of Financial Management (FAAFM), Member of the American Economic Association, Member of the Association of Certified Chartered Economists, a Fellow of the Risk and Insurance Management Society, Member of the Global Risk and Insurance Management Institute, Caribbean Actuarial Association and Member of the Institute and Faculty of Actuaries. Todd is a Chartered Economist (ChE), Certified Risk Analyst (CRA), Certified Organizational Risk Manager (CORM), RIMS Fellow (RF), Fellow of Risk Management (FRM), Chartered Property & Casualty Underwriter (CPCU), Associate in Risk Management specializing in Public Entities (ARM-P), Master Project Manager (MPM), Accredited Financial Analysis (AFA), Accredited Management Accountant (AMA) and Workers Compensation Claims Law Specialist (WCLS).
Jim Beneke is a strong and effective advocate for commercial property owners in the aftermath of a devastating property loss. A third-generation public adjuster, he has a reputation for honesty and integrity in negotiating a fair and proper insurance settlement for his clients.
Jim’s grandfather founded A.C. Beneke & Company in New York in 1927. With the 1965 launch of The Beneke Company in Dallas, Jim’s dad R.G. Beneke introduced public adjusting to Texas and the Southwest. Twenty years later, The Beneke Company was an integral part in creating and organizing Adjusters International, a corporation of the nation’s leading public adjusting firms that serve clients around the world. In 1990, Jim brought The Beneke Company/Adjusters International to Austin where he still serves clients nationwide and keeps a close eye on the University of Texas Longhorns.
Jim’s 36 years of experience, combined with this rich family tradition, shapes his knowledge and deep appreciation for the history and growth of the public adjusting profession. He has maintained long-term relationships with clients, insurance company representatives and their experts, and others he has worked with over the years. These relationships often benefit clients that are experiencing significant property loss for the first time.
But it’s not all about what he has done in the past. Through continuing education and involvement with professional organizations and government and regulatory agencies, Jim is also well-versed on trends, laws, and other influences that shape today’s public adjusting industry. In 2003, he led the Texas Association of Public Insurance Adjusters’ (TAPIA) successful legislative effort resulting in Texas’ first public adjuster licensing law. He worked closely with the National Association of Public Insurance Adjusters (NAPIA) and the National Association of Insurance Commissioners (NAIC) on the creation of a model licensing act for public adjusters. Completed in October of 2005, the model act is now the law in fifteen states and is the basis of legislation in the few remaining states that do not license public adjusters.
Jim has been featured as an expert panelist on Adjusters International’s Property Insurance Roundtable podcast in the episodes titled, “Hail Damage Can Create Difficult Insurance Claims,” “Debris Removal and Pollution Damage” and “The Unauthorized Practice of Public Adjusting (UPPA).”
John Marini has extensive disaster recovery experience and knowledge of public adjusting and the FEMA Public Assistance Program. He specializes in assisting public entities with their financial recovery through the integration of insurance claims with FEMA grant funding.
Marini has established a team of more than 140 experts who assist applicants and grantees with their post-disaster FEMA grant management and insurance recovery. He is closely involved in the management of Adjusters International’s Catastrophe Operations, assisting FEMA Public Assistance applicants and grantees with recoveries from Hurricane Andrew in 1992, hurricanes Katrina/Rita/Wilma in 2005, hurricanes Gustav and Ike and the Midwest Floods in 2008, as well as many other cases.
For further information on this topic, please read our Adjusting Today article: "Proving an Insured Loss: Policyholders Need Experts Too"