A D J U S T I N G T O D A Y CORPORATE OFF ICE 126 Business Park Drive Utica, New York 13502 1.800.382.2468 Outside U.S. (315) 797.3035 FAX: (315) 272.2054 Editor@AdjustingToday.com WEB ADDRESSES www.AdjustersInternational.com www.AdjustingToday.com PUBL ISHER Ronald A. Cuccaro, SPPA EDI TOR Sheila E. Salvatore ADJUSTING TODAY is published as a public service by Adjusters International, Inc. It is provided for general information and is not intended to replace professional insurance, legal and/or financial advice for specific cases. AT10 3039 PRINTED ON RECYCLED PAPER Copyright © 2010 Adjusters International, Inc. Adjusters International ® and the AI logo are registered trademarks of Adjusters International, Inc. Robert Prahl has more than 30 years of experience in the insurance business, primarily in claims and claims training. He began his career as an adjuster in the New York metropolitan area and eventually became a claims manager and claims training director. He has written extensively on insurance issues, having authored two text books for the Insurance Institute of America and previously served as a columnist for Rough Notes magazine, an insurance trade publication. Robert J. Prahl, CPCU Adjusting Today on the Web — www.AdjustingToday.com View our entire catalog of back issues, download PDF versions, subscribe and contact the editor Follow Adjusting Today on Facebook & Twitter: Facebook.com/AdjustersInternational Twitter.com/AdjustingToday and an award of extra-contractual damages. Although it may not be widespread, and some adjusters may dispute it, some insurers seemingly are taking what can be described as a “positive claims attitude” toward policy interpretation, that is, to focus on looking for ways to cover a claim rather than for ways to exclude it. Because of the nature of the insurance product — that is, its characterization as an unfulfilled promise by the insurer, unless or until a covered loss occurs — insurance companies are highly regulated. State insurance regulators monitor the solvency of insurers to ensure that the protection insureds have paid for will be available if and when they sustain a loss. Regulators also respond to consumer complaints and approve rates and policy forms, among other things. Conclusion Adjusters are responsible for interpreting rather complex policy language that ordinarily has a legal as well as a commonsense meaning. This responsibility exists in an environment that is characterized by extensive competition in which customer service and good faith relationships with insureds are vital to a company’s success. It is in the best interest of insurers to consider the interests of the insured as equal to their own. To do otherwise, is to invite claims of bad faith and to face exposure to extra-contractual damages. “ ” It is in the best interest of insurers to consider the interests of the insured as equal to their own.
RkJQdWJsaXNoZXIy NjIxNjMz