Insurance 101 – Chapter 7 – Volume 12 – Establish the Amount of the Loss and Claim – 2

Establish the Amount of the Loss and Claim – 2

The adjuster must walk through the entire scene of the loss with the insured and obtain an agreed scope of loss. He or she must advise the insured that the adjuster will be retaining experts in the valuation and repair of the type of property that is involved. These experts will bid on the repair and replacement from the agreed scope. The adjuster must present the insured with a copy of the agreed scope, and inform him that he may, if he wishes, obtain similar opinions based on the same agreed scope.

The following video was adapted from my book, “Insurance Claims A Comprehensive Guide” Published by the National Underwriter Company and is available at the Zalma Insurance Claims Library

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2 Responses to Insurance 101 – Chapter 7 – Volume 12 – Establish the Amount of the Loss and Claim – 2

  1. Joshua says:

    Where are you getting the information stating that Overhead and profit is included in the line item pricing in Xactimate?

    According to Xactware it’s not included in the line item pricing, “for individual trades, Overhead is any additional expense not charged directly to the work being performed.”

    Xactware goes on to say “When xactware performs market research on unit prices, those surveyed are specifically asked to not include expenses that would be included in the General Overhead and Profit markup Percentages”

    • barryzalma says:

      Regardless of what Xactware says every labor and material cost includes overhead and profit for each trade. Check the builder you work with and ask if they could survive on 10 and 10.

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