A Fence at the Top of the Cliff

On a recent Price of Business show, Host Kevin Price interviewed David Thomas with Thomas & Cohen, Inc.

David Thomas is an independent adjuster who has been helping homeowners and businessowners recover and get back on their feet after property losses for the last 15 years. He began as a roofing contactor helping homeowners put on new roofs after storm damage and is now the president and CEO of Thomas & Cohen, an Independent Adjusting Firm that specilizes in representing property owners and insurance companies in the appraisal/dispute resolution process of complex insurance claims.

1)     With storm/hurricane season approaching, it is important to have the correct property policy and coverages in place prior to a loss. Not all policies are created equal and you will typically get what you pay for. Discuss this with your agent/broker and make sure you have the coverages that meet your expectation in the event of a loss. I.E.:

a.     Building code coverage

b.     Loss of use/business income

c.      Matching

d.     RCV instead of ACV.

2)     Know your policy and your duties and timelines after a loss. In the event of a loss, first notify your agent/broker and follow their guidance.

 

3)     Hiring representation after a loss, such as a Public Adjuster, can be very valuable in helping navigate the complexities of the claims process, however, not all PAs are created equally so proper vetting is important. Some things to consider are:

a.     Read all contracts carefully and be 100% certain of what you are signing.

b.     Research your prospective Public Adjuster with your local Department of Insurance as well as other online sources. Make sure their license is valid and in good standing.

c.      Ask for a copy of their CV and referrals to confirm competency. As a rule of thumb the more letters they have after their name (professional designations) the better.

d.     Ask your Public Adjuster for regular (typically 30 day) status updates on your claim.

e.      Stay in touch with your agent/broker throughout the process as they are also your advocates and they are your connection with your insurance company.

 

4)     If all else fails and you are still unable to reach an agreement with your insurance company, discuss and research the possibility of appraisal. This is a form of alternate dispute resolution provided for in the policy. This is what Thomas & Cohen specializes in.

Learn more at https://www.tcadjusters.com/.

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