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Calling on Insurance Professionals to Expose the “Wizard” Behind the Curtain
By ME-P Staff Reporters
We received the following request recently. Apparently, this ME-P reader-nurse sustained a covered loss with valid home insurance property-casuality claim. It resulted in disagreement with her insurance adjuster [a common occurrence]. The adjuster cited his/her supervisor’s insistence on claim settlement and closure. The nurse’s general contractor thinks the monetary amount is significant [$50,000 range after three independent estimates]. The insurance company wants to settle for about half that amount.
What say you about this scenario?
INSURED
Dear Big Insurance Company Adjuster
”Many thanks for reaching out to us by phone yesterday. Please be aware that we did not agree to partial payment or supplements and are sorry for any confusion.
We would however, be pleased to assist by informing your management of our declination of same. Thus, there is no need to issue any payments at this time.
It seems to make far more sense to get all the numbers together with our general contractor and then arrive at a consensus before moving forward. As you know, this was our original plan. We appreciate your deeper understanding of these very complex issues.”
Your Small Client
INSURANCE ADJUSTER
Dear Client
“This email will serve as a follow up to our telephone call yesterday. I am sorry we were disconnected but I attempted to call you several times and I was unable to leave a message. I am attaching a copy of the updated Big Insurance Company estimate which reflects those changes made due to additional information gathered during my second inspection of your property on September 8th. Also you will find an updated Replacement Cost Letter.
As discussed, due to the fact we know we owe you the value of the attached estimate, I am processing the actual cash value payment in the amount of $ XYZ. Any additional payments will be handled as supplements. Please feel free to contact me with any questions.
Your Big Insurance Company Adjuster
MANAGEMENT
Dear Client
Also, my management told me I need to proceed with issuing payment based on the amount I know I owe you [insured] as of now, and that I should handle any further negotiations as supplements. I have already discussed this with your husband.
Your Big Insurance Company Adjuster
Assessment
After some internet research, our RN reader discovered that abut 85% of all folks accept inadequate PC insurance payments after being strong-armed by their insurance company in various ways. She is determined to be made whole and indemnified. She also understands that future negotiations and “supplements” after acceptance are typically not favorable to her, and she wishes to maintain her leverage by not accepting them. Can she refuse to cash the check, if sent to her, until satisfied? She is not feeling in good hands, at the moment!
Industry Indignation Index: 85%
Audio Razz: Click to play :
Conclusion
And so, your thoughts and comments on this Medical Executive-Post are appreciated. Must our reader “accept assignment” in the form of this under payment cram-down? How can she expose the Wizard of Oz manager behind the curtain? Will she be the “squeaky wheel” of informed insureds who “get the economic grease” they deserve. Should our Industry Indignation Index percentage be higher, or lower? Is the audio razz deserved, or not. What can she do? Insurance agent and attorney input is appreciated.
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Filed under: "Advisors Only", "Ask-an-Advisor", Ethics, Industry Indignation Index, Insurance Matters, Op-Editorials | Tagged: Allstate, insurance adjuster, insurance claim settlements, insurance supplements, John Bell, Justin Owens, property casualty insurance, Tom Wilson, www.allstatesucks.com | 39 Comments »
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