I was visiting a client last week. The insurance company wanted to conduct yet another inspection of the property to further evaluate the loss. This despite having already had approximately one year to conduct their investigation. One year mind you with no payment, no evaluation of coverage, no evaluation of damage. My client is frustrated. He wants to confront the insurance company adjuster:
Client: Are you here to represent me?
Adjuster: I’m here to represent the insurance company.
Client: Doesn’t my insurance company represent me?
Adjuster: Your public adjuster represents you.
Client: Yes, I know that but doesn’t my insurance company also represent me?
Adjuster: Your insurance company represents the shareholders.
Client But doesn’t the insurance company have my interests at heart?
Adjuster: You insurance company is not required to have your interests at heart. They are required to pay the claim if it’s a covered loss.
Client: Is this a covered loss?
Adjuster: We’re still investigating
Client: When will you be finished with your investigation?
Adjuster: When we’re finished.
At that point I took my client aside and told him to stop wasting his time. However what he learned was instructive to say the least. He learned that following a loss he has effectively given the insurance company an interest free loan, until the claim is paid. If you could have money for free, how much of a hurry would you be in to pay it out? Not much.
He also learned that contrary to popular belief, you’re not in good hands, no insurance company is on your side, their’s no umbrella to keep the rain off and insurance companies are anything but good neighbors. He’s had a loss, a significant loss that may run $1 million dollars or more. So far he’s been jerked around, not responded to and effectively told to shut up.
Yet, he’s had a loss and looked to his insurance company for assistance.
If this story were an isolated case, I would not be writing about it here. Unfortunately, it’s far from isolated. Many of my clients contact me after they’ve been told to shut up and go away. We’ll they don’t and you shouldn’t either. Stand up and fight for what you’re entitled to and don’t allow the insurance company to intimidate you.
This claim is going to suit and to appraisal. I’ll let you know how it turns out.
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1 comment:
Great example, Bill! I am also a Florida PA and couldn't agree more with the points you make. It reminds me of a frustrating conversation one of my clients had on his claim:
Policyholder – “Hello, I'm calling about my claim.”
Insurance company – “The phone number for the claims department is no longer being answered by the claims department.”
Policyholder – “Why?”
Insurance company – “The claims department is not taking calls because they are too busy. You can leave a message and someone will call you back.”
Policyholder – “When?”
Insurance company – “We can't say because they are just too busy.”
Policyholder – “Is there a number for the claims department?”
Insurance company – “Yes, the number you just called.”
Policyholder – “But you said you were not the claims department.”
Insurance company – “Yes, that is correct, is there anything else I could help you with?”
Policyholder – “Well, I'm not sure, since you haven't helped me at all.”
You would swear it was being made up if you didn't know better! Keep up the great work, Bill!
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