How do we define indemnification from a covered loss?
Fulcrum Claims Consulting defines indemnification as our clients having no evidence of either physical or economical of the covered loss following an event.
How should I handle dealing with damage to my property?
When damage occurs to your property, the extent and type of damage may warrant consulting professionals with the expertise and experience to address your specific property type and claim needs. Each claim requires careful consideration of the unique circumstances surrounding the loss. Whether you are a Real Estate Investment Trust, property owner, or community manager, your role and relationship to the property should be factored into the claims process to ensure a fair and accurate resolution.
What’s the most important decision to make when faced with a covered loss?
After experiencing a covered loss, selecting a professional to manage your property and casualty claim is an important step. At Fulcrum Claims Consulting, we approach each claim with a detailed and balanced. Our decades of experience and individualized experience provide our clients with the confidence and support often lacking in the traditional claim process.
What actions are taken when undergoing a property claim adjustment?
Calculating damages is only one part of the property claims adjusting dynamic. Insurance adjusting involves investigating, estimating, and evaluating the claim in its entirety. Therefore, there are many variables involved in any property claim adjustment that must be considered, which often go overlooked or unaddressed. By taking our intimate knowledge of the claim process, advanced certifications and using precision in the analysis and assessment of each aspect of the claim adjustment process, we are able to provide our clients with verifiable facts regarding their property damage.
What are insurance carriers most concerned about when you file a claim?
Insurance carriers are most concerned about the following three questions:
- Is the loss covered?
- Is there pre-existing damage?
- What is the amount of loss and damages?
How are proper resolutions for property insurance claims achieved?
Achieving a proper resolution to a property insurance claim is not formulaic. There is no correct form to fill out or a specific list of tasks to perform that will resolve every claim.
The most important considerations when looking to achieve an accurate property claim resolution:
- The type of loss
- The type of structure involved
- The governing insurance policy
- The location and associated act or weather contributing to the loss
What is a public adjuster?
The National Association of Public Insurance Adjusters defines licensed Public Adjusters as follows: “Public Adjusters are professionals who are employed exclusively by a policyholder who has sustained an insured loss. They handle every detail of the claim, working closely with the insured to provide the most equitable and prompt settlement possible. A Public Adjuster inspects the loss site immediately, analyzes the damages, assembles claim support data, reviews the insured’s coverage, determines current replacement costs and exclusively serves the client, not the insurance company.”
Do you ever utilize the expertise of outside partners/organizations?
We will always keep our clients informed if we think it necessary to involve an external partner to consult on a case. Occasionally, we may find it necessary to partner with outside experts on cases where we cannot qualify our own internal team as “expert witnesses”, instead of “fact witnesses.” This is a per-client situation, and depends on the case, cost-benefit, and tactical analysis involved.
Additionally, if we find it necessary to engage with an attorney, depending on the property location and claim specifics, we may be able to recommend law firms who work exclusively in this space and specialize in the individualized claim needs for indemnity.
What Is Risk Management?
Risk management involves identifying, analyzing, assessing, controlling, avoiding, minimizing, or eliminating unacceptable hazards. These hazards include acts of God (natural causes and disasters), unpredictable or unknowable events, and deliberate attacks from adversaries, such as agents of terrorism.
What is the role of a risk management professional?
A risk management professional is a partner who supports the organization to leverage the opportunities and uncertainties associated with its goals and objectives. This individual leads the development and implementation of risk management practices that enable the organization to make risk-effective decisions that create and sustain value.