Property Claims Handling

These claims include various property losses: residential, commercial, manufacturing and business. The field representatives are experienced in these claims and provide a detailed report on replacement values and actual cash value. Additionally, reports to the company include a complete discussion of coverage, cause of loss, investigation, scope of loss and evaluation. After a comprehensive damage inspection report is completed by a company appraiser, the report is further evaluated and then completed by the examiner assigned to the claim.

The handling of the property claims as physical damage claims will be managed by Larry Press personnel. Our reserves for this class of business are of an exceptional quality and of reasonable expense. To follow are the procedures Larry Press puts into action and maintains throughout the claims handling on all property losses.

  1. Upon receipt of assignment from client, a file is set up and the relevant policy information is procured from the agent along with type of assignment needed. 

    • Verify the type of loss the building has sustained. 

  2. Twenty-four hours from the assignment from the client, we will make contact with the policyholder to ascertain the following information:

    • Confirmation of the date of loss

    • Confirmation of the details of the nature of loss

    • Confirmation of ownership of the property and residence at the time of loss

    • Liens and mortgagees on property

    • Prior loss history
       

  3. Forty-eight hours from the assignment and inspection/appraisal of damage to the property will be made, if accessible. 

      • Evaluation

      • Salvage/Subrogation Potential

     

  4. Fifteen days from the assignment, a report will be sent to the client incorporating the above fact along with a suggested reserve and a recommended cause of action for the client to take.

  5. Create a diary of a period of thirty days until the conclusion of the file or until instruction from client or until specific correspondence has been received and reviewed which would affect the recommended action we should take.

  6. Conclude any salvage/subrogation procedures initiated.

Cargo and Physical Damage Claims Handling

The company provides what is considered a very unique situation, in that there is a full staff of physical damage appraisers. Those conducting the appraisals in this department are licensed and bonded and are well versed in all forms of physical damage losses, whether they are vehicular or structural. This firm is thoroughly familiar with all types of automobiles, including motorcycles, tractors, trailers and all related pieces of heavy equipment. We also utilize the most proficient salvage facilities within the entire United States of America. The financial recoveries for our clients are extremely competitive. This would include subrogation proceedings, as well.

Larry Press personnel will manage all physical damage claims upon instruction from client. The resources that Larry Press will have to investigate and adjust claims on the northeastern coast are among the best to handle physical damage claims. Using the following procedures, Larry Press endeavors to save our clients' time and money with minimal confusion:

  1. Upon receipt of assignment from client, we set up a claims file to procure policy information and type of adjustment needed.

    • Verify coverage and encumbrances

    • Verify type of loss to unit and present location of unit if appropriate

    • Verify unit make, type, and serial number

  2. Twenty-four hours from the assignment date, we will make contact with the policy holder to confirm the following:

    • Date of Loss

    • Details of Loss

    • Name of driver (if not the policy holder, and make arrangement to take a statement from the driver)

    • Ownership of vehicle and confirm any liens on vehicle

    • Purchase of vehicle

    • Loss history of policy holder

    • Use of vehicle and secure copies of any maintenance records, if any.

  3. Forty-eight hours from the assignment we will make inspection/appraisal of damage to the vehicle, if same is accessible 

    • Evaluation

    • Salvage/Subrogation Potential

  1. Fifteen days from the assignment, a report will be sent to the client incorporating the above fact along with a suggested reserve and a recommended cause of action for the client to take.

  2. Create a diary of a period of thirty days until the conclusion of the file or until instruction from client or until specific correspondence has been received and reviewed, which would affect the recommended action we should take.

Conclude any salvage/subrogation procedures initiated.

Third Party Administrating and Liability Claim Handling

Our staff is prepared to meet the responsibility to handle liability claims from their inception through investigation, evaluation, negotiation, settlement, and monitoring litigation for nationwide claims.

Larry Press, Inc. is confident that we have the experience and proficiency to service the kinds of claims that meet every company's need. We would like to demonstrate our talent and abilities in this area of expertise.

EXECUTIVE SUMMARY/MEETING THE NEEDS

  • In order for the liability claims program to be successful, prompt, and thorough investigative information is needed.

  • An efficient operation that eliminates wasted time, energy, and efforts that are miscalculated.

  • Control of Claims Management and Litigation

  • Knowledge and comprehension of the Tort and Civil Systems with a complete evaluation of a client's liability responsibilities and duties.

At the office of Larry Press, Inc., we have designed our operations to focus and target on these elements for claims handling and management.

We recognize that setting reserves is a crucial factor in proper management of a client's claims, as well as pertinent information and details that surround the incident. Acknowledging this concern, our procedures have been designed to meet these needs.

To manage claims effectively, we recognize that information is the key. This should be relevant and detailed information regarding facts and circumstances. Regular reporting on the following points is essential: outstanding claims, reserves, payments, (closed claims) and an account of the total claims costs, including recovery. All this information is provided in our claim report that is generated from our database. These reports can be provided at any time intervals required.

To be successful with liability claims today, there are three important elements:

    1. Control

    2. Information

    3. Efficiency

One of the strengths of our structured procedure is that each new loss receives the review and attention of our Liability Manager. The loss information is reviewed setting forth critical points and information needed during the course of the investigation. This review and outline sets the stage for a prompt, accurate and efficient investigation that will focus on the key issues of defense and liability.

It is important to know what exposures exist. This office will assist in meeting this need by promptly submitting an acknowledgement of claim notice. Upon receipt of a new loss, our acknowledgement will state the type of loss, the adjuster responsible, and recommend a reserve.

To ensure quality reports and investigation, we provide a client with a 15-day preliminary investigative report. This report will provide an adjusted reserve recommendation and will point out the direction in which the investigation is heading. In addition, the report will set forth an action plan for handling and concluding the claim in question.

A 30-day report will follow our initial preliminary investigative report. This is a full-captioned report that includes all the issues surrounding this loss, any adjustments to reserves, future activities, recommendations and evaluations. It is within this time frame that we aim to have a complete evaluation of the loss that will include liability assessment.

To further the control in matters of bodily injuries, we have created a bodily injury evaluation form that makes the evaluation easily discernible in outlining a strategy from negotiation to disposal. This form is generally used in injury matters that exceed $5000.00; however, this figure is adjustable upon request of our client.

In addition, we have developed different sets of investigation guidelines and a reporting format - which will include every aspect necessary to accomplish the goals set forth by a client. The following is a list of tools that we have developed to enhance management to evaluate the liability exposure:

  • Computer Claims Tracking by Name of Insured, Location of Loss, Broker, Report Date, Adjusters and More

  • Computer up-to-date Status Report, Provided Promptly

  • Rule of Law for Each State

  • Monthly Computer Run Report Listing Paid and Unpaid Subrogation Claims and Total Cost of the Loss

  • National Adjuster's List For Investigation

  • National List of Defense Counsels

  • National List of Experts

  • National Independent Medical Examination Facilities and Pertinent Medical Information

Skip Trace and Locator of Persons, Nationwide
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

© 2001-2003 Larry Press, Inc.