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.
o
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:
o
Confirmation of the date of
loss
o
Confirmation of the details
of the nature of loss
o
Confirmation of ownership of
the property and residence at the time of loss
o
Liens and mortgagees on
property
o
Prior loss history
3.
Forty-eight hours from the assignment and
inspection/appraisal of damage to the property will be made, if accessible.
o
Evaluation
o
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.
3.
Conclude any
salvage/subrogation procedures initiated.
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.
o
Verify coverage and encumbrances
o
Verify type of loss to unit
and present location of unit if appropriate
o
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:
o
Date of Loss
o
Details of Loss
o
Name of driver (if not the
policy holder, and make arrangement to take a statement from the driver)
o
Ownership of vehicle and
confirm any liens on vehicle
o
Purchase of vehicle
o
Loss history of policy holder
o
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
o
Evaluation
o
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.
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
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