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The Concordia Method

 

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How We Work

Scope of Repairs

When documenting any loss, a Scope of Repairs is required under the “Duties After Loss” portion of your policy.  This Scope, known as a “Proof of Loss” when submitted, must contain a detailed inventory of all the removed and replaced building materials. This will represent your completed structure. A properly prepared scope has to include:

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  • Each room’s dimensions

  • The square and linear footage (board feet) of all materials required to repair each room

  • The types of materials used to repair each room (taking into consideration local codes)

  • Each room’s finishes (texture and paint)

  • The contractor’s labor costs, along with overhead and profit

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Insurance companies will produce their own Scope of Repairs, utilizing commercially developed software such as Xactimate. Carriers have been known to specify alternative building materials and construction techniques in the creation of their Scope of Repairs. Did you know that your insurance company's scope may omit code upgrades required by local ordinance, even while technically working in good faith on your claim? That's just one of the first things we look for. If you accept their settlement, you might very well remain unaware of these omissions (and the resultant additional costs) until your contractor informs you that the money for your repair has been exhausted. The result? Your rebuild will stall and remain unfinished.

Personal Property (Contents)

If you could hold your house in your hands, turn it upside down and shake it, anything that would fall out is referred to as “Personal Property” or “Contents”.  Essentially, this term refers to whatever isn’t physically attached to your house. It’s your “stuff”. Did you know that the average home contains more than 12,000 items?

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While most insurance companies will usually ask about their insured’s lost contents, they will typically provide only a blank form and instruct their insured to list all of their lost property. This is a daunting job for any homeowner. If the insured can’t complete their inventory within the allotted time, their personal property compensation defaults to the carrier. Re-imbursement to the client is then determined by the insurance company after a cursory examination of the loss.This usually results in thousands of additional dollars being lost on a claim, simply because the insured didn’t have enough time to document each item in their home. This requirement makes it inherently difficult to accurately reflect the client’s actual loss and results in lower payouts from the insurance company. This is intentional. It’s by design.

Our highly trained Personal Property Team, however, arrives at a loss location prepared to document every item from A to Z. Nothing is so small that it will escape their attention. Here’s our process:

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  • Our team starts by sorting and sifting the loss location; identifying and separating all total-loss items.

  • Next, they categorize these items, staging them for the cataloging process.

  • Our team photographs and describes these items, entering each one into our proprietary software, exactly as they found them. This provides an indisputable evidence of loss.

  • Once this meticulous process is completed, the file is taken to our corporate office where our dedicated Personal Property Staff compiles the first draft of our client’s loss. Once completed, we enlist the client’s help in ageing and conditioning their lost property.

  • After the client completes their part, our Personal Property Staff begins the methodical process of researching Like, Kind and Quality replacements for each item. They enter their identified replacement into the client’s Personal Property Inventory, including the merchant’s URL, the item’s replacement photograph and the replacement price.

  • Once this information has been entered, the real magic begins! Concordia Claims Managers’ unique software utilizes an algorithm that applies a complex series of variables: it can accurately depreciate the item based on its condition, years owned and expected life, then calculate its Actual Cash Value and compared with its Replacement Cost Value. This not only allows the insurance company’s adjuster to verify our findings, it also eliminates questions or disagreements.

  • Our staff then compiles the finalized Personal Property Inventory. Our software automatically calculates the Actual Cash Value for the client’s lost personal property and compares it with its Replacement Cost Value, then generates an Audit of the claim. We identify potential problems and after your final review, make any corrections. This becomes your submission.

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There is no other Public Adjusting firm that can provide such robust support or increased client personal property recovery. This level of documentation is available only from Concordia Claims Managers.

Additional Living Expenses

Residents forced from their homes by disasters should remember that they may have insurance coverage under their property owner’s insurance policy that will help pay for food and housing, or other essentials of daily life. This coverage is called “Additional Living Expense” (A.L.E.), according to the American Insurance Association.

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Homeowner insurance policies will specify the amount of A.L.E. coverage available. As a rule, policies containing A.L.E. provisions will pay for the difference between what the insured paid for housing and food prior to the loss what the insured pays post-loss.

Concordia Claims Managers has developed a Claims Concierge department, a state-of-the-art assistance program available to our clients when filing Additional Living Expenses. This resource enables our clients to stay on top of their expenses and receive faster reimbursement.

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In summary, Concordia Claims Managers will:

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  • Complete a detailed estimate of what is required to repair or rebuild your structures.

  • Assist in the preparation of inventories for your damaged personal property, contents, and related items. With your help in providing correct documentation, and determining ages and descriptions, a professional claims manager can evaluate and determine accurate values.

  • Prepare your loss of rents or additional living expenses.

  • Establish a professional line of communications with the insurance company’s representative.

  • Present estimates, inventories, and other valuations to the insurance company.

  • Meet with the insurance company to resolve and adjust your claim fairly and equitably, resulting in an acceptable resolution for you, the policy holder.

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When you consider that your insurer has employed experts to represent their interests, shouldn’t you have professional assistance in what is likely the largest monetary loss you will ever experience?

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Get even more helpful insights into managing your loss through these articles:

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