CREJ

Page 8

— Property Management Quarterly — April 2017

www.crej.com When it comes to a claim, don’t go it alone

Insurance

ohn Elway and Von Miller;

Carmelo Anthony and Nikloa

Jokic; Todd Helton and Carlos

Gonzalez; and Joe Sakic and

Nathan McKinnon – local,

recognizable athletes known for their

exceptional talents. Fans appreciate

each individual’s contributions to his

teams. However, it takes a collabora-

tive effort with assistance from the

whole team to achieve success – they

didn’t do it alone.

Success can be defined in many

ways. For teams, the end result of a

championship is tabulated in wins

and losses. In general, profits are the

end result most of us seek – we want

revenue, from the goods or services

we provide, to exceed expenses. Suc-

cess, in terms of profits, typically is

achieved at higher levels when all

those within an organization excel

at their respective roles.

Small and large businesses can

achieve success in the same indus-

try if each team is comprised of

equally talented and knowledgeable

personnel offering similar services.

However, if there is a disconnect

between industries, services, talent

or knowledge, the business possess-

ing more experience and knowledge

holds an upper hand.

Members of the Denver Nuggets

would not fare well in a baseball

game against the Colorado Rockies.

Members of accounting firms spe-

cialize in accounting, members of

law firms specialize in legal services

and members of a hotel staff spe-

cialize in hospital-

ity services – each

member within an

organization has a

particular role or

service to provide

that, if performed

properly, leads to

success and prof-

its. However, you

would not rely on

an accountant for

a legal opinion,

nor would you rely

on an attorney to

establish logistics for a large hotel

dinner banquet because his exper-

tise is elsewhere.

Insurance companies have many

employees within the organization

providing different services, all of

which help the company be profit-

able. Property and casualty carriers

have experienced members on their

team providing claims services as

well as having relationships with

many outside consultants who pro-

vide claim services on behalf of the

insurance company.

If your property or business is

damaged by fire, water, hail or other

event, your insurance carrier will

assign an adjuster to the claim. The

loss will be reviewed and monitored

by supervisors or others within

management with the authority

to settle or resolve the claim. The

insurance company adjuster will be

your primary contact on the claim,

but the insurance company could

retain other individuals to assist in

the investigation.

As each loss is different, an insur-

ance company’s cast of characters

varies, but could include a cause-

and-origin expert, an asbestos

and lead-based paint consultant,

certified asbestos and lead-based

paint abatement contractor, a mold

consultant and mold abatement

contractor, a structural engineer, a

building consultant or general con-

tractor, a business personal property

inventory specialist and a forensic

accountant.

You might imagine that if many or

all of these individuals are involved:

• The loss is significant;

• The amount of activity at the

property will be significant;

• The number of people impacted

will be significant;

• The amount of time required to

assemble and provide supporting

information and records and for the

claim to be resolved will be signifi-

cant;

• The amount of time to complete

required repairs significant; and

• Your concern for resuming opera-

tions and achieving or exceeding

previous profit levels will be signifi-

cant.

It is necessary to properly and

accurately measure the loss, and it

may be reasonable for the insurance

company to retain multiple consul-

tants, each with a suggested area

of expertise. These representatives

of the insurance company may pro-

vide information found within your

policy.

Rather than rely solely on input

from insurance company representa-

tives regarding the claim, consider

outside assistance from consultants

who are equally experienced and

knowledgeable on insurance matters

and are not working for the insur-

ance company.

Differences of opinion are quite

common on property claims –

whether as to covered damages,

structural needs, scope of repairs,

costs to replace equipment or lost

profits. You need a voice to ensure

you are protected. Property claims

professionals retained by insurance

companies possess considerably

more knowledge on how insurance

companies handle and adjust claims

than do business and property own-

ers. You should expect and demand

that adjustment practices be fair and

equitable, but do not assume that it

is so.

If the only consultants working

on your loss are those retained by

the insurance company, you are at

a considerable disadvantage. Insur-

ance company profits are reduced

when the amount of money paid

on claims is significant – and profits

are increased if payment on claims

is low. The carrier’s team ultimately

protects the carrier’s profits; assem-

ble your own team to accurately

measure damages and protect your

profitable business or property – your

profits are as important as theirs.

303-777-7999

palaceconst.com

7 S. Galapago St.

Denver, CO 80223

From

foundations

front doors

we are

building

better lives

Commercial

Structural

Restoration

Multi-family

Affordable

Mixed-Use

Senior Living

Education

Healthcare

Hospitality

Retail

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HOA Reconstruction

Structural Repair

Foundation Repair

Window Replacement

Stair Replacement

Historic Renovation

Expert Witness

24/7 Emergency Response

Fire Restoration

Water Mitigation

Mold Remediation

Vehicle Impact

Storm Recovery

Disaster Response

Insurance Repair

since

1963

Chris Rockers

Partner, The

Claims Group,

Northglenn