How can we help adjusters determine what is best for the insured in handling contents claims?
Adjusters are always comparing the RCV (Replacement Cost Value) or ACV (Actual Cost Value) when deciding on how to handle the restoration of damaged contents. As a contractor, how can we help with this comparison, especially when time is of the essence?
During the recent PLRB conference in Providence, Rhode Island, I sat in on a class presented by NARD and Enservio. The title of the class was "Controlling Personal Lines Large Loss Contents Claims," in which interesting statistics were discussed. The following statistics are important to keep in mind as we interact with claims adjusters, since we want to advise them of the best economic decisions.
The first is that Textile Restoration is about 23% of a large loss and the cleaning cost is less than 20% of the replacement cost value. It may be easier to just say "throw everything out," but why recommend that to an adjuster when simply cleaning the garments and other textiles can save so much money? This kind of advice and guidance is financially smart for both the insured and the adjuster.
As for furniture restoration - About 14% of a large loss involves the furnishings and the cleaning expense will be under 50% of the RCV. The funds saved by cleaning and deodorizing the furniture are significant to the adjuster. In addition, the insured is saved the hassle of itemizing each item and documenting its value.
For the insured's electronics, statistics show that 80% can be saved if a restoration company is given quick access to these items. The result can be up to a 75% savings in their Replacement Cost Value. These facts will help the contractor and adjuster determine the best course of action to take in handling the contents of a claim.
About us: Located in New Jersey, Carton Contents Services only works for Insurance Restoration Contractors. We are happy to help out with any pack out, cleaning, deodorizing and storage loss you are involved in. Feel free to give us a call: 862-881-2655.
Adjusters are always comparing the RCV (Replacement Cost Value) or ACV (Actual Cost Value) when deciding on how to handle the restoration of damaged contents. As a contractor, how can we help with this comparison, especially when time is of the essence?
During the recent PLRB conference in Providence, Rhode Island, I sat in on a class presented by NARD and Enservio. The title of the class was "Controlling Personal Lines Large Loss Contents Claims," in which interesting statistics were discussed. The following statistics are important to keep in mind as we interact with claims adjusters, since we want to advise them of the best economic decisions.
The first is that Textile Restoration is about 23% of a large loss and the cleaning cost is less than 20% of the replacement cost value. It may be easier to just say "throw everything out," but why recommend that to an adjuster when simply cleaning the garments and other textiles can save so much money? This kind of advice and guidance is financially smart for both the insured and the adjuster.
As for furniture restoration - About 14% of a large loss involves the furnishings and the cleaning expense will be under 50% of the RCV. The funds saved by cleaning and deodorizing the furniture are significant to the adjuster. In addition, the insured is saved the hassle of itemizing each item and documenting its value.
For the insured's electronics, statistics show that 80% can be saved if a restoration company is given quick access to these items. The result can be up to a 75% savings in their Replacement Cost Value. These facts will help the contractor and adjuster determine the best course of action to take in handling the contents of a claim.
About us: Located in New Jersey, Carton Contents Services only works for Insurance Restoration Contractors. We are happy to help out with any pack out, cleaning, deodorizing and storage loss you are involved in. Feel free to give us a call: 862-881-2655.
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