Federal Judge in Mississippi 'Storm Surge' Case Upholds Home Insurance Flood Exclusion
National News • April 13, 2006
A federal judge in Mississippi has upheld the water damage exclusion in homeowners insurance policies in a ruling welcomed by insurers.
U.S. District Judge L.T. Senter, Jr. of the Southern ...
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Subject: RE: Tony - Insurers DO Underpay Claims...In Many Ways
Posted On: May 16, 2006, 12:14 pm CDT
Posted By: Mark H
Comment:
Roger, you "forgot" to include the remaining details of the estimate summary...
I'll add them for you. (assuming this is a Replacement Cost Policy)
Summary For Hurricane
$10,103.19 Line Item Total
$114.67 6.000% Materials Sales Tax __________
$10,217.86 Replacement Cost Value
$ 2,607.44 Less Depreciation
__________
$ 7,610.42 Actual Cash Value
$ 761.04 Overhead @ 10%
$ 761.04 Profit @ 10%
__________
$ 9,132.50 Actual Cash Value Incl. O&P
$ 2,272.00 Less Deductible
__________
$ 6,860.50 Net Actual Cash Value Payment
ADDITIONAL AMOUNTS AVAILABLE
RECOVERABLE DEPRECIATION
$ 2,607.44
$ 260.74 10% OVERHEAD
$ 260.74 10% PROFIT
__________
$ 3,128.92
If the policy does not have Replacement Cost coverage, then the insurance does not owe O&P on the depreciation.
You and I also know that the 10% profit is not the only profit in the estimate, as there are overhead and profit built into the unit prices.
If you want us in the insurance industry to believe you are totally above board, then state the whole true, not just what meets your needs. It is obvious to me that you are only concerned with misleading those who do not know as much as you think you do.
TO ALL INSUREDS:
If your contractor's estimate is higher than your insurance adjuster's, call your adjuster to discuss it. If the adjuster refuses to even review the contractor's estimate, then call the adjuster's manager. File a complaint if you need to.
Remember, when the work is done, it is the contractor who walks away with the money.
Subject: RE: Tony - Insurers DO Underpay Claims...In Many Ways
I'll add them for you. (assuming this is a Replacement Cost Policy)
Summary For Hurricane
$10,103.19 Line Item Total
$114.67 6.000% Materials Sales Tax __________
$10,217.86 Replacement Cost Value
$ 2,607.44 Less Depreciation
__________
$ 7,610.42 Actual Cash Value
$ 761.04 Overhead @ 10%
$ 761.04 Profit @ 10%
__________
$ 9,132.50 Actual Cash Value Incl. O&P
$ 2,272.00 Less Deductible
__________
$ 6,860.50 Net Actual Cash Value Payment
ADDITIONAL AMOUNTS AVAILABLE
RECOVERABLE DEPRECIATION
$ 2,607.44
$ 260.74 10% OVERHEAD
$ 260.74 10% PROFIT
__________
$ 3,128.92
If the policy does not have Replacement Cost coverage, then the insurance does not owe O&P on the depreciation.
You and I also know that the 10% profit is not the only profit in the estimate, as there are overhead and profit built into the unit prices.
If you want us in the insurance industry to believe you are totally above board, then state the whole true, not just what meets your needs. It is obvious to me that you are only concerned with misleading those who do not know as much as you think you do.
TO ALL INSUREDS:
If your contractor's estimate is higher than your insurance adjuster's, call your adjuster to discuss it. If the adjuster refuses to even review the contractor's estimate, then call the adjuster's manager. File a complaint if you need to.
Remember, when the work is done, it is the contractor who walks away with the money.