It takes a Team to make a Village !
Happy Holidays to you !
I wish you happiness as you gather together in your groups – colleagues, co-workers, friends, family. I hope I see you too !
“Happiness comes, not from having things, but from doing things that we find pleasurable… Trying something, finding it, stretching, and then succeding, is the stuff of happiness… If this kind of positive feeling can be engendered in the work of the team, performance levels can soar.” -Mike Bagshaw
“The nice thing about teamwork is that you always have others on your side.” -Margaret Carty
This holiday and always, I want to be on your team !
Enjoy,
Kyle
Learning to love…
While everyone hates paying for insurance, you can learn to love…getting paid for your claim !
What ? They can pay you more than you have to spend to complete repairs ?
Yes, the insurance company can and will if you give them the right things in writing for their file.
The contract of insurance that you buy protects assets. Out of pocket costs to make repairs are only one of the injuries you face after an asset is damaged. In a claim situation you can get cash now for harm that may be realized at a later time, sometimes years later. Further, if you pay less to contractors then you negotiated to receive from the insurance company, you can keep the balance !
Now, let me suggest a sparing use of a few inscrutable insurance terms to sound “smart”, befuddle others, and score on your claim:
(1) “Diminished value of the asset” – even after repair of the house it will always be worth $20,000 less now that the siding can’t be matched and is off-white not plain white – get cash now !
(2) “Contingent business interruption” – a lightning bolt knocks out the power substation, closing your production line for a week – get cash now !
(3) “Loss of income” – fire closes your store for 6 months, losing income and profits – get cash now !
Be creative, love the money !
Things I hate…
Things I hate…
Bathing with a toaster,
Getting my teeth drilled,
Filing an insurance claim…
Why ? I feel guilty ! I am not worthy ! They won’t like me !
Stop the madness. You paid for it. Accidents happen. Document with diligence. Receive proceeds with gratitude. And remember Indemnity is more than cash.
With indemnity in mind you will always exceed your cash out of pocket for repairs. Feeling guilty yet ? Don’t !
Indemnity includes the following non-cash damages that can be settled as cash:
(1) Assets -dimunition in value of an illiquid asset
(2) Promises -the damage from disruption of a promised action
(3) Contingent commitments -the damage from another party’s failure’s impact on you
(4) Valuables -items of sentimental value without a market price
(5) Income -disruption of normal revenues and profits
Be creative, claim a few more ! Feeling better yet ?
Green by accident
Green by accident
Make your building greener and more energy efficient after a large insured loss makes for a silver lining !
(1) Make the most of your policy
There is no additional cost in getting the most resources for a claim so that you can rebuild with an energy effective plan when the building is remodeled.
(2) Plan for the future
Endorsing your policy for increased construction costs gives the opportunity to rebuild with more energy efficient standards and maximizes resources.
It takes a team; a Broker, Public adjuster, Restoration firm, and a Sustainability consultant work together to do you justice ! 
KISS your rental car
Auto Rentals – which insurances should you buy ?
KISS – Keep It Simple Surely
(1) Buy the Loss Damage Waiver
(2) Don’t buy any Liability (if you own a Massachusetts personal auto policy)
Why #1 ? Read the leaflet holding your rental form: “Unless you purchase the Loss Damage Waiver (LDW), you are absolutely liable..for any loss or damage…even if someone else caused it or the cause is unknown…not to exceed the full value of the Vehicle plus…”
Now even after paying be careful not to void the waiver by: failing to remove the keys or lock the vehicle, drinking and driving, driving off road, etc.
Save money with #2. If the rental is a type of vehicle covered under your owned auto policy, your liability coverage will trigger if there is damage or injury to others.
For a rental in the business name, symbol #1 or #8 on your business auto policy will provide liability, and #8 can trigger physical damage coverage.
Banging bucks
Getting the most bang for your buck involves competition for your premium in an effective manner. Two parties: (A) carriers -bear risk of loss, (B) brokers -paid by carriers.
It is easiest and most effective to have confidence in your broker. Know your 5 year loss history. Request competitive quotes.
Alternative carriers may be better or worse. Trust broker’s advice.
If needed mix in only one new broker. Give current broker the current carrier and new broker the new carriers. Let each see the other’s quotes and comment in writing.
Read both sets of comments. Clarify discrepancies. Decide using common cents, I mean sense
Rebuild better than before
Rebuild better than before !
…And like it
Remember the Six Million Dollar man on TV ? He is like the code upgrade sub-limit. Let’s see
(1) why you need him, and
(2) when you like him.
First, government requires re-building to the current code. My friend The Advocate, a public adjustor, had a 100 year old condo association have a fire. The loss was $1million with $160,000 for code upgrades and a no cost sub-limit at $30,000. The condo owners had to cover the $130,000 difference in cash.
The upgrades were sprinklers, alarms, wiring and structural. The possibility was known but not considered.
Second, you will like the result when you consider the possibility and pay small to receive large: a better building.
