DOESN’T HURT TO HIRE A PRO
Published June 26, 2019
For years now, I've also witnessed first-hand how
Board members are scared to file a claim because they feel that
rates will go up the following year. In some way, this is true;
however, it doesn't justify the action. Why? For years your
association has been paying for insurance coverage for just this
kind of emergency or incident, so why not use it?
On Monday, Eric addressed what steps must be
taken if an association is threated, emailed, or served a lawsuit
and he stated clearly that Board members and or management should
put your insurance company on notice. It is equally as essential to
put your insurance company on notice for any other damages your
association may have incurred. However, it's vital to know that when
you file a claim, the statements you provide to such carrier are
equally as important. That is why I recommend associations have
some representation when filing a claim and in my opinion, your best
bet is to hire a Public Adjuster. While many may not like having to
pay for a Public Adjuster, my experience has shown that the return
on investment is worth every penny.
We are amid Hurricane Season and if you don't
know a competent Public Adjuster now is the time to start making
some calls and getting an understanding of their abilities, past
experiences, the percentage of the claims they collect and what they
will charge your association. Waiting till something (claim)
happens only puts you in a position of weakness and prone to
selecting the wrong public adjuster. Trust me when I tell you the
value is there as long as you pick a great organization. After
Hurricane Irma, I experienced associations that didn't want to hire
a public adjuster, and they struggled to collect, and when they did,
they received peanuts. I also experienced a board that tired to do
it on their own, they received an initial offer of $300K from the
insurance company, we insisted they hire a public adjuster, which
they did, and they are now finalizing a claim close to $900K.
Managing a loss is not an easy undertaken, and it
shouldn't be something that your board or management should handle.
A professional should be hired to do what the expert does best.
Don't hesitate to file a claim, and if representation is needed,
hire a professional to do the job.