Greater Kansas City
Navigating Complex Large Loss Claims
A new claim arrives on your desk. It is one of your companies’ biggest policyholders with damages being reported across multiple states at almost 100 locations. The damages at each location include structures, inland marine, commercial auto, business personal property, stock, and other items covered by 10+ lines of coverage. What do you do next?
After a claim hits a certain size, adjusting the claim becomes a complex process of claim management and reporting. Many times, an adjuster can be overwhelmed and get lost in the weeds understanding how to tackle a claim of this magnitude. The amount of communication with the policyholder, agent, contractors, re-insurance, carrier management, and other involved parties can be extremely time consuming. Often times, delays or mistakes in the claim process can cause extensive delays and frustrations for the policyholder. In this CE, Bradley Stephens, the CEO and Executive General Adjuster at Vector Risk Solutions will be teaching us the in’s and out’s of navigating a complect large loss claim. He will review topics such as experts, mitigation, contractors, reserves, coverage, re-insurance, and much more.
Bradley Stephens is CEO of Vector Risk Solutions and a well-respected Executive General Adjuster that has been appointed by multiple carriers to handle large loss and complex claims with exposures that at times are close to $1,000,000,000 and have had indemnity amounts in excess of $40,000,000 across extensive lines of coverage.
Appraisal and Umpire Credential Program
The GKCCA is hosting a one day event to become a credentialed Appraiser and Umpire through the Windstorm Insurance Network. This presentation will be led by Justin Whedbee of Mas-Solutions and a surprise guest. Limited seating will be available so we urge you to secure a seat as soon as possible.
The fee will be $225.00. $75.00 of the fee will be applied to a one year membership with the Windstorm Insurance Network, this portion along with being present for both classes completes the process for accreditation.
Additionally $25.00 will go towards your GKCCA membership.
Bagels and accoutrements along with coffee to be provided for breakfast. Lunch will be served between presentations.
The appraisal provision in a property insurance policy allows the policyholder to hire an independent appraiser to determine the value of their damages. The insurance company will typically also hire their own independent appraiser. The two appraisers will then get select together an umpire. The umpire is basically an arbitrator. If a disagreement between the two appraisers arises, they can present their differences to the umpire who will make a ruling. These three individuals are known as the Appraisal Panel, with the goal to determine the Amount of Loss. The Amount of Loss is the total dollar amount needed to return the damaged property back to original condition, either by repair or replacement.
Why become a WIND Certified Umpire® Each year, hundreds of property insurance claims professionals complete the four-hour WIND Certified Umpire® class to further their career and credentials in property insurance appraisals. Upon successful completing the course and application process, you'll become an official WIND Certified Umpire for a three year period. You'll be listed in our online directory, receive a certificate and a date-stamped logo to use in marketing materials.
GKCCA Members, please join us for this social event that is being sponsored by Young and Associates and GKCCA. This will be a fun event for all even if you don't golf. Food and drink will be provided. No cost for members to attend. Please RSVP now so we can plan accordingly.
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