Justin Pierson

Insurance claims and depreciation!!!! For those of you or your clients putting in an insurance claim, it’s important to understand that insurance companies, at their own discretion, heavily depreciate anything they possibly can. One of the line items they will depreciate will be the roof. Don’t ever forget, you have the power to negotiate the amount of depreciation applied to your claim. In this case, we have evidence of what the roof look like just months before a wildfire. Don’t let the insurance company depreciate your roof by 50% or more. Fight back. Reach out to me to have access to the best technology to help you negotiate your claim. #insurance #insuranceclaims #wildifire #wildfireclaims #publicadjuster

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So what is an Agreed Value Policy and why would you ever need one?? Take for example this 1996 Ford F350 XLT... After a total loss situation, the insurance company came back and told the owner that his truck was only worth $13,132. The problem with that is the owner had more than that into just the 7.3L Diesel engine and suspension. When we sat down and added up the receipts, we found over $55,000 in just parts and professional bodywork. This didn't take into account the hours of labor he did himself on the Frame-off restoration and more than likely other expenses that were forgotten about or even the initial cost of the donor truck to start with. So how do you protect your investment? Get it Appraised!! Get an Agreed Value Insurance Policy put in place that will compensate you for your investment in the case of a total loss. Custom Cars, Trucks, Motorcycles, Boats, ATVs, RVs, etc... all need an Agreed Value Policy and Appraisal. Contact CFL Auto Appraise for a FREE Consult. 407-791-4034 #cflautoappraise #replacementcost #insurancepolicy

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Anybody want to educate me on why commercial insurance companies sometimes leave claims open and bleed cash for years? I'm assisting a rather large organization with three claims right now that have been open for the past 5 years, and the insurer seems to not be in any hurry to close them out. As far as I'm aware, the claimants and their families have never been approached about settlement. So, the money is just flying out the window every month. I know I'm a simple guy, but this doesn't seem complicated. What benefit is there in not even attempting to settle this claim? This says nothing of the fact that open claims are considered in rates for current and future insurance policy premiums, so this is still costing the business money (and no small amount thereof.) If your business's insurer is sitting on open claims, DM me. I'll be glad to do what I can to grease the wheels. #strategy #unbiasedadvice

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Always appreciative of Eastbridge’s dedication to Sup Health, the survey’s & reporting of useful data. I offer the following commentary on some carrier responses: • Flexibility in plan design and choice are the norm, including a standard offering of multiple plans or flexible benefit amounts to match existing benefits. JL: Standard offerings & matching existing benefits= lack of customization. Standard= Carrier generated plans. Matching existing benefits = matching carrier generated plans. Reality is that 92% of companies & brokers implement carrier created & issued plan designs. If we take the time & care to implement medial plans based on the company, medical claims & other factors then why accept a carrier standard plan design for accident, critical illness and hospital indemnity? • Most carriers surveyed say they make frequent product revisions and updates to remain competitive. JL: “Remain competitive”= making revisions to match other carrier revisions. Adding an infectious disease that has a .001% chance of infecting a person in the US is simply to match a line on a broker spreadsheet that another carrier added. • Claims integration, including coordination with medical plans, is a recent key trend carriers expect will continue going forward. JL: I won’t harp on this but someday there will be a legit conversation about improving loss ratios. Unfortunately it will take federal or state government involvement to do so. Why do we offer accident, critical illness and hospital indemnity? The answer is to help people in their time of need. Id venture a guess that these responses are more common: - to pay for enrollment services - to pay for broker services - to reduce cost on a core line of coverage - to leverage _______ (fill in the blank) - to generate revenue To improve this space, individuals, carriers, brokers & enrollment firms all have responsibility. Where to start? - Transparency. Its a shame sup health avoid the transparency rules? VB compensation should not be a difficult conversation. - Consult on VB. If the broker and carrier see Accident, Critical Illness and Hospital Indemnity as products then how do you think HR will see them? - Stewardship. Spend more than 30 minutes annually discussing benefits that CAN make a real impact in a persons life in their time of need. If I’m diagnosed with Cancer, which means more: - the amount of my deductible & OOP max or - a $20,000 tax free benefit I choose $20k to help with my medical expenses AND with my life. Am I venting? Sure but supplemental health should not be a race to zero, a profit center or a product to check the box. These benefits can and do have REAL value if brokers, carriers and employers see them for what they are.

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There’s a superpower in Group Captives that doesn’t get enough attention: Access to a group of fellow high-performing business owners. One of the biggest benefits I hear from members is the opportunity to connect with other business leaders who are just as focused on growth and success. Here’s how they’ve leveraged those connections: 🔹 Shared Best Practices: Learn firsthand from others who’ve mastered their industries, helping you strengthen your own operations. 🔹 Collaborative Problem-Solving: Gain new perspectives and solutions to challenges unique to your business. 🔹 Trusted Referrals: Solving the challenge of finding great partners to grow your enterprise, group captive members find those solutions through the relationships built with fellow members. Group Captives offer more than just financial benefits. Curious about the other advantages? We’ve highlighted 4 more here >> https://lnkd.in/gDAaQ87e Have questions about Captives? Drop them below or message me directly, and I’ll answer them in an upcoming post. #CaptiveInsurance #BusinessGrowth #Networking #XartisInsurance

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One insurance company. One underwriter. One loss control visit. One interview. One answer to a question. Sometimes one can be the difference between your business paying $100,000 for it's insurance or $200,000. Take every interaction with the insurance companies seriously when going to market.

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You really need to consider your cyber liability protection now not than ever.

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Phase three of the auto insurance production is the Close!!! One part I failed to mention in the Presentation yesterday was creating doubt. Once we find a coverage that does not meet the insureds need. I want to ask them if their agent has called them recently about that. If they say NO, which they will. I will say are you sure they not called you recently. Creating that doubt earns you the right to assume the close. Never during the close ask an open-ended question, that will give them an instant out. Never say Do you? could you? Would you? Its straight up do you pay in full or monthly ? do you prefer it drafted out of a checking account or credit? then it is we are setting this policy up to start today I just need your debit or credit card number or checking account information for the down payment and then wait for them to give it to you....Tomorrow we will cover objections and re closing..

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We have something we would like for the Claims Tribe to start sharing as a PSA to the insured: ‘You do not have enough contents coverage.’ It may not seem like it, but if your home is valued under $1-1.5 million and you’ve been in it for over ten years, it’s very likely your personal contents could be equal to or exceed the value of your dwelling itself. In the event of a catastrophic loss, many homeowners could be facing a serious financial hit when it comes to their personal property. Take the time now to reassess your contents coverage and make sure you’re properly protected. This could make all the difference when the unexpected happens. Let’s look out for each other. #InsuranceAwareness #ContentsCoverage #ClaimsTribe #ProtectYourProperty #BePrepared - We Write - You Adjust, Build, & Litigate - 800-272-1601 -⁠ ⁠ #HurricaneClaims #ClaimWrite #largeloss #RemoteEstimates #Writeloss #Xactimate #Appraisal #claimslife #estimates #umpire #3D #Matterport #buildingconsultants #expertwitness #supplements #inspections #Protools #level3Xactimate #legalsupport #INSURANCECLAIMS ⁠ ⁠ WriteLoss™ - Claim Write Inc. 800-272-1601

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If you are considering getting yourself a new insurance broker, measure twice cut once.............✂️ Exploring utilizing a new insurance partner for any organization comes with risk and rewards. Contrary to popular belief purchasing insurance for any corporation is a task with many factors to be considered other than price. What are we contractually obligated to carry by our customers, distributors, or vendors?  What risk do we face now and in the future?  How do we want to manage that risk? What kind of service do we expect from our provider? What can we budget towards this protection?  By taking the time to consider these questions up-front you can save yourself a lot of pain on the back end. Choose wisely 💯

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In the past week with two different clients I’ve had to go deep into the meaning of actual cash value versus replacement cost value. Moreover explain the bank requires them to take replacement cost value, and why they are required to meet the contractual obligations. Many clients in the commercial space are surprised by the cost of their property programs, and are deciding to take less coverage to opt for “savings”. The inflation happening in America right now isn’t isolated to just your grocery store it’s also the cost of doing anything, including the cost of materials like dry wall, shingles, wood etc. Not only has inflation hit but the total insurable value of most properties has increased and in some cases sky rocketed recently. This is due to the fact that many carriers were under insuring the value of the commercial properties and unfortunately got stuck paying out significant claims due to inappropriate valuations. That’s why in 2023 you saw carriers start to mandate the total insurable values be increased. Recently one of my clients had a another broker have the audacity to tell them they could get them a “cheaper price” in the hardest property market we have ever seen. I had to explain to them, sure they can get you a cheaper price if you want skeleton coverage. Anyone can get you a “cheaper price” if they cut out significant coverage. This is a gentle reminder you get what you pay for. I may not tell my clients what they want to hear, but I will always tell them what they need to hear. Seeing that this stadium reduced their coverage by $75M in one year is surprising to say the least, especially being in Tampa, FL. If you have a significant property spend please consider the cost of reduction should a severity claim occur. Also if you are a broker and you are pushing your clients to get the appropriate coverage you will not like what happens when a claim occurs. As a former clajms adjuster/consultant and still still currently licensed adjuster I have seen the other side of the fence. I was the person denying claims, that was my job. When you have wisdom and perspective you don’t want your clients to same decisions that will ultimately be to their detriment. My role is to make recommendations, and explain why those recommendations are necessary. At the end of the day it’s the clients choice, but I have no problem being the “bad guy” if I know it will or could save them in the long run. As a broker you should never be scared to have the difficult conversations.

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My underwriter friends and I had a good many laughs this week. I often joke that if I had a dollar for every question they ask me, I could buy Lloyd’s of London, insure my sanity, and still have enough left over for a round at the pub. That I’m just a few renewal submissions away from earning a PhD in Underwriting Dynamics… But in all seriousness, we understand the necessity of information. Every possible detail should be reviewed to accurately assess risk. Underwriters lean on data and analytics, while we brokers are focused on the client, building relationships and bringing the best risk management strategies to their table. I’ve always been fascinated by the interesting tension in the insurance industry: traditionally data-driven, with an obsession for detail, metrics, and “measurable risk”, but often overlooking the unquantifiable: the messy, unpredictable reality of human behavior. As brokers, we have a unique perspective on the human side of risk. We get to know our clients and understand their needs, which helps us identify potential issues that numbers alone might miss. You can’t calculate intuition—but you can definitely factor it into the conversation. Open communication between brokers and underwriters, blending both insights, gives us the best chance to anticipate the unexpected. Is there a better way to merge the two cultures so that we’re speaking the same language? What if we acknowledged that while data can tell us what HAS happened, it can’t always predict what WILL happen? Maybe the true art of risk management lies in blending the precision of predictive analytics with the creativity of lateral thinking to anticipate the unpredictable, human element that’s often at the core of every major crisis? At the end of the day, we’re all working towards the same goal: protecting clients in the best way possible, and we couldn’t do it alone. Anyway, here’s to another week of cross-examinations that would make Sherlock Holmes proud 😜 #insurance #riskmanagement #brokerlife

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BMS Tropical Update 09/11/2024  Hurricane Francine, now located south of Louisiana, has been upgraded and is expected to make landfall near Burns Point Park, LA, later today. This is the sixth named storm of the 2024 season and the third hurricane to make U.S. landfall, a situation not seen since the active 2020 season. Forecast models predict a landfall as a Category 1 storm, but there is a chance Francine could briefly strengthen to a low-end Category 2 before landfall. Due to south-westerly wind shear, drier air, and cooler waters near the coast, the storm is not expected to intensify significantly, and its structure may become asymmetrical, producing what is referred to as a "halfacane." Francine is expected to bring storm surges of 5-10 feet, 4-8 inches of rain, and 80 mph wind gusts to coastal Louisiana. While the wind impacts will be manageable for the insurance industry, concerns regarding tree falls due to saturated soil, which may cause localized power outages, remain. The storm surge flooding risk is elevated but mitigated by the region's preparedness. There is also a slight tornado risk across the coastal sections of Alabama, Florida, and Mississippi, though these tornadoes are expected to be brief and localized. From an insurance perspective, Louisiana has seen considerable storm activity since 2020, leading to widespread repairs and upgrades, particularly in roof infrastructure. This preparation, along with state programs like the Fortify Homes grant, should reduce the overall damage. Insurance losses will be far less than catastrophic storms like Hurricane Ida. Francine is unlikely to trigger a significant reinsurance event, but higher deductibles may lead to coverage gaps for policyholders. The 2024 hurricane season is not over yet, with more activity anticipated in the coming weeks. For more insightful details of impacts, click on the link below to the full BMS Group Tropical Update. ⬇ https://lnkd.in/gQnVx9QV Below is the latest BMS iVison Verisk wind swath showing the detailed nature of wind with surface roughness. It exhibits New Orleans area could get wind gusts of 70 mph and higher gusts along the shores of some of the open bodies of water like Lake Pontchartrain. However, Baton Rough and Borgan City will be on the weaker side of the Francine track, resulting in lower wind speeds. #TropicalUpdate #Insurance #Reinsurance #RVS24 #HurricaneSeason

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Tropical Update 09/11/2024 - Francine Landfall Francine has now made landfall as a weak Category 2 hurricane. Still, at this point, there is very little difference between a strong Category 1 and a weak Category 2 hurricane. This does not change the insurance industry's impacts, which will be challenging to estimate given all the changes made to the Louisiana insurance industry since 2020. The content creation we provide to the insurance industry here at BMS Group is like no other. This is not cut-and-paste content, and we are likely the only shop supporting the insurance industry that dives into the details of the storm structure at landfall and the insurance impacts. In today's post below, we mentioned that at landfall #Francine would be “halfacane” and that this will be a great test of new building codes and terms and conditions that have been applied after so many impactful events in Louisiana since 2020. 

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Employers face a tricky predicament in satisfying the benefit needs of four distinct generations. In a recent AZ Big Podcast episode, my colleague Elise Thorpe, M.B.A. shared how to tailor insurance to a multigenerational workforce without breaking the bank, helping to attract and retain talent. #MarshMMA #EmployeeBenefits

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