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GUIDE TO UNDERSTANDING INSURANCE CLAIMS

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GUIDE TO UNDERSTANDING INSURANCE CLAIMS Powered By Docstoc
					                                                 HURRICANE KATRINA
                        GUIDE TO UNDERSTANDING INSURANCE COVERAGE,
                         THE CLAIMS PROCESS, and OTHER INFORMATION




DISCLAIMER: The information provided in this material and in any accompanying presentations is provided for informational pu rposes only and is not
represented to be error free nor intended to provide advice, legal or otherwise. Exxon Mobil Corporation and its related and affiliated companies specifically
disclaims any liability for damages sustained by any person relying upon this information.
ExxonMobil Risk Management
Contacts:
   John Dill
   Office Phone: (703) 846-2484
   Cell Phone: (703) 307-7631
   Fax: (703) 846-2363
   E-Mail: john.e.dill@exxonmobil.com

   Todd Johnstone
   Office Phone: (713) 680-7084
   Cell Phone: (713) 805-1955
   Fax: (713) 680-7303
   E-Mail: todd.a.johnstone@exxonmobil.com
Understanding Your Insurance Policy
•   Coverage For   Your Home
•   Coverage For   Your Personal Items
•   Coverage For   Other Structures
•   Coverage For   Living Expenses
•   Coverage For   Tree Removal & Clean-Up
•   Coverage For   Temporary Repairs
Coverage For Your Home
• Coverage Amount Listed On Policy
• All Risk Coverage-with Exceptions (Flood)
• Replacement Cost Coverage
• Valued Policy Statute
   – May Pay Policy Limit If Home Is Total Loss
• Hurricane Deductible
   – Higher Deductible Than Standard Deductible
• Temporary Repairs Covered
• Depreciation Holdback Until Property Replaced
Coverage For Your Personal Items
• Coverage Amount Listed On Policy
   – Usually 50% of House Coverage Amount
• Coverage Only For Named Causes
• Replacement Cost Coverage Endorsement
• Food Spoilage - Limited Coverage
  Things To Do
   - Prepare List Of Damaged Items
   - If Possible, Save Items For Inspection
   - Take Photos Of Items Before Disposal
Coverage For Other Structures
 • Coverage Amount Listed On Policy
    – Usually 10% Of House Coverage Amount
 • All Risk Coverage
 • Replacement Cost Coverage
 • Insurance To Value Requirements
 • Fence Damage Paid On Depreciated Basis
Coverage For Living Expenses
• Coverage Amount Listed On Policy
   – Usually 20% Of House Coverage Amount
• Pays Extra Living Costs
• May Pay For Generator-if Needed
• Pays For Variety Of Accommodations




            SAVE ALL RECEIPTS!
Coverage For Tree Removal & Clean-Up
• Pays For Removal From Covered Property Such As:
   – Home
   – Driveways
   – Swimming Pool
   – Fences

• Once Trees Are Removed From Covered Property, There
  Is $500 Of Coverage Available To Remove All Trees From
  Premises.
Coverage For Temporary Repairs
• Insurance Covers Expenses Incurred To Make Temporary
  Repairs Needed To:
   – Protect Property From Further Damage
   – Make House Habitable
• Document The Need For Temporary Repairs
• Save Receipts For Expenses Incurred
Flood Insurance
• Specified Coverage Amount For Building & Personal
  Items
• Separate Deductible For Building & Personal Items
• Policy Usually Pays Replacement Cost On Insured Home
  If It Is The Primary Residence And The Amount Of
  Coverage Is 80% Or More Of The Replacement Cost Of
  The Building
• Personal Property Paid On Depreciated Basis
• Must submit Proof Of Loss Form Within 60 Days Or
  Secure Extension Of Time To File Proof Of Loss
Renters Insurance

• Provides Coverage For Personal Items
• Coverage Only For Named Causes
• Pays Depreciated Value Unless Replacement Cost
  Endorsement Purchased
• Pays Extra Expense & Extra Living Costs
   – Coverage Amount Usually 20% Of Personal Property
     Coverage Amount Or For Specified Time Period Such
     As For 6-Months
Auto Insurance

• Comprehensive Coverage     Provides Coverage For All
  Damages Except Collision   With A Fixed Object
• Comprehensive Coverage     Deductible May Be Lower Than
  Collision Deductible
• Comprehensive Coverage     Provides Coverage For:
   – Flood
   – Damage From Falling Objects & Windblown Debris
   – Most Other Damage Occurring To A Vehicle
Question & Answer
Question: How do I report my Claim?
Answer: Call your insurance agent or insurance company and report your
claim.

Question: How do I know what coverage I have?
Answer: The front of your insurance policy has a page called the
Declarations Page. Look at this page and it will indicate the amount of your
coverage.

Question: How long will it take for an adjuster to call me?
Answer: It depends on each situation. Call your insurance company to
secure an idea of when you should expect to hear from an adjuster.
Question & Answer (cont.)
Question: Will the adjuster attempt to reduce my claim?
Answer: The adjuster wants to pay and close your claim as fast as possible and
still be fair to you and your insurance company. The adjuster may pay more than
you expected or less than you expected, depending on your coverage and
damages. Adjusters are encouraged to pay fair amounts.

Question: Should I request an advance payment from my insurance company?
Answer: If you sustained significant damage and you need money now, you
should request an advance payment from your insurance company.

Question: Should I throw damaged items away?
Answer: Without creating a hazard, and if possible, you should save evidence of
valuable items so that you can document you owned these items.

Question: Should I hire a public adjuster to represent me?
Answer: The decision to hire a public adjuster is a personal choice that you must
make depending on your circumstances.
Question & Answer (cont.)
Question: Can I use my own repair contractor or should I use the contractor
suggested by the insurance company?
Answer: You can use your own contractor. The contractor suggested by the
insurance company may be able to expedite your claim handling since the
contractor knows the insurance company procedures and requirements and
may be able to resolve issues more easily with your insurance company.

Question: Will the insurance company pay to take care of my animals while I
am out of my home?
Answer: The cost of boarding or kenneling your animals will be covered as
additional living expense costs.

Question: If I rent a travel trailer or motor home to live in, will the insurance
company pay for the cost?
Answer: Within reason, the insurance company should pay for the cost as an
additional living expense.
Question & Answer (cont.)
Question If I buy a generator, will the insurance company pay for it?
Answer: If you are going to be without power for a significant period of time,
the insurance company should pay for a generator as an additional living
expense.

Question: If I stay with relatives and pay them, will I be reimbursed?
Answer: If you have increased living costs because you are staying with
relatives, the insurance company should pay for the increased costs as
additional living expenses.

Question: Should I get the trees off my house and buildings and make
temporary repairs?
Answer: If possible, you should take action to make temporary repairs to
prevent further damage and to make your house habitable.
Question & Answer (cont.)
Question: What is depreciation and how does it affect my claim?
Answer: Depreciation is the reduction in value of property because of age
or use. If you have replacement cost coverage, the insurance company
may only pay the depreciated value of the item until you replace the item.
Once you replace the item, the insurance company will usually pay only
what you spent to replace the item.

Question: Will the insurance company pay for food spoilage?
Answer: It depends. Usually the insurance company will pay if damage to
your premises interrupted your electrical service, but they will not pay if the
spoilage was caused by a general power outage.
State, Federal, & Charitable Agency Contact Information

•   FEMA Disaster Assistance 1-800-621-3362 / 1-800-462-7585 (TTY)
•   National Flood Insurance Program: (888) 379-9531
•   Louisiana Department of Insurance: 1-800-259-5300 or 1-800-259-5301
    and (225) 342-5900 or (225) 342-0895
•   Mississippi Department of Insurance: 1-800-562-2957 or 601-359-3569
•   Alabama Department of Insurance: 334-269-3550
•   Charitable organizations recommended by the Federal Emergency
    Management Agency (FEMA)
     – American Red Cross Disaster Relief Fund-(800) 435-7669
     – Catholic Charities, USA-(800) 919-9338
     – Salvation Army-(800) 725-2769
     – United Methodist Committee On Relief-(800) 554-8583
Contacting Your Insurance Company
• Most Insurance Companies Have Toll Free Telephone
  Numbers And You Can Secure Contact Information
  Through The Following Sources:
   –   Radio
   –   Newspaper
   –   Television
   –   Internet

				
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posted:8/5/2011
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