CLM Annual Conference – Palm Desert

CLM

Annual Conference Registration Opens Today at Noon ET Register Early and Save $100

 

The CLM Annual Conference is the premier event for those in the claims, litigation and risk management industries. It combines dynamic educational sessions with fantastic networking events.
2015 Annual Conference Highlights include:

  • CEO debate on the future of the insurance industry – cyber insurance, product innovations and what keeps them up at night
  • Technology developments and how they affect the industry – embracing innovation and minimizing disruption
  • More than 80 roundtable sessions on topics including efficiencies in claims handling and litigation management and avoidance of bad faith
  • Inspiring keynote speaker???
  • Tremendous CE and CLE opportunities

For more information, check out the Annual Conference online, and be sure to register before January 9 to take advantage of the Early Registration fee of $595.

 

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How did a flawless $200K diamond go missing in an F1 crash?

shutterstock79367881---formula-one-racing72-crop-600x338Most people would put a diamond worth over $200,000 (£140,000) in a piece of jewelry, but apparently not if it’s being used as part of a promotion for Ocean’s Twelve.

Promoters of the 2004 film starring George Clooney and Brad Pitt thought it would be clever to place a flawless diamond described as “roughly the size of a button” on the front of a car driven by 20-year-old Austrian driver Christian Klien as part of a publicity stunt. Klien was a member of Jaguar’s Formula One team and the diamond was embedded in the nose cone of his car. A similar diamond was placed in the nose cone of a second car driven by Mark Webber.

The insurers knew this was a bad idea from the start, since no one was willing to insure the diamonds that were on loan from Steinmetz, an Israeli gem firm.

To put this into perspective, a certified flawless, VS1 diamond would be roughly five carats in size, according to Tim Savin, owner of Hunt Valley Jewelers.

Formula One cars reach speeds well over 200 mph, so one would think that the diamond, which was set in only a steel ring, would have to be pretty securely fastened to the car for this to work. Apparently it wasn’t.

Klein didn’t even make one lap around the course before he crashed into the guardrail on a hairpin turn. Track safety regulations at the time forced Team Jaguar to wait two hours before they could look for the diamond. When they finally got the car back to the garage, they discovered it was missing that little extra “bling.” Spectators near the area started searching immediately and while no one will admit what happened to it, the diamond was never recovered.

Jaguar spokesman Nav Sidhu said, “Someone here has walked away with more than a motor racing souvenir.”

That’s an understatement.

 

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Tornadoes, Damaging Hail & Heavy Wind Rip Through The South; 4 Dead

Just two days before Christmas, at least four people are dead after a tornado ripped through two southeast counties in Mississippi yesterday. The tornado formed about 2 p.m. Tuesday in Amite, Louisiana. It crossed over into Mississippi and then moved northeast. Wet road conditions created treacherous driving conditions leading to several wrecks.

Only 500 feet from Provencher & Company Assistant Vice President Kandy Ray’s home a tornado touched down and destroying her neighbor’s property. Numerous homes in the Amite, LA area were damaged or destroyed by the tornadoes; leaving many families without homes or belongings during this holiday season.

Thousands of residents & businesses throughout the Gulf South remain without power this morning.

The storm produced damaging wind gusts up to 70 mph, which led to several tornado warnings issued by the National Weather Service. Localized flooding and golf ball sized hail have been reported throughout Louisiana, Mississippi, Alabama, Florida & Georgia.

Although the Provencher & Co. National Claim Center was included in the affected area, also experiencing high winds & hail, the office remained operational with a complete building generator-backup & a dedicated team of employees busy preparing to assist the needs of our clients.

With experienced adjusters in all of the affected areas, Provencher & Company stands ready. We have an Emergency After-Hours Service available and all of our management staff will be monitoring continuously for rush & emergency assignments over the upcoming holidays.

 

 

 

 

 

 

Adjustment of Fire Losses

Adjustment of Fire Losses

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“The process of adjustment is simple or complex, according as the contract of insurance may be specific, general or mixed; and is based upon certain universally recognized general principals, which remain unchanged; yet there are issues constantly presented, arising from circumstances and conditions so varied, which have to be met and treated in so many ways, and under such a variety of aspects and phases, that adjusting scientifically, man be termed an art, or more property speaking a gift and art combined, only to be perfected by long and varied experience, diligent study and close observation. “

Jeremiah Griswold, General Adjuster
Handbook of Adjustment of Loss Or Damage by Fire
Insurance Monitor, New York. 1868

Broad Evidence Rule Reliance On Market Value Rejected

Broad Evidence Rule Reliance On Market Value Rejected3b495-legalscalesimage

A Wisconsin appellate court has set aside an Appraisal award that determined Actual Cash Value of a fire damaged building under the Broad Evidence Rule. The Appraisal panel determined ACV utilizing five factors including market value, averaged of adjusted sales price, income approach, building assessment value and a less than 100% weight factor for replacement cost less depreciation. The court relied on a common understanding of Actual Cash Value, including definitions from the Commissioner of Insurance Office, Black’s Law Dictionary and the carriers own website to conclude that Actual Cash Value in this case would be calculated primarily by subtracting depreciation from the cost to repair the damaged property.

Coppins v. Allstate

 

This is presented for adjustment practice information only and should not be construed as legal advice. For a full copy of the unpublished opinion click here.  We would encourage readers to secure legal counsel before relying on this opinion.