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Expert Analysis

Estimates Vs. Bids: Determining Insurer Obligation

Law360, New York (May 9, 2014, 3:12 PM EDT) -- The typical property insurance claim begins with notification of a loss from the insured or its broker. Thereafter, the carrier sends out an adjuster to investigate the loss and determine whether, and to what extent, coverage exists. Often the insured hires a public adjuster to represent its interests with regard to the claim. If the claim is covered, both adjusters generate estimates. These estimates are used to establish initial values, determine reserves and may be used as the basis for any actual cash value payments....

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