FAQ's
The questions and answers in this section are the informal opinions of J. Frazier Service Company. Claims are evaluated by insurance carriers on a case by case basis and J. Frazier Service Company, its employees or associates have no authority to make or communicate coverage determinations for an insurance carrier or other client without that client's written consent. The individual policy in place is the best evidence of its content; if any of the material provided creates confusion regarding a specific claim disregard the material and contact your carrier.
Q. We already have independent adjusters we use why should we do business with J. Frazier Service Company?
A. We enjoy the opportunity to compete with our peers and our first job is to listen to our customer. We believe we can provide an accurate, reliable product at a fair price and we want you to agree. If you are ever dissatisfied with our work let us know, the company name means a lot to the owner and he wants it to mean a lot to your company as well.
Q. What is an independent insurance adjuster?
A. Essentially they are independent contractors who work for an insurance carrier as opposed to staff adjusters.
Q. What is Actual Cash Value in relation to my claim payment?
A. Actual Cash Value or ACV is the replacement cost value of an item less depreciation.
Q. I have a Replacement Cost insurance policy, why is depreciation applied to my claim?
A. Most building & contents coverage have a dollar amount after which depreciation is applicable until the item(s) is actually replaced; there are also exceptions to the replacement cost endorsements in many cases.
Q. What is "Subrogation" and why does it matter to me?
A. Subrogation is when your insurance carrier makes a claim against a responsible party after a loss is paid. Adjusters should try and determine why a loss occurred and if it is the fault of a third party they will attempt to recovery at least a portion of the loss. If you are an insured and your company successfully recovers money from a third party you will be entitled to a proportionate amount of your deductible. This recovery process is obviously important to your carrier but also benefits the policy holder both directly and indirectly.
Q. What does "Insurance to Value" mean?
A. Insurance to Value or ITV is the amount of insurance coverage needed to replace a building or contents. A home purchased for $125,000.00 could exhaust building coverage after a kitchen fire for instance. The cost to demolish, repair and replace individual components will most always be substantially higher than "new construction" or market values. Also commercial policies will have "co-insurance" requirement that if not met result in reduced indemnity payments after a claim.
Q. What is co-insurance?
Commercial policies require at least a percentage of the value of a risk be within the limit of liability or policy limit. The percentage will usually be found on the declarations page.