FAQ's
The questions and answers in this section are the informal opinions of J. Frazier Service Company. They are not policy positions and do not represent specific answers to individual claims. 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. Why did the insurance company send an "independent" instead of a "staff" adjuster?
A. Usually there is not a staff adjuster available; this can be for a number of reasons. The independent will report to a staff adjuster in all cases so if you are concerned about the company using an independent remember that the authority regarding your claim comes from the carrier.
Q. When you say "value added, tailored or customized services", what does that mean?
A. We have a diverse clientele to service and most clients have a specific, targeted product in mind. Rather than present the same package to everyone we are happy to discuss making our service and price fit these specifications. In addition we can often agree to flat rate pricing that clarifies per claim expense concerns. We do not mind going the extra mile for our clients and part of that is listening to their concerns about pricing.
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 "Stated Amount" and is it the same as Actual Cash Value?
A. Stated Amount is a policy limit placed on an item and it is not the same as ACV. Many commercial vehicles are insured for the "stated amount" of the loan owed by the owner at the time the unit is insured.
Q. What is "Diminished Value"?
A. Diminished Value is the difference in the market value of a vehicle without an accident history and the market value of the same vehicle with an accident history. In most instances this type of economic loss is limited to third party claimants.
Q. How do you evaluate "diminished value" in vehicles?
A. We concentrate on the real world market and the owner's intention to retain or resale the vehicle in the near future. It is important to note that some vehicles will actually gain value from a collision repair and each case should be evaluated on its own merits.
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 will always 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 benefits the policy holder both directly and indirectly.
Q. My vehicle is a "Total Loss" can I still keep it?
A. Yes, it is important to remember that the vehicle is your property until it is sold. If you retain a "total loss" any property damage paid will have salvage value deducted.
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, spot repair and replace individual components will most always be substantially higher than "new construction" or market values. A building just completed will most often require more insurance than the just completed construction cost to be adequately insured. Many policies will have "co-insurance" requirements that if not met result in reduced indemnity payments after a claim.