At Property Loss Doctors, we offer a wide range of services designed to ensure that you get the insurance settlement you deserve. Whether you need help with your insurance claim or your insurance company has denied your claim, turn to the pros at Property Loss Doctors for expert guidance with:
On any new claim, Property Loss Doctors has the expertise and resources to control the claim process on your behalf, working your case through the insurance processes and getting you the largest settlement under your covered loss. We’ll inspect your property, assess damage, take pictures, collect evidence and write up an insurance claim. For any new service of a claim, the professional adjusters at Property Loss Doctors will go through our 7-Point Process to provide you the best cash settlement possible.
- COVERAGE: we will review your policy details to determine your complete coverage
- INSPECTION: we will fully inspect and document the damage onsite
- ANALYSIS: we will fully dissect all issues that impact the value of your damages
- DATA: we gather all evidence, exhibits and data to maximize your claim’s value
- SCOPE: we analyze coverage provisions against the scope of your loss
- COSTS: we will seek the highest replacement costs possible to restore your loss
- SETTLEMENT: we negotiate to garner the highest settlement your insurance provider will pay for your claim
PARTIALLY PAID CLAIMS
When your insurer approves partial payment on your claim, the mitigating circumstances that led to partial payment may be corrected with the right amount of professional attention. That’s where Property Loss Doctors comes in. If your claim is less than two years old, we’ll review the insurance company’s assessment, conduct our own inspection, provide a new estimate of damage and resubmit your claim. Should it exceed the insurance company pay-out, we can write up a new claim for re-submission.
What is ‘Indemnity’
Indemnity is compensation for damages or loss. Indemnity in the legal sense may also refer to an exemption from liability for damages.
The concept of indemnity is based on a contractual agreement made between two parties, in which one party agrees to pay for potential losses or damages caused by the other party. A typical example is an insurance contract, whereby one party (the insurer,or the indemnitor) agrees to compensate the other (the insured, or the indemnitee) for any damages or losses, in return for premiums paid by the insured to the insurer.
BREAKING DOWN ‘Indemnity’
An indemnity clause is standard in most insurance agreements, and exactly what is covered and to what extent depends on the specific agreement. Any given indemnity agreement has what is called a period of indemnity, or a specific length of time for which the indemnity is valid. Similarly, many contracts include a letter of indemnity, which guarantees that the contract stipulations will be met by both parties, or else an indemnity must be paid.Indemnity is common in agreements between an individual and a business (for example, an agreement to obtain car insurance), but it also applies, on a larger scale, to relationships between businesses and government or between governments of two or more countries. Sometimes, a business or an entire industry is forced to take on the costs of larger issues on behalf of the public, such as outbreaks of disease. The New York Times reported on one such situation, the widespread effects of bird flu expenses on the healthcare and agricultural fields, in its article, “Exclusive: U.S. Boosts Bird Flu Emergency Funds as Hormel Cuts Jobs.” The indemnity paid by the government allowed these industries to continue to fight the outbreak.
In a similar story, but on a global scale, The New York Times covered the indemnity demanded from the government due to losses incurred in the fight against Ebola in “Drugmakers May Need Indemnity for Fast-Tracked Ebola Vaccines.” The article highlights the reasons for the claim and the benefits and services the indemnity would provide.
Indemnity insurance is a way for a company (or individual) to be protected against indemnity claims. This insurance protects the holder from having to pay the full sum of an indemnity, even if the holder is at fault for the cause of the indemnity in the first place. Many companies make indemnity insurance a requirement, as lawsuits are common. Everyday examples include malpractice insurance, which is common in medical fields, and errors and omissions insurance (E&O), which protects companies and their employees against claims made by clients, and applies to any given industry. Some companies also invest in deferred compensation indemnity insurance, which protects money they expect to receive in the future.
Like any other form of insurance, indemnity insurance covers the costs of an indemnity claim, including but not limited to court costs, fees, and settlements. The amount covered by insurance depends on the specific agreement, and the cost of the insurance depends on many factors, including past history of indemnity claims.
Property leases also include indemnity clauses. In the case of a rental property, for example, a tenant is typically responsible for damages due to negligence, fines, lawyer fees, and more, depending on the agreement. Read more on indemnity as it relates to leases in the American Bar Association’s publication, “Probate & Property Magazine.”