Need Help understanding Insurance work

aerial123

HI i have been doing repair work for a while and just signed up some re roofs and they have insurance. Can anyone walk me through the process of what i need to do from start to finish Thanks Brian

Grumpy

You "signed them up" meaning they signed your proposal? Or you locked them into a contingency agreement and now you are going to try to collect from their insurance? Why does their insurance matter, do they have any storm related damage?

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-Grumpy
Chicago Gutters Chicago Roofing

aerial123

yes Grummpy this is all ins hail damage work and i am use to getting cash or check from my customers when done. But this seems like the ins co wants to give a small payment to start and then have to wait a while till you get the rest of your money. Is this about right?

Grumpy

Where are you located?

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-Grumpy
Chicago Gutters Chicago Roofing

Roofmaster417

First off hey Grumpy I remember you from another forum back in 05' when jeb opened the gates in florida.,thanks for your advice,we went down and had no problems thanks again.Back to the thread.,It is fairly difficult to explain a start to finish roadmap for insurance work.,many different variables and scenarios come into play.Most of the time the customer(depending on the insurer and policy type) has Replacement cost (RCV) then a depriciation value (DEP) then the partial payment(ACV) that you speak of is issued.,then when the job is complete the insured issues the insurer a final bill for all repairs complete.,then final payment is issued.You might luck out and the homeowners will pay upon completion anyway.We have that happen more times than not.Also we have had customers receive total RCV and be paid in full upon completion.Another thing to look at is some people have just ACV and they have no recoverable depreciation(RECDEP) which means no more money for repairs,I know a couple nieve contractors that had to file liens because they did not know insurance procedure.And depending on your customers standing with the mortgage holder that tends to bite a little.I had a customer who was behind a couple payments and the insurance check was split into 4 seperate draws.Insurance work is good but a little hair tugging will be required until you get the hang of it.LOL
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