Overhead and Profit History | O&P Approval
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- Опубліковано 26 кві 2019
- Explaining the history of Overhead and Profit (O&P): from the "three trades rule" to the current "it must reach the level of complexity and/or coordination required of a general contractor" rule.
We also cover insight on how to obtain overhead and profit (O&P) approval on roofing and other projects, while utilizing Xactimate.
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That's interesting that State Farm started it and the rest followed. Kind of like the NFL. When one team does something successful, the rest follow. Thanks Chad!
Lol... yes! Like the NFL... precedent. 😆 Thanks for watching, David. Much appreciated, my friend. Love your channel! 🙏🙏🙏💖👊😎
@@InsuranceRestorationTraining Thanks again Chad and a podcast would be fun. Do you do it with Google Hangouts or another program?
So I used Google Hangouts on the last one but honestly, I had a lot of "hangups" with it. Lol. I think I need to up my game a bit so I'm working on some other solutions. Will keep you posted! 😂
Dear Chad,
I want to thank you for being a very clear speaker and by that I mean you don't make noises with your mouth like lip smacking and swallowing noises when you pause. You just go silent for a minute then start back talking again. I think it's so important for listeners because those kinds of sounds are very accentuated in a recorded session, so I just wanted to thank you for that. And last but certainly not least you don't say "uh" throughout your presentation. In my opinion that is one of the most dreaded things and especially during a long presentation. I have listened to you for more than an hour in 2 or 3 videos, it was very enjoyable as well as educational. I so appreciate the professionalism because I know it required effort and preparation. Thanks.
Pamela
I'm a public adjuster and before that I've been in construction for a couple decades. Recently I've been told by a couple different carriers exactly what you laid out in this video: that you really need interior damage in addition to exterior to get O&P. "There is no magic number of trades" they say, and we try arguing that an exterior-only job, with roofing siding gutters window screens etc, will require multiple subcontractors, they tell us "well maybe it requires that for your specific contractor, but there are contractors in your area who can do it all". So I think you're right that the "3-or-more trades" thing is dead. That being said, if you develop a good working relationship with an adjuster he/she has the authority to give you O&P on anything, it seems, as long as you make a good case. So for us, it's always worth it to try. "Coordination and Complexity" is rather vague, so there's room for interpretation and creativity. Thanks for the awesome video!
Good video boss! Roofing contractor here and Texas, Well I'm a GC I guess because I use subs
Thanks for watching and for commenting, my friend! 🙏🙌💖👊😉
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