How To Get Overhead And Profit Approved | Insurance Claims
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- Опубліковано 7 січ 2020
- Are you struggling with insurance adjusters not approving overhead and profit (O&P) on your insurance jobs? The standards and "unwritten rules" on overhead and profit used to be any three trades or more (the 3 trade rule) would get you overhead and profit. Now insurance adjusters will typically say that the number of trades on an insurance job doesn't matter and that the job "must reach the level of complexity and/or coordination required of a general contractor to complete the job". What should an insurance restoration contractor do about this situation?
This video will cover multiple strategies and tactics to help you overcome these scenarios.
High level Insurance Restoration Training learning.
This is a segment from the #100TownsTour - Insurance Restoration Masterclass by Chad Michael, recorded live in Fort Myers, Florida, on December 7th, 2019.
Strategy. Consistency. Diligence. Dedication. And most importantly of all, putting in the HARD WORK... that's REQUIRED... to WIN IN THIS GAME!
For LIVE TRAINING EVENTS "Insurance Restoration Masterclass - by Chad Michael" on the #100TownsTour go to:
www.InsuranceRestorationTrain...
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For another highly valuable series of mine that covers how to write Xactimate estimates and actual insurance claim supplement case studies, please visit my highly acclaimed series called: "What's Wrong With This Insurance Estimate?", which you can access all episodes here:
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Episode List:
For Episode 01 visit here:
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Episode 03 is here:
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Episode 04 is here:
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Episode 08 is here:
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Episode 10 is here:
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Strategy. Consistency. Diligence. Dedication. And most importantly of all, putting in the HARD WORK... that's REQUIRED... to WIN IN THIS GAME!
I'll see you at the top!
- Chad Michael, The Practitioner
#ThePractitioner
Nice lesson Chad!!! Could you share a PDF of that first insurance agreed contract?
I'm the insured. The claims manager I'm dealing with is using the same excuse. He doesn't want to pay the GC for overhead and profit claiming, there is very little coordination involved in the completion of this scope and it is his position there is no complex coordination which would require a General Contractor's services. Our claim is paying to replace 5700 sq ft of asphalt single roof & six skylights and replace vinyl siding on the building and replace metal fascia and gutters. The total claim amount they approved is over $60k. Yet this only requires little coordination involved in the completion of this scope. The GC has 6 trades involved. Roof, Siding, Gutter & metal Fascia, HVAC to disconnect and reconnect the lines on 6 heat pump units, electrician to disconnect and reconnect lights and 7 power meter boxes from the side of the building to replace the siding and a drywaller to repair & paint drywall around the six skylights. The claims manager is claiming because the amounts for these smaller items is only a few hundred each, it does not justify paying 20% on $60k for overhead and profit.
Hey Chad, love the channel. I got my first claim to actually pay for O&P, when Invoicing do I need to Invoice for the full RCV price and add the line items for O&P as well? So they pay the RCV + the O&P? Or does the RCV total for the category include it?
You have insurance companies shop your bid to other contractors after you have a signed contract? Our insurance company did not like the bid amount from our contractor, which was based off using Xactimate. The insurance company took it upon themselves to have another roofing contractor to submit a bid to them to replace the roof, metal fascia and gutters and then used their bid amount to pay on the claim. Is that even legal for insurance companies to obtain bids from other contractors after the insured signed a contract with another contractor?
I use Jobnimbus. I have buddies that use acculynx heard great things but just never used it
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Question the policy states it owes for
o/p. I have not been able to find where it states that it pays for o/p on complexity actually it doesn’t give a definition on when or how
What are your thoughts
It is an unwritten rule. The policy should have mention of overhead and profit and how it is applied. However, usually the answer you get from an adjuster is that it required a level of complexity and/or coordination required of a contractor. Your best bet is to PROVE the complexity and the coordination. Thanks for watching and for the question! 🙏🙌💖👊😉
Hello Chad, Have you had to deal with Contractor Connection?
Yes, quite a few times. Not the most fun experiences, to be sure. I don't enjoy program/vendor work as much. Thanks for watching and for the comment! 🙏💖👊😉
Our Letter of Engagement as Public Adjusters resolves most if not all these payment arrangement. All checks including future payments get mailed directly to us. Dual payees homeowners and our names appear on check.
Indeed one of the advantages of being a PA... thanks for watching and for the comment! Have a killer week! 🙏💖👊😉
Hey Chad miss your content hope all is well
Thank you brother. Doing great man. I hope you are as well. New content coming soon. I promise.
Excellent videos but can not read details shown on your overhead screen. Zoom in??
Sorry about that, brother. I debated whether or not to put it out for that reason. 😔 I appreciate you watching it anyway. Have an awesome weekend! 🙏💖👊😉
How do I contact your company for services
Do you offer seminars ?
Yes sir... InsuranceRestorationTraining.com 👊👊👊😉
Do you have the document for sale?
Sorry this took me so long to respond to! No, I do not have it for sale but it is available… along with tons of other files and documents in my online training course at IESCertified.com I hope to see you there! Thanks for watching and for the comment! 🙏💖👊😉