![]() This figure is incorrect as the loss is less than the amount of the deductible, and no payment is due." "please note that due to a software calculation error the Statement of Loss reflects a payment to the insured of $xxx.00. Also mention it in your narrative report. At my day claim job we do every SOL from scratch.ĭoes your carrier have an SOL spreadsheet you can use?Īnother idea is to just go with the XM8 SOL and if you can, put an explanatory note on it explaining that it is WRONG, and showing the correct numbers. I have never used the XM8 SOl, I didn't even know it was available for the longest time because it doesn't appear on the version I use. You can probably also get a SOL form from Īlso you could try changing the depreciation to be "non-recoverable" because technically it is, given the situation. (* loss exceeds deductible, no payment due)Īlternatively you could show the deductible as $1000.00 with a note that says "deductible applied up to loss amount" or some such wording. Repairs as per adjuster's Xactimate estimate $1000.00 I would just take open a blank word document and type: As the claim has not exceeded the deductible, there is no claim/payment due the insured.īut on the statement of loss report, it's showing a balance due the insured as $500. Recoverable depreciation should also be taken out of the residual deductible after loss is taken out, leaving $0.00 as owed/payable to insured.īasically, say the insured has 100% coverage required $100,000, a deductible of $2,000, loss of $1,000 and recoverable depriciation of $500.Īfter the $1,000 loss is taken from the deductible, the recoverable depreciation of $500 is also taken out of it. ![]() If you have an insured who has 80% or greater required coverage, and has recoverable depreciation, BUT total of loss is less than deductible, then the statement of loss report shows recoverable depreciation as owed to the insured. Working in the New Orleans area and one of the enclosures required to complete a claim is the "Statement of Loss" report found under the Claim Reports tab. Looking for someone who knows and uses XM* 25.2.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |