CAI-NJ Feb 2022

WHAT’S THE PLAN... from page 20.

debt instrument that is designed to raise money for companies in the insurance industry in the event of a natural disaster, it can take some additional time. This all is dependent on how quickly all documentation is received by the independent adjuster. In some cases, they are waiting on docs from the remediation company or contractors. 11) Once the Actual Cash Value pay- ment is made, the insured can provide cancelled checks and/ or signed contractors invoices showing that the claim has been paid, including the deductible. The depreciation that is held back would then be paid. n

based on the coverage in place. 8) In some cases, the estimate is shared once written. In most cases, the estimate is given to the adjuster at the carrier for review. 9) Once reviewed, the adjuster con- tacts the insured to provide the approved estimates and payment information. If payment is under the deductible or denied, a letter will be sent providing details. 10) In most cases, payment will be made within 30 days of the loss being reported. If a loss is larger or there is a Catastrophe Bond (CAT) loss, or a high-yield

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