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Roofing Insurance claims Overhead and Profit explained: Greed Or Must? | Jabar Post Indonesia

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Roofing Insurance claims Overhead and Profit explained: Greed Or Must? | Jabar Post Indonesia

An advertising poster for a Dutch insurance company from c. 1900–1918 depicts an armoured knight.

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Insurance is a means of protection from financial loss. It is a form of risk management, primarily used to hedge against the risk of a contingent or uncertain loss.

An entity which provides insurance is known as an insurer, insurance company, insurance carrier or underwriter. A person or entity who buys insurance is known as an insured or as a policyholder. The insurance transaction involves the insured assuming a guaranteed and known relatively small loss in the form of payment to the insurer in exchange for the insurer’s promise to compensate the insured in the event of a covered loss. The loss may or may not be financial, but it must be reducible to financial terms, and usually involves something in which the insured has an insurable interest established by ownership, possession, or pre-existing relationship.

The insured receives a contract, called the insurance policy, which details the conditions and circumstances under which the insurer will compensate the insured. The amount of money charged by the insurer to the Policyholder for the coverage set forth in the insurance policy is called the premium. If the insured experiences a loss which is potentially covered by the insurance policy, the insured submits a claim to the insurer for processing by a claims adjuster. The insurer may hedge its own risk by taking out reinsurance, whereby another insurance company agrees to carry some of the risk, especially if the primary insurer deems the risk too large for it to carry.



Roofing Insurance claims Overhead and Profit explained: Greed Or Must?

-How much PROFIT does a roofing company make?

-How much does a roofing company spend each month on OVERHEAD?

-Who’s got the most GREED? Insurance companies, homeowners or contractors?

Watch and learn from Dmitry as he analyzes this important topic!

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8 Comments

  1. Now you've got me checking the figures on my recent roofing claim to see what my insurance company offered as "overhead and profit." I don't see a line item charge for "overhead and profit" on my estimate from Travelers here in Colorado on a $35K claim.

  2. Nice break down. I also view it in a different way when it comes to O&P inside of Xactimate. Xactimate makes pricing for each line item to be fair market value for that line item. (That is a different discussion in itself for certain line items, but that is their goal) The price in that line item can only be fair market value if the entire estimate is written by the rules of the actual software. If you do not abide by the rules of Xactimate on how an estimate really works then you do not come up with fair market value for a job. So when Xactimate publishes a white paper on O&P to explain how and when it is used then if an estimate goes against those rules then the estimate is no longer a reflection of fair market value. So to the homeowner out there, in most cases, if the insurance company uses Xactimate and does not add in O&P then they have shorted your contractor fair market value. Keep in mind your pay fair market value on your premiums and deductibles.

  3. Enjoyed the video. I worked for State Farm as an adjuster for years always preaching coordination and complexity. Now I am a contractor and I see how wrong we were to deny contractors O&P. Every year we would change our stance on O&P sometimes going as far as to ask for a general contractors license. Every year we would find ways to pay less and less. In 2008 we automatically paid for all vents, valley metal and pipe Jack's. If we missed a pipe Jack we could get written up. Then all a sudden in 2009 we were told do not pay for any of these items unless it is actually damaged by a physical loss covered under our policy. Such crap if you ask me. This leads to contractors reusing vents, drip edge and other items that should be replaced when doing a re-roof.

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