public adjuster to mean any person who investigates claims and negotiates settlement of claims arising under policies of insurance in behalf of the insured under such policies or who advertises or solicits business as such adjuster. See 8 V.S.A. § 4791. Public adjusters are licensed by the Vermont Dept. of Financial Regulation: 828-3303.
Advise the client that he may not receive all of the insurance settlement funds.
The mortgage servicer may also be listed on the insurance policy. If damages are under $10,000, it is likely that the settlement check will be sent directly to the client. If it is in excess of that amount, the mortgage servicer is likely to hold the funds in escrow in anticipation of completion of repairs. Contractors will be required to provide final invoices indicating that the repairs have been completed. These invoices must be sent to the mortgage servicer, often along with a form to be completed by the contractor indicating that repairs are complete and when paid, no liens shall be placed on the property. The mortgage servicer may send an inspector of its own to verify that the property is in its pre-disaster state before issuing payment. Since mortgage servicers and policies vary, it is prudent to read the policy and mortgage servicer’s information carefully to understand their practices. And of course, if at any time the insurance carrier or servicer’s practices do not make sense for your client, contact the agent or the insurance department of the servicer to try to work out alternative arrangements.
If the person you are assisting believes that her insurance company (or NFIP, in
case of flood) has not adjusted the loss promptly or properly, or if the client feels that her agent/broker failed to properly advise her to obtain flood insurance or was supposed to obtain such insurance but did not do so, you can contact the State of Vermont Department of Financial Regulation (DFR) (formerly known as the Vermont Department of Banking, Insurance, Securities, and Health Care Administration (BISHCA)). The agency will assist the homeowner or small business person if there is an issue with either an agent/broker or insurance company. See
http://www.dfr.vermont.gov/insurance/home; 800-964-1784.
Pertinent Numbers and Contact Information
VT Department of Banking & Insurance
VT Department of Banking & Insurance website
VT Emergency Management Agency
VT Office of Attorney General Attorney General Website VT Builders Association
VT Builders Association website 1-802-828-3301
www.bischca.state.vt.us
National Flood Insurance Program 1-888-Call-flood National Flood Insurance Program website
www.floodsmart.gov www.vem.vermont.gov 1-802-828-3171
www.state.vt.us/atg 1-802-773-0672
www.cvthomebuilders.com 27
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32 |
Page 33 |
Page 34 |
Page 35 |
Page 36 |
Page 37 |
Page 38 |
Page 39 |
Page 40 |
Page 41 |
Page 42 |
Page 43 |
Page 44 |
Page 45 |
Page 46 |
Page 47 |
Page 48 |
Page 49 |
Page 50 |
Page 51 |
Page 52 |
Page 53 |
Page 54 |
Page 55 |
Page 56 |
Page 57 |
Page 58 |
Page 59 |
Page 60 |
Page 61 |
Page 62 |
Page 63 |
Page 64 |
Page 65 |
Page 66 |
Page 67 |
Page 68 |
Page 69 |
Page 70 |
Page 71 |
Page 72 |
Page 73 |
Page 74 |
Page 75 |
Page 76 |
Page 77 |
Page 78 |
Page 79 |
Page 80 |
Page 81 |
Page 82 |
Page 83 |
Page 84 |
Page 85 |
Page 86 |
Page 87 |
Page 88 |
Page 89 |
Page 90 |
Page 91 |
Page 92 |
Page 93 |
Page 94 |
Page 95 |
Page 96 |
Page 97 |
Page 98 |
Page 99 |
Page 100 |
Page 101 |
Page 102 |
Page 103 |
Page 104 |
Page 105 |
Page 106 |
Page 107 |
Page 108 |
Page 109 |
Page 110 |
Page 111 |
Page 112 |
Page 113 |
Page 114 |
Page 115 |
Page 116 |
Page 117 |
Page 118