We reduce the insurance carrier “slash down” and increase the agreed-upon value of each item inventoried, by substantiating our documentation with the support of valuation sources. We create detailed inventories and corroborate our findings by quoting full retail prices. We work quickly and efficiently and pay attention to details, ensuring the best possible outcome for the Insured.
After receiving all relevant data related to an insurance claim, our inventory specialists review each photo, line item, description, document & audio file and enter the information into an industry-standard spreadsheet, laying out the claim information in a clean and legible way. Then we research on the Internet for replacement costs, which are typically either the MSRP or List Price. Once we have found the most comparable price, the URL is copied to the corresponding line item in order to substantiate the price listed.
Our ability to substantiate the values of to-be-claimed items gives the Insured the advantage and virtually eliminates the carrier’s “slash down” tactics, a common hurdle on the way to a settlement. “Slash down”, as it implies, happens when the insurance company drastically pares down the prices listed on the inventory in order to avoid paying out a high amount at the point of settlement.
Many insurance carriers’ adjusters use companies that utilize the Internet to quote discount prices instead of full retail prices as a “loss prevention” tactic. They usually have agreements with major online discount retail outlets to provide deeply discounted prices if the Insured chooses to replace the entire contents of their home through the discount retailer. When the Insured chooses not to replace their entire home via the online discount retail outlets, they realize all too late that they will not be able to replace every lost item, simply because they have not received enough money to do so.
Substantiating each proof of loss report with the manufacturer’s suggested retail price and a corresponding URL reduces the “slash down” tactics of the insurance carriers.
Our inventory specialists are trained to quote the Actual Cash Value and the Replacement Cash Value, as well as any additional costs that may be associated with replacement, such as shipping costs. This process ensures that all aspects of the Insured’s claim are documented, substantiated, and maximized. Our advanced method to determine depreciation is realized with the use of the “Broad Evidence Rule”.
This method is very successful in appraisal disputes and provides another way against the insurance carrier’s methods of reducing the claim amount.