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R&R Insurance Blog

5 Tips for Working with Multiple Lines of Coverage on a Claim

Posted by Brian Bean

An accident happens with company vehicles on the road.  Step 1 is to call the insurance company.  Out on the road there are various exposures, each being covered under their own line of coverage.  With multiple coverages comes multiple claims adjusters.  With everyone working on their own timelines, offers are often slow to come in, and quite frankly, creates communication hurdles. 

In one particular case, damage was done to:

  1. Auto physical damage to truck chassis and trailer
  2. Inland Marine items - on- and in- the truck

Noticing the lack of central communication point,  R&R stepped in.  Meeting with each of the adjusters, three approaches were discussed how to evaluate the ACV (Actual Cash Value) of the damaged items:

  1. Market approach
  2. Straight-line depreciation
  3. Broad evidence rule

Each situation will dictate the best evaluation method. In analyzing the various offers from the insurance company's adjusters, and looking at the client's equipment value, R&R was able to recover an additional $78,000+ for our client compared to the original offer from the carrier!

Lessons learned?

  1. Determine best method for equipment valuation
  2. Identify all equipment, including smaller items, with name & serial number
  3. Document where equipment is bought
  4. Utilize equipment appraisals that may already be on file for bonding & line of credit purposes
  5. Have an independent agent facilitate negotiations

Having a KnowledgeBroker working on your behalf will guide you through complicated claims and ensure you're receiving every dollar you deserve.  Want a second look at a claim?  Shoot us an email: safety@rrins.com.


Topics: Claim Management, accidents and claims, Inland Marine