New One on Me!

[Blue1]

Anyone ever heard of an insurance company demanding that the Cost Approach in an appraisal report match EXACTLY their Total Estimated Cost New? Not one penny more not one penny less. Gee, I thought is was supposed to be an estimate? I totally flummuxed at this. Anyone else ever experience this?

 

[Joe Birrell (NY)]

I've been harassed by insurance companies several times but never for that one. Never heard of such a thing before. I'm Curious, who contacted you ? The insurance company ?

 

[Pamela Crowley (Florida)]

Tell them you don't dictate their insurance rates and they don't dictate your cost approach in an appraisal.

:2gunfire:

 

[Randy Beigh]

Is the insurance company your customer? If not, tell them to eat dirt. If they are, then some thinking is required on someone's part at the insurance company and I would talk to someone other than who you have been talking to.

This lacks common sense.

 

[Bobby Bucks]

Blue I've never had that happen, but what I have been getting the past couple of years is an occasional call from an irate insurance agent having a cow because they can't find "THEIR" information in a copy of the report. What they mean is the assignment was completed on a 2055 form.......they probably spent hours looking for the cost info. I had one old goat go wacko once and wrote a letter of complaint to the bank for my ommission. This can make for mucho fun on a bad day. I'm in an exceptionally foul mood today and it would make my day for one of them to call me right now..........or better yet an AMC about a late report.

 

[Mountain Man]

on a 2055 form.......they probably spent hours looking for the cost info.

:rofl:
Bucks, you just helped me with MY Monday blues. :wink:

 

[Blue1]

Joe,

The LO was told by the insurance underwriter who, by the way, did not want to talk to me. You gotta wonder about some folks. Let's see, you want me to make my report conform to your desires yet you refuse to even talk to me............I think the term "pound salt" applies here.

Just livin' large in FAR Northern CA and killin' another deal...... :twisted:

 

[Mountain Man]

I musta missed that one. Pleeze show me the page of Freddie or Fannie where my number shall equal the insurance agents number. :? :?: :?

Bruce, I think you and Bucks get the hard Monday award.

 

[Terry Russell]

Blue1,

In my experience insurance underwriters have zero knowledge in claims. They only sell and collect premiums.
If you want to pursue this, find the adjuster. I am thinking the adjuster asked the underwriter/receptionist/pickup the mail/answer the phone person to get some data for them and the underwriter don't get it.
terry