Insurance Fraud! We All Pay the Price

 When it comes to insurance, there's more to think about than just premiums and  deductibles; on one side, there's insurance fraud—and on the other, there's the insurance that protects you from fraud. Both sides  of the equation are important for boards to be aware of, and to manage properly  on behalf of their buildings and communities.  

 Common Errors

 Policy holders often make honest mistakes when filing claims with their  insurance companies.  

 “A common issue when filing a claim is not keeping full records,” says Derek A. Oberman, managing director at The Oberman Companies, an insurance  brokerage based in White Plains. “Insureds can be overwhelmed with the claim event and cleanup/repairs. They can  lose track of taking pictures, keeping receipts and keeping your insurance  carrier informed and up to date.”  

 Stephen Beer, a partner at Manhattan-based Czarnowski & Beer, LLP, a certified public accounting, auditing and management consulting  firm, says that not hiring an adjuster is also an error.  

 “You make out better with an adjuster,” he says. “You get what you pay for. You make it back and then some. The adjuster works for  the building.” Beer says adjusters go out and do individual evaluations on damage or issues  and fight on claims since they have the knowledge of how to handle them.  


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  • Yes. Once you give them the completed aatoicppiln, there's small print at the bottom of it, where you sign off permission for them to investigate pretty much any way they want. Additionally, on the "loss runs" that EVERY carrier requests, there's still space for earned premium.Lastly, in some states, it's flat out required it's a question on the aatoicppiln "do you owe any carrier any outstanding premiums?" and they CAN report it. That's so you can't jump from carrier to carrier screwing each one of them for their premiums.