What happened between the bank failures after 2008 economic crash and this coming economic crash was merger acquisition especially tied to credit unions and community banks. Below we see those mergers have these few years then merged with larger global banking private banks. Here in Baltimore for example GLOBAL HEDGE FUND JOHNS HOPKINS FEDERAL CREDIT UNION merged with a regional going national probably already global private banking system.
Take a look at this CHART via GOOGLE to see the activities of many US credit union mergers which could already have merged again with a private global banking 1% outlet.
'Credit Union Mergers and Acquisitions
Following is a comprehensive list of recent Credit Union Mergers and Acquisitions by non-survivor institution.
This list can be sequenced by merger date, non-survivor institution, non-survivor state, merger transformation type, method (banks only), survivor institution, survivor state by clicking on the label at the head of the column. Detailed financial information for an institution can be retrieved by clicking on the institution name'.
HOPKINS as a educational/medical corporation with lots of employees thinking themselves SHAREHOLDERS in that CORPORATIONS-----lots of employees being credit union labor ------now exposed to BANKRUPTCY from these mergers with private banking corporations.
'More community bank takeovers by large credit unions are likelyarchive.jsonline.com/business/more-community-bank... Mar 30, 2016 · More community bank takeovers by large credit unions are likely ... While the great majority of mergers and acquisitions still are bank-to-bank or credit union-to-credit union deals, Wisconsin's ...'
Below we the same trend happening nationally. One thing we saw with last BANK FAILURE AS FRAUD----was these same vehicles going bankrupt with most of these depositors losing that SAVINGS---no matter the COMPLEX FINANCIAL INSTRUMENTS. So, ALABAMA FAILED BANK sent PENSIONS to the FEDERAL GUARANTEE AGENCIES where pennies on the dollar are paid to pensioners--------MUNI-BONDS go bankrupt as they are not covered by FDIC------IRAs go bankrupt as they are not covered by FDIC----when we think of who lost and who gained in last round of ROBBER BARON BANK ROBBERIES-----that is who is targeted with coming bank failures.
JUST FOLLOW THE MERGERS-----SEE WHICH BANKS HOLD THE MOST 99% WE THE PEOPLE assets-------today those are including more and more and more 5% FREEMASON/GREEK players----and we can identify which banks are likely to FAIL in 2020----2021-----2022 et al.
This time-----
NO FDIC BAILOUT FOR YOU!
Fidelity Bank of Florida?-------watch out CFE---FCU!
'CFE FCU To Merge In Fidelity Bank Of Florida
01/24/2019 07:51 pm
LAKE MARY, Fla.—The $1.8-billion Central Florida Educators FCU here announced it intends to merge in $174-million Fidelity Bank of Florida, based in Merritt Island, Fla'.
Important Considerations for Credit Union-Bank Mergers
Learn the unique considerations credit unions must keep in mind before acquiring a bank.
By Jake King | January 11, 2019 at 09:00 AM
Seven credit unions announced they bought banks in 2017, and in 2018, seven deals of the same nature were announced. Credit unions are becoming increasingly involved in community bank bidding – a trend that is expected to keep growing. While a credit union-bank merger may sound a bit like a modern take on Shakespeare’s Romeo and Juliet, successful transactions can and do take place. The following are a few considerations for credit unions to keep in mind when acquiring a bank:Member RetentionWhen financial institutions merge, there is always a risk some customers or members will be lost. This is especially true if aspects they value, such as convenience or personal relationships, are lost. Proactive communication and effective disclosures regarding impending changes can help. As it relates to mobile banking and other banking platforms, the credit union must consider the operational inconvenience and expense of having to change mobile deposit or online banking platforms. Tech transformations are not always easy.
Another credit union-specific issue:
Field of membership. Will the target institution’s customers qualify for membership in the acquiring credit union?
Membership restrictions could require the member to live or work in a certain county or state, while the acquisition target may have multiple branches outside the field of membership. While the credit union can seek to expand its field of membership, this may be denied and is often time consuming. An alternative option is to negotiate the sale of branches falling outside the acquiring credit union’s membership requirements. Ultimately, an acquiring credit union must ensure it is operationally capable of servicing the combined membership.
Balance Sheet Composition
Another important aspect to consider when looking to acquire a bank is how it will affect the composition of the acquirer’s balance sheet. For example, credit unions have statutory limits on member business lending. This restriction can eliminate many targets from consideration. However, if the credit union can stay within regulatory limits, gaining a unique niche in lending sectors such as commercial real estate and Small Business Administration can offer a tremendous upside.
CRE and SBA lending usually require an elevated degree of due diligence relative to residential mortgage and consumer lending. Ensuring servicing operations are adequate is a must. CRE lending is a competitive and relationship-based sector. SBA lending can also be particularly valuable due to the rigorous barriers to entry and regulations within the sector.
For credit unions worried about the MBL cap, there are a few ways to bring in commercial loans without impacting the cap. The first is by partaking in non-member commercial loans. In 2016, Section 723.8 of the NCUA’s rules and regulations was revised to exclude any non-member commercial loan or non-member participation loan from federal credit unions’ MBL cap. For SBA lending, the government-guaranteed portion of the loan isn’t counted toward the cap; but as stated earlier, SBA lending carries with it added complexity. Many credit unions are hesitant to venture into this market without the proper staff. Lastly, credit unions with low-income designations may apply to remove the MBL cap altogether.
Investments
Many banks hold municipal investments for their tax benefits. Because credit unions are tax-exempt, they don’t have as much need for such investments. Municipal bonds require due diligence on bond structure and the projected performance of the municipality, which may be outside of the acquiring credit union’s expertise. Also, the target bank may hold other potentially impermissible investments under credit union regulations. The acquiring institution should consider the appropriate disposition of such investments prior to completing the transaction.
Funding and Deposits
Acquiring credit unions should review a bank’s funding structure to determine the stability of sources of funds required for expansion. Banks generally have a higher level of brokered and municipal deposits, for example. Acquiring credit unions should review whether such deposits are permissible and assess the impact on cost of fund volatility. The permissibility of municipal deposits varies based on charter and state laws.
Special Considerations
Two important regulatory considerations for credit unions planning to acquire a bank are whether the bank has Community Reinvestment Act tax credits or Home Affordable Modification Program loans on the balance sheet.
CRA: The CRA is designed to encourage banks to help meet the needs of low- and moderate-income borrowers within their communities. CRA rules generally don’t apply to credit unions. This change in regulatory scope may require the target bank to sell the specific CRA-designated loans.
HAMP: The HAMP program allows borrowers who are at risk of foreclosure due to financial hardship to reduce their monthly payment. This can pose a problem in a merger if the acquirer doesn’t have the appropriate authorization to service such mortgages. To resolve this issue, the acquirer can either set up subservicing arrangements with another party or arrange for the loans to be sold. However, credit unions need to be mindful about potential duplication of vendors and potential termination fees in their servicer contracts. If a target institution has a termination fee, it would immediately reduce the value of the merger.
By ensuring the unique considerations of a bank merger are considered, management can make it more likely acquiring a bank will enhance value for their membership.
____________________________________________
We shared the fact that these few decades of CLINTON/BUSH/OBAMA have killed any economic structure tied to protecting the CONSUMER unless that consumer is another global corporation. This article shows that progression. Now, consumers of insurance once trusting the CORPORATE INSURANCE ADJUSTER and their estimates-----now have to hire a PUBLIC INSURANCE ADJUSTER to make sure the corporate adjuster is not RIPPING THEM OFF.
'Among the schemes that shady adjusters employ are charging a large fee, then vanishing without handling your claim; referring your repair to a dishonest contractor for a kickback; and filing false or inflated claims'.
Just as the FDIC inspector/agent used to actually investigate and find the BANK ROBBERS and get that LOOT back to local bank consumers.
Of course the progression would be-----that the 99% WE THE INSURANCE CONSUMERS can now not trust the PUBLIC INSURANCE ADJUSTER to work for consumer interest. THE PUBLIC INSURANCE ADJUSTERS are now being bought by global banking 1% and corporations.
DO NOT PAY THAT CLAIM----ONLY PAY THIS MUCH BECAUSE US FOREIGN ECONOMIC ZONES ARE UNDER UNITED NATIONS/WORLD BANK------CORPORATE SUSTAINABILITY OF PROFITS---THEY CANNOT LOSE MONEY.
If one global corporation harms another global corporation then INSURANCE ADJUSTERS will work for that corporation but NOT simply a citizen with an insurance policy.
What Is a Public Insurance Adjuster and Why You May Need One After a Storm
09/06/2017 12:22 pm ET
Dealing with the aftermath of Hurricane Harvey will include contacting your insurance company to begin the process of assessing the damages to your home and automobiles for the purpose of filing a claim. That process, however, can become complicated after a wide-reaching storm.
Insurers likely will be inundated in the coming weeks and months as flood victims return to their homes and try to rebuild their lives.
Home insurance claims for hurricanes, floods and windstorms can be filled with red tape and headaches. That’s why some homeowners hire public insurance adjusters to help cut through that red tape and alleviate those headaches.
“It is not uncommon for property owners to experience a disaster after the disaster,” says Clay Morrison, president of the property loss consulting firm of Morrison & Morrison, Inc. based in League City, Texas.
For instance, an adjuster may treat a claim as a partial repair when he or she should have totaled the property for a complete loss.
Also, property owners can experiences insurance claim delays, disputes or denials. That’s when it’s helpful to contact a professional public adjuster.
“Don’t dig the hole that you’re in any deeper than it already is,” advises Morrison, whose city was flooded by Harvey. “Get a professional public adjuster who represents only you before you harm your position in the claims process even further.”
To help you better understand the role of a public adjuster, insuranceQuotes put together some FAQs on the topic.
What is a public insurance adjuster?A public adjuster works for you, not the insurance company. Your home insurer pays its own adjusters — either in-house or independent — to figure out how much the insurance company should pay for your loss. The insurance company offers its adjusters at no cost to you.
Michael McManigal, owner of Florida Loss Public Adjusters, Inc., says a public adjuster will file your claim with the home insurance company, prepare a written repair estimate and negotiate with the insurer’s adjuster on a claim payout.
“A public adjuster levels the playing field and acts as the insured’s representative in connection with the processing of the claim,” says Nicole Vinson, an insurance attorneywith Merlin Law Group in Tampa, Florida.
What types of disaster losses do public adjusters handle?Public adjusters tackle property damage stemming from hurricanes, wind, fire, smoke, floods, earthquakes, theft, vandalism and other perils.
“The insurance adjuster has usually handled thousands of individual losses and isn’t intimidated by an insurance company,” says Keith Hayman, a public adjuster and catastrophe coordinator at Adjusters International in New York.
When should I hire an insurance adjuster?
Hayman says you should consider hiring a public adjuster if your property sustains a loss that appears to be valued at more than $10,000.
If the claim amount is close to your deductible, you probably shouldn’t use a public adjuster, Hayman says. In that situation, “it might be best not to even place a claim to prevent your rates from increasing,” he says.
McManigal says any claim that has two or more elements (like floor and drywall damage) is well-suited for a public adjuster.
“If a claim is only for the roof, a homeowner can usually negotiate that claim,” he says.
The best time to bring in a public adjuster is before you call your home insurance company, McManigal says.
Subscribe to The Morning Email.
Wake up to the day's most important news.“This way, you have representation from the very beginning,” he says.
You can bring in a public adjuster after you’ve started the claim-filing process, but McManigal says that might cost you more.
John Huff, director of the Missouri Department of Insurance, has a different take on this.
Huff says that if a consumer reaches an impasse with a home insurance company on resolving a claim, hiring a public adjuster may be an option. However, Huff says, consumers should first work on their own with their insurers to settle claims.
The services of a public adjuster “can be valuable at times, but in many cases, consumers will be just as successful working directly with their insurance company, and they won’t have to pay a fee,” Huff says.
How much does a public adjuster charge?
A public adjuster is paid by the policyholder once the insurance company has paid a claim. The fee normally ranges from 10 percent to 15 percent of your claim payout; the percentage usually is capped by state insurance regulators. Hayman says the fee may be negotiated higher or lower, depending on the size of the claim.
Sometimes after a disaster, your state insurance department sets the percentage that public adjusters may charge, according to the Insurance Information Institute.
A public adjuster’s fee is not covered by your homeowner’s insurance policy.
Where can I find a public insurance adjuster?
In most states, public insurance adjusters are licensed and regulated. To find a reputable public adjuster, contact the National Association of Public Insurance Adjusters for a list of adjusters in your state. Also, call your state insurance department to check out an adjuster’s qualifications (or the insurance department in the state where an adjuster is from).
The Insurance Information Institute suggests asking your insurance agent, your lawyer, your friends and your co-workers for names of public adjusters they would recommend.
The Coalition Against Insurance Fraud points out that most public adjusters are honest and competent. However, some crooked adjusters prey on disaster victims, going door-to-door to try to bilk homeowners.
Among the schemes that shady adjusters employ are charging a large fee, then vanishing without handling your claim; referring your repair to a dishonest contractor for a kickback; and filing false or inflated claims.
Can I cancel a contract with a public adjuster?
In most cases, you can cancel a contract with a public adjuster; the agreement should spell out the adjuster’s fees. However, the amount of time you have to cancel a contract varies by state. In Maryland and New York, for example, you can cancel a contract with a public adjuster within three business days of it being signed.
Experts advise you to contact your state insurance department if you have a complaint about your adjuster. The National Association of Insurance Commissioners website lists contact information for every state insurance department.
Take a look at this CHART via GOOGLE to see the activities of many US credit union mergers which could already have merged again with a private global banking 1% outlet.
'Credit Union Mergers and Acquisitions
Following is a comprehensive list of recent Credit Union Mergers and Acquisitions by non-survivor institution.
This list can be sequenced by merger date, non-survivor institution, non-survivor state, merger transformation type, method (banks only), survivor institution, survivor state by clicking on the label at the head of the column. Detailed financial information for an institution can be retrieved by clicking on the institution name'.
HOPKINS as a educational/medical corporation with lots of employees thinking themselves SHAREHOLDERS in that CORPORATIONS-----lots of employees being credit union labor ------now exposed to BANKRUPTCY from these mergers with private banking corporations.
'More community bank takeovers by large credit unions are likelyarchive.jsonline.com/business/more-community-bank... Mar 30, 2016 · More community bank takeovers by large credit unions are likely ... While the great majority of mergers and acquisitions still are bank-to-bank or credit union-to-credit union deals, Wisconsin's ...'
Below we the same trend happening nationally. One thing we saw with last BANK FAILURE AS FRAUD----was these same vehicles going bankrupt with most of these depositors losing that SAVINGS---no matter the COMPLEX FINANCIAL INSTRUMENTS. So, ALABAMA FAILED BANK sent PENSIONS to the FEDERAL GUARANTEE AGENCIES where pennies on the dollar are paid to pensioners--------MUNI-BONDS go bankrupt as they are not covered by FDIC------IRAs go bankrupt as they are not covered by FDIC----when we think of who lost and who gained in last round of ROBBER BARON BANK ROBBERIES-----that is who is targeted with coming bank failures.
JUST FOLLOW THE MERGERS-----SEE WHICH BANKS HOLD THE MOST 99% WE THE PEOPLE assets-------today those are including more and more and more 5% FREEMASON/GREEK players----and we can identify which banks are likely to FAIL in 2020----2021-----2022 et al.
This time-----
NO FDIC BAILOUT FOR YOU!
Fidelity Bank of Florida?-------watch out CFE---FCU!
'CFE FCU To Merge In Fidelity Bank Of Florida
01/24/2019 07:51 pm
LAKE MARY, Fla.—The $1.8-billion Central Florida Educators FCU here announced it intends to merge in $174-million Fidelity Bank of Florida, based in Merritt Island, Fla'.
Important Considerations for Credit Union-Bank Mergers
Learn the unique considerations credit unions must keep in mind before acquiring a bank.
By Jake King | January 11, 2019 at 09:00 AM
Seven credit unions announced they bought banks in 2017, and in 2018, seven deals of the same nature were announced. Credit unions are becoming increasingly involved in community bank bidding – a trend that is expected to keep growing. While a credit union-bank merger may sound a bit like a modern take on Shakespeare’s Romeo and Juliet, successful transactions can and do take place. The following are a few considerations for credit unions to keep in mind when acquiring a bank:Member RetentionWhen financial institutions merge, there is always a risk some customers or members will be lost. This is especially true if aspects they value, such as convenience or personal relationships, are lost. Proactive communication and effective disclosures regarding impending changes can help. As it relates to mobile banking and other banking platforms, the credit union must consider the operational inconvenience and expense of having to change mobile deposit or online banking platforms. Tech transformations are not always easy.
Another credit union-specific issue:
Field of membership. Will the target institution’s customers qualify for membership in the acquiring credit union?
Membership restrictions could require the member to live or work in a certain county or state, while the acquisition target may have multiple branches outside the field of membership. While the credit union can seek to expand its field of membership, this may be denied and is often time consuming. An alternative option is to negotiate the sale of branches falling outside the acquiring credit union’s membership requirements. Ultimately, an acquiring credit union must ensure it is operationally capable of servicing the combined membership.
Balance Sheet Composition
Another important aspect to consider when looking to acquire a bank is how it will affect the composition of the acquirer’s balance sheet. For example, credit unions have statutory limits on member business lending. This restriction can eliminate many targets from consideration. However, if the credit union can stay within regulatory limits, gaining a unique niche in lending sectors such as commercial real estate and Small Business Administration can offer a tremendous upside.
CRE and SBA lending usually require an elevated degree of due diligence relative to residential mortgage and consumer lending. Ensuring servicing operations are adequate is a must. CRE lending is a competitive and relationship-based sector. SBA lending can also be particularly valuable due to the rigorous barriers to entry and regulations within the sector.
For credit unions worried about the MBL cap, there are a few ways to bring in commercial loans without impacting the cap. The first is by partaking in non-member commercial loans. In 2016, Section 723.8 of the NCUA’s rules and regulations was revised to exclude any non-member commercial loan or non-member participation loan from federal credit unions’ MBL cap. For SBA lending, the government-guaranteed portion of the loan isn’t counted toward the cap; but as stated earlier, SBA lending carries with it added complexity. Many credit unions are hesitant to venture into this market without the proper staff. Lastly, credit unions with low-income designations may apply to remove the MBL cap altogether.
Investments
Many banks hold municipal investments for their tax benefits. Because credit unions are tax-exempt, they don’t have as much need for such investments. Municipal bonds require due diligence on bond structure and the projected performance of the municipality, which may be outside of the acquiring credit union’s expertise. Also, the target bank may hold other potentially impermissible investments under credit union regulations. The acquiring institution should consider the appropriate disposition of such investments prior to completing the transaction.
Funding and Deposits
Acquiring credit unions should review a bank’s funding structure to determine the stability of sources of funds required for expansion. Banks generally have a higher level of brokered and municipal deposits, for example. Acquiring credit unions should review whether such deposits are permissible and assess the impact on cost of fund volatility. The permissibility of municipal deposits varies based on charter and state laws.
Special Considerations
Two important regulatory considerations for credit unions planning to acquire a bank are whether the bank has Community Reinvestment Act tax credits or Home Affordable Modification Program loans on the balance sheet.
CRA: The CRA is designed to encourage banks to help meet the needs of low- and moderate-income borrowers within their communities. CRA rules generally don’t apply to credit unions. This change in regulatory scope may require the target bank to sell the specific CRA-designated loans.
HAMP: The HAMP program allows borrowers who are at risk of foreclosure due to financial hardship to reduce their monthly payment. This can pose a problem in a merger if the acquirer doesn’t have the appropriate authorization to service such mortgages. To resolve this issue, the acquirer can either set up subservicing arrangements with another party or arrange for the loans to be sold. However, credit unions need to be mindful about potential duplication of vendors and potential termination fees in their servicer contracts. If a target institution has a termination fee, it would immediately reduce the value of the merger.
By ensuring the unique considerations of a bank merger are considered, management can make it more likely acquiring a bank will enhance value for their membership.
____________________________________________
We shared the fact that these few decades of CLINTON/BUSH/OBAMA have killed any economic structure tied to protecting the CONSUMER unless that consumer is another global corporation. This article shows that progression. Now, consumers of insurance once trusting the CORPORATE INSURANCE ADJUSTER and their estimates-----now have to hire a PUBLIC INSURANCE ADJUSTER to make sure the corporate adjuster is not RIPPING THEM OFF.
'Among the schemes that shady adjusters employ are charging a large fee, then vanishing without handling your claim; referring your repair to a dishonest contractor for a kickback; and filing false or inflated claims'.
Just as the FDIC inspector/agent used to actually investigate and find the BANK ROBBERS and get that LOOT back to local bank consumers.
Of course the progression would be-----that the 99% WE THE INSURANCE CONSUMERS can now not trust the PUBLIC INSURANCE ADJUSTER to work for consumer interest. THE PUBLIC INSURANCE ADJUSTERS are now being bought by global banking 1% and corporations.
DO NOT PAY THAT CLAIM----ONLY PAY THIS MUCH BECAUSE US FOREIGN ECONOMIC ZONES ARE UNDER UNITED NATIONS/WORLD BANK------CORPORATE SUSTAINABILITY OF PROFITS---THEY CANNOT LOSE MONEY.
If one global corporation harms another global corporation then INSURANCE ADJUSTERS will work for that corporation but NOT simply a citizen with an insurance policy.
What Is a Public Insurance Adjuster and Why You May Need One After a Storm
09/06/2017 12:22 pm ET
Dealing with the aftermath of Hurricane Harvey will include contacting your insurance company to begin the process of assessing the damages to your home and automobiles for the purpose of filing a claim. That process, however, can become complicated after a wide-reaching storm.
Insurers likely will be inundated in the coming weeks and months as flood victims return to their homes and try to rebuild their lives.
Home insurance claims for hurricanes, floods and windstorms can be filled with red tape and headaches. That’s why some homeowners hire public insurance adjusters to help cut through that red tape and alleviate those headaches.
“It is not uncommon for property owners to experience a disaster after the disaster,” says Clay Morrison, president of the property loss consulting firm of Morrison & Morrison, Inc. based in League City, Texas.
For instance, an adjuster may treat a claim as a partial repair when he or she should have totaled the property for a complete loss.
Also, property owners can experiences insurance claim delays, disputes or denials. That’s when it’s helpful to contact a professional public adjuster.
“Don’t dig the hole that you’re in any deeper than it already is,” advises Morrison, whose city was flooded by Harvey. “Get a professional public adjuster who represents only you before you harm your position in the claims process even further.”
To help you better understand the role of a public adjuster, insuranceQuotes put together some FAQs on the topic.
What is a public insurance adjuster?A public adjuster works for you, not the insurance company. Your home insurer pays its own adjusters — either in-house or independent — to figure out how much the insurance company should pay for your loss. The insurance company offers its adjusters at no cost to you.
Michael McManigal, owner of Florida Loss Public Adjusters, Inc., says a public adjuster will file your claim with the home insurance company, prepare a written repair estimate and negotiate with the insurer’s adjuster on a claim payout.
“A public adjuster levels the playing field and acts as the insured’s representative in connection with the processing of the claim,” says Nicole Vinson, an insurance attorneywith Merlin Law Group in Tampa, Florida.
What types of disaster losses do public adjusters handle?Public adjusters tackle property damage stemming from hurricanes, wind, fire, smoke, floods, earthquakes, theft, vandalism and other perils.
“The insurance adjuster has usually handled thousands of individual losses and isn’t intimidated by an insurance company,” says Keith Hayman, a public adjuster and catastrophe coordinator at Adjusters International in New York.
When should I hire an insurance adjuster?
Hayman says you should consider hiring a public adjuster if your property sustains a loss that appears to be valued at more than $10,000.
If the claim amount is close to your deductible, you probably shouldn’t use a public adjuster, Hayman says. In that situation, “it might be best not to even place a claim to prevent your rates from increasing,” he says.
McManigal says any claim that has two or more elements (like floor and drywall damage) is well-suited for a public adjuster.
“If a claim is only for the roof, a homeowner can usually negotiate that claim,” he says.
The best time to bring in a public adjuster is before you call your home insurance company, McManigal says.
Subscribe to The Morning Email.
Wake up to the day's most important news.“This way, you have representation from the very beginning,” he says.
You can bring in a public adjuster after you’ve started the claim-filing process, but McManigal says that might cost you more.
John Huff, director of the Missouri Department of Insurance, has a different take on this.
Huff says that if a consumer reaches an impasse with a home insurance company on resolving a claim, hiring a public adjuster may be an option. However, Huff says, consumers should first work on their own with their insurers to settle claims.
The services of a public adjuster “can be valuable at times, but in many cases, consumers will be just as successful working directly with their insurance company, and they won’t have to pay a fee,” Huff says.
How much does a public adjuster charge?
A public adjuster is paid by the policyholder once the insurance company has paid a claim. The fee normally ranges from 10 percent to 15 percent of your claim payout; the percentage usually is capped by state insurance regulators. Hayman says the fee may be negotiated higher or lower, depending on the size of the claim.
Sometimes after a disaster, your state insurance department sets the percentage that public adjusters may charge, according to the Insurance Information Institute.
A public adjuster’s fee is not covered by your homeowner’s insurance policy.
Where can I find a public insurance adjuster?
In most states, public insurance adjusters are licensed and regulated. To find a reputable public adjuster, contact the National Association of Public Insurance Adjusters for a list of adjusters in your state. Also, call your state insurance department to check out an adjuster’s qualifications (or the insurance department in the state where an adjuster is from).
The Insurance Information Institute suggests asking your insurance agent, your lawyer, your friends and your co-workers for names of public adjusters they would recommend.
The Coalition Against Insurance Fraud points out that most public adjusters are honest and competent. However, some crooked adjusters prey on disaster victims, going door-to-door to try to bilk homeowners.
Among the schemes that shady adjusters employ are charging a large fee, then vanishing without handling your claim; referring your repair to a dishonest contractor for a kickback; and filing false or inflated claims.
Can I cancel a contract with a public adjuster?
In most cases, you can cancel a contract with a public adjuster; the agreement should spell out the adjuster’s fees. However, the amount of time you have to cancel a contract varies by state. In Maryland and New York, for example, you can cancel a contract with a public adjuster within three business days of it being signed.
Experts advise you to contact your state insurance department if you have a complaint about your adjuster. The National Association of Insurance Commissioners website lists contact information for every state insurance department.
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