Case Studies
J.S. Held Acquires Shechter & Everett to Expand Forensic Accounting Capabilities for Family Law Disputes in Florida
Read MoreIn this scenario, there was a large loss of a smaller home in the Simcoe area of Ontario. The fire that destroyed the residence was severe, and all items in the home were affected, with nothing able to be salvaged. The home was full of many items, and the time and cost to sort through the home, photograph, and create lists of items for price and depreciation would have been significant for a home of such size. The adjuster wondered if there might be a better way to handle the loss.
J.S. Held worked with the adjuster to come up with a plan to use bulk pricing for each room and assign values for every room as a total instead of using a per-item basis. This method relied on using the type of items within the room and the average cost of replacement typical for rooms of the type/size found in similar homes having similar items or having been subject to similar claims. For instance, we determined the kitchen would cost an average of $15,000 for total replacement based on known details as well as information gathered via meetings with the insured.
This method and plan were presented to the insured, and they agreed to go this route, as they otherwise felt overwhelmed by the prospect of having to list all the items in their home individually. After several meetings, and a thorough review of all rooms and approximate replacement cost calculation for each room, all parties were happy with the final RCV costs and ACV costs. The insured felt the costs they were given were fair, if not more than fair. The adjuster was happy since they would be saving on costs, including onsite documentation, contents manipulation, and disposal by the emergency contractor, as well as on J.S. Held’s costs for full evaluation of all items for a normal home claim. This project was unique in our experience, but it worked out well for all involved, not only producing satisfying resolutions but resulting in significant savings, too.
Nigel Coombes
Analyst
Building Consulting Practice
+1 289 812 9945
[email protected]
> Contents & Inventory Services
Our team provides reliable and efficient commercial, residential, retail, and industrial contents and inventory appraisal services. Our contents and inventory specialists utilize industry-leading property appraisal processes, developed from our extensive industry experience in business, and cutting-edge technology to provide on-site inventory re-creation, documentation, pricing, and reporting.
> Property & Infrastructure Damage
J.S. Held provides support on projects ranging from daily residential claims to complex large losses around the world. We bring strength and stability as an independent advisor in determining cause, extent, and duration of damage; repairability; ACV/RCV; delay; period of restoration; and analyzing damages, schedules, and all associated costs.