A Bird's Eye View on Home Improvement

Insurance

Licensed Professional Public Appraisers

Posted by on Aug 5, 2017 in Insurance Appraisers | 0 comments

According to the Texas Department of Insurance, a public insurance adjuster is a person who, for direct, indirect, or any other compensation acts on behalf of an insured, another Public Insurance Adjuster; or a person who advertises, solicits business, investigates, settles, or adjusts or advises or assists an insured with the settlement of a claim or claims for loss or damage under any policy of insurance covering real or personal property, or holds himself or herself out to the public in negotiating for, or effecting the settlement of a claim or claims for loss or damage under any policy of insurance covering real or personal property.

Making an appraisal is giving an opinion of value by a licensed professional appraiser. It involves many issues, including study of appropriate market areas; gathering and analysis of information relevant to a property; and the knowledge, experience, and expert judgment of an appraiser. Any type of property may require an appraisal too including single-family homes, condominiums, apartment buildings, office buildings, industrial sites, shopping centers, and farms. Performing a real property appraisal is done for various reasons, such as when real property needs to be sold, taxed, mortgaged, developed or insured.

An appraiser is required to provide objective and unbiased opinions on the value of real property, especially when it is damaged due to a natural disaster. He or she estimates the value of insured items, evaluates insurance claims, and decides whether an insurance company should pay a claim, and if so, how much.

The K2 consulting & Services, LLC, believe that in order to get an accurate estimate and inventory of personal or commercial property, owners need to be represented by licensed public appraisers. Much of the value of an appraisal will come from the knowledge and assessment of the appraiser, so it is essential to work with an appraiser who has an eye for detail, knows the insurance process, and is looking out for your best interests.

Read More

Applying for an SR-22

Posted by on Oct 13, 2014 in Insurance | 0 comments

A certificate of financial responsibility or SR-22 is required in Illinois for certain drivers who may have safety responsibility shortcoming and have had their licenses cancelled or suspended. The certification is issued by a state-accredited insurance company to the office of the Secretary of State, which then has the authorization to impose a further license suspension or revocation if the SR-22 is cancelled (for violations of the conditions of the certificate) or expires.

When applying for an SR-22, you have to be sure that the insurance company is authorized to issue them, and has a power of attorney in Illinois on file. An SR-22 is issued as one of three types: an operator’s certificate for drivers that do not own the vehicle they operate, an owner’s certificate is intended to cover vehicle/s owned by the applicant, or operators-owners certificate which provides guarantees for all vehicles that are operated by the driver, owned or not.

The process of applying for an SR-22 is certainly not the same as a standard car insurance which you can usually get on the spot upon payment. With an SR-22, the insurance agent has to request for one from the central office. Once it is accomplished, the SR-22 is sent to the office of the Secretary of State where it may take a month or so to process. The applicant is then provided with a copy of the SR-22 as well as a letter from the office of the Secretary of State.

The certificate has to stay in effect for 3 years in Illinois, and renewed every year 45 days before it expires to avoid problems. The failure of which will result in a driving record suspension when the insurer forwards an SR-26 or Cancellation Certificate to the Safety and Financial Responsibility Section, which can only be lifted when and if the SR-22 is reinstated. For more information on this topic, contact your local car accident lawyer.

Read More