How To Get Paid Overhead And Profit From Insurance Companies

My name is _____ (your name) and I am a policyholder with _____ (company name). I purchased this policy to protect my property from losing value due to a sudden and incidental loss event such as this one and I am very unhappy with the claim settlement offer that I received for two reasons – both of which involve bad faith and unfair claims settlement practices.

Insert your first reason in the following paragraph. An example is provided below:

First, in your estimate of repair, the company agrees to to replace my base cabinetry but not the matching upper wall units. Before this loss event, my upper and base cabinets matched. If my upper cabinet units are not replaced to match the new base cabinets, my property will lose value and will not be returned to pre-loss condition. Refusal to pay for matching cabinets is an act of bad faith because (company name) is not fulfilling its contractual obligation to protect my property against loss from covered perils.

Second, the size and complexity of my claim requires the use of a general contractor to coordinate and manage the necessary repairs to my home/business. Without a general contractor, I will not be able to return my property to pre-loss condition. Refusal to pay overhead and profit when it is warranted is another act of bad faith and an unfair claims settlement practice.

I also happen to know that your company’s policy is to refuse payment of overhead and profit unless a public adjuster is involved. Forcing a policyholder to hire a public adjuster to recover overhead and profit is yet another example of bad faith and another unfair claims settlement practice.

For these reasons, If I do not receive payment for replacing my upper cabinetry along with a fair estimate of repair that includes overhead and profit for a general contractor, I will file complaints with the New York State Department of Financial Services and the New York State Attorney General regarding your bad faith behavior and unfair claims settlement practices, and you will have to answer to them regarding this matter.

Sincerely,

Policyholder