MILE HIGH ROOFING & REPAIR LLC
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HAIL DAMAGE GLOSSARY
Colorado Storm Damage Glossary and Term Guide
Storm damage claims in Colorado and the Insurance Company lingo can be both confusing and frustrating. Understanding key terms and the meaning of phrases used by your insurance company and adjuster prove to be important in receiving a complete and fair insurance settlement. Having helped hundreds of Colorado homeowners navigate their hail damage and storm damage claims, we have gathered commonly used terms and phrases into our own Hail Damage Glossary. We hope you find this list both helpful and informative.
Actual Cash Value or "ACV" - Full replacement cost less depreciation.
Additional Living Expense - This is also known as A.L.E. of Loss of use. It is additional expenses beyond what you would normally spend living at home.
Adjuster - A person who investigates and settles insurance claims.
Staff Adjuster - Employee of the insurance company's claim department.
Independent Adjuster - A person who charges a fee to an insurance company to adjust the companies claims.
Public Adjuster - A person hired by you to settle the claim with the insurance company on your behalf.
Agent - A person who sells the products on the insurance company. The person responsible for your insurance coverage who is supposed to guide you to the correct insurance coverages.
Ambiguities - Used interchangeably with "grey area." These are parts or words of the policy that mean more than one thing or may be unclear.
Appearance Allowance - An argument used by adjusters to explain paying less than the full value of a repair or replacement because there is still some functional use of the property that is damaged.
Appraisal Clause - The way the policy provides to resolve disagreements over amounts and extent or scope of damage to property, also commonly called arbitration.
Bad Faith - These two words identify wrongdoing by the insurance company when the company fails to treat you fairly and in good faith.
Burden Of Proof - The responsibility of one party to produce evidence to support his position.
By-Laws - Rules or regulations adopted by a condominium association
Storm damage claims in Colorado and the Insurance Company lingo can be both confusing and frustrating. Understanding key terms and the meaning of phrases used by your insurance company and adjuster prove to be important in receiving a complete and fair insurance settlement. Having helped hundreds of Colorado homeowners navigate their hail damage and storm damage claims, we have gathered commonly used terms and phrases into our own Hail Damage Glossary. We hope you find this list both helpful and informative.
Actual Cash Value or "ACV" - Full replacement cost less depreciation.
Additional Living Expense - This is also known as A.L.E. of Loss of use. It is additional expenses beyond what you would normally spend living at home.
Adjuster - A person who investigates and settles insurance claims.
Staff Adjuster - Employee of the insurance company's claim department.
Independent Adjuster - A person who charges a fee to an insurance company to adjust the companies claims.
Public Adjuster - A person hired by you to settle the claim with the insurance company on your behalf.
Agent - A person who sells the products on the insurance company. The person responsible for your insurance coverage who is supposed to guide you to the correct insurance coverages.
Ambiguities - Used interchangeably with "grey area." These are parts or words of the policy that mean more than one thing or may be unclear.
Appearance Allowance - An argument used by adjusters to explain paying less than the full value of a repair or replacement because there is still some functional use of the property that is damaged.
Appraisal Clause - The way the policy provides to resolve disagreements over amounts and extent or scope of damage to property, also commonly called arbitration.
Bad Faith - These two words identify wrongdoing by the insurance company when the company fails to treat you fairly and in good faith.
Burden Of Proof - The responsibility of one party to produce evidence to support his position.
By-Laws - Rules or regulations adopted by a condominium association
