Restoring Success: Understanding the Insurance Industry
As a restoration company, where do we fit in the insurance industry? Are we part of it? The answer is we do fit and we are part of it.
Father: It’s bed time!”
Daughter: “Will you tell me a story?”
Father: “Of course, let me tell you what happens to a company’s loss ratio when they have poor underwriting practices.”
Daughter: “That is terrible to hear about all the property losses and how it impacts the ratios. Maybe I will be an underwriter when I grow up or an actuary…”
Father: “That is a great idea! Now, let’s read the endorsements we purchased on our policy and then it’s lights out for you.”
So this may be a poor attempt at humor to introduce the idea of restoration professionals staying on top of changes in the insurance industry, however, I was that little girl who was being taught about insurance. I grew up with a father who was an underwriter/product manager in the insurance industry and I thought it was normal to understand the insurance industry and how to read an insurance policy. I don’t recall a time in my life when I did not know the words indemnify, frequency and severity.