Flood Restoration Insurance Documentation and Claims

Question 1

What is a 'scope of loss' document in flood restoration insurance claims?

Accepted Answer

A detailed itemized list of all damage, required repairs, and associated costs

Answer

A summary of the insurance policy coverage

Answer

A timeline of the flood event

Answer

A contractor's license verification

Question 2

Which software platform is most commonly used by flood restoration contractors to generate insurance estimates?

Accepted Answer

Xactimate

Answer

QuickBooks

Answer

Buildertrend

Answer

CoConstruct

Question 3

What does 'RCV' stand for in property insurance claims?

Accepted Answer

Replacement Cost Value

Answer

Repair and Claim Verification

Answer

Remediation Cost Voucher

Answer

Restoration Coverage Value

Question 4

What is 'ACV' and how does it differ from RCV in flood claims?

Accepted Answer

Actual Cash Value — the replacement cost minus depreciation

Answer

Approved Claim Value — the insurer-approved payout amount

Answer

Adjusted Claim Value — after overhead and profit

Answer

Annual Coverage Value — the annual policy limit

Question 5

What information must be included in a flood restoration moisture log to support an insurance claim?

Accepted Answer

Date, location, material type, moisture readings, and equipment list

Answer

Only the final drying readings

Answer

Contractor name and license number only

Answer

Photos of all damaged areas

Question 6

What does 'subrogation' mean in the context of flood restoration insurance claims?

Accepted Answer

The insurer's right to pursue a third party that caused the loss after paying the claim

Answer

The transfer of the claim from one insurer to another

Answer

The process of appealing a denied claim

Answer

The assignment of a contractor to a restoration job