All Forum Posts by: Tim Norris

Hey @Curtis H. ,

I agree, if you're living there, a homeowners policy is what you need.  Most, if not all, of the other suggestions should still apply.  If only two weeks, I think you're  fine.  May want to confirm with the insurer you choose to be sure, though.   Sounds like it is working out for you!

Best regards,     

Tim

Thanks Steve.  The article you mentioned is on our site, but I also think it is referenced here on BP.  A search should find it.  

Our company will be there, Sandy.  I won't be able to make this one, but have been to many.  Good networking for more "seasoned" investors, as well as a lot of info for "newbies"...

This may help, Jason:  

http://www.nreinsurance.com/docs/Reasons-Why-a-Commercial-Policy-Is-Better.pdf

@K.M. Johnson

Try this: http://www.nreinsurance.com/docs/Insurance-Issues-for-the-Sub2-Deal.pdf

Great points, @Jeff Bridges...

Hey Randy---hope all is well...see below...

Originally posted by @Randy King:
Here is a link to a similar thread:

http://www.biggerpockets.com/forums/92/topics/109793-national-real-estate-insurance-group---want-to-know-how-legitimate-they-are

It would be helpful for more BP'ers to jump in with their experience with NREIG. I have been a customer for over a year, but have not filed a claim and I am wondering the same thing regarding claims.

My biggest concern is the lack of account information. To make a change, you have to submit an online form where you get a generic email reply that the form was received. There is no way of knowing that the changes were made till you get your next months statement.

Though the "reporting form" lends to simplicity, and technically allows the insured to add locations in the course of the month automatically upon acquisition, one can always opt to receive an Evidence of Insurance at/before (such as a closing) each transaction...just let your Service Team know to send one to you whenever you do make a change.

I have been told that NREIG is working on a better user interface (I have been hearing this for over a year).

Yep...18 months and nearly $500,000 later--- it's called "Tracker"---Phase 1 launches this week. Client interface is in Phase 2, a few months from now, as we want to ensure the bugs get worked out internally first...so, stay tuned!

Other than concerns regarding claims and user interface, I really like their program and the ease of making coverage changes on a monthly basis. But there is no reason for not having a better user interface with todays technology. I should be able to log into my account and make changes and see the result in real time.

I'm no tech-expert, but what we've heard, and now experienced is that such an endeavor as we've undertaken takes about twice as long, and costs twice as much as the developer estimates! : )

@Jason Hartman

Granted, the concept/process does sometimes lend to confusion, but there is no intent "passing the buck". The insurance carrier for each specific location is promulgated to each client participant via the inventory they utilize to report changes to locations, occupancies, etc... This is referred to in the industry as a "reporting form".

Each participant also signs off on this concept via the Participation Agreement at the onset of coverage. There is no "secret committee" by the way, and in your specific case, communicating with the TPA directly is most certainly allowed.

As for bad faith, such a decision to pursue would likely be between you and your legal adviser(s). Each state has different protocols in pursuing such claims.

The broken link is here, sorry for the URL bleed:

http://www.iso.com/

A bit more info here:

https://en.wikipedia.org/wiki/Insurance_Services_Office

@Account Closed

Due to privacy concerns I'm sure Jason can appreciate I'd respect in a public forum, I am not at liberty to share the specifics of these claims. That stated, and in practice, if an insurance company makes a coverage decision that is unjust, in discordance with the policy, or flat out a mistake---it happens---we most certainly are in the client's corner.

On the flip-side, if the claim scenario that has manifested is one that legitimately causes a claim denial, we also have a professional obligation to honor the decisions of the carrier based upon the contracts/policies.

The denial of legitimate claims is unacceptable from all perspectives. We have been very blessed to assist over 5500 participants insure over 35,000 locations---this doesn't happen without a sincere mission to professionally advise and assist them as and when needed.

Almost correct, @Jason Hartman . At least as it relates to what many refer to as a "master policy program". The higher deductible on the policies allows our participants to typically garner better costs, and much greater flexibility with coverages on properties in multiple occupancy phases, etc...

However, and this is vital to your understanding, we have no ability to make ultimate coverage decisions relative to the policies. That all still lies with the carriers, or their contacted third-party claims administrators. The policies themselves are "standard" ISO contracts (Insurance Services Office:http://www.iso.com So, in fact, our Program does not put us "at odds" with insureds, as even those smaller claims are adjudicated by the insurance company that underwrites the specific location(s). And therefore, does not constitute "small losses as self-insured" by our company", as you put it.

We are required by the insurers to fully fund the deductible account with the aforementioned third-party claims administrators. So, really, it's not at all "a problem with the policies are structured". Though the concept is not typical, it is nonetheless vetted, supported, and predominantly administered by the insurance companies themselves.

Relative to the specific claims you have made public in the forum, I understand the issues that are in question are coverage issues, and in no way related to our ability or desire to pay or not pay them. And, as I've described here, those decisions are left to the insurers as would be the case with any other insurer-insured relationship.

Hope this helps clarify a bit.

Best regards,

Tim

Hi All, Understand that we (NREIG) are the agent/Program admin and claims denials are ultimately the call of the actual insurer. So, if there is a question of "legitimacy", it is the call of insurance company. We appreciate the relationship we have with all of our client participants, and believe me, don't like denials any more than they do. However, the insurance contract is technically between the insured and the insurance company. That's stated, it is also our professional responsibility to ensure that claims are handled appropriately and equitably by the insurers we have chosen to underwrite the Program. We have parted ways with carriers that haven't met acceptable levels of such service. If any of you who happen to be our clients EVER feel your service is not satisfactory, do not hesitate to contact me via BP, call, or email. Best regards, Tim