When do expenses become Incurred?

Policyholders many times wonder when they are eligible to receive reimbursement above ACV in their claim?

ACV is the Actual Cash Value that is initially agreed upon in the claim.  There is a holdback which is a known figure to the policyholder.  Generally, the policy states this figure must be incurred.  As explained in the attached White Paper, incurred begins when a contract is signed with a builder to repair the property.

Hence, holdback money should be released upon providing a valid contract with a licensed builder.

This is the scenario in the best of circumstances.  As a note, even though this is the definition for this wording, many times Insurance Companies do not follow this thought process.

It is helpful to always know your rights and responsibilities.

Public Adjusters are licensed by the state and well versed in the area of claim recovery and can assist with this and other issues relating to your claim.

When are Expenses Incurred.pdf

 

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AJR Public Adjusters

About AJR Public Adjusters – Trusted Experts with Over 37 Years of Experience With over 37 years of industry experience, AJR Public Adjusters has earned a reputation as a trusted leader in Arizona for advocating on behalf of property and business owners. We specialize in securing the maximum possible recovery for a wide range of insurance claims, including fire, water damage, theft, hail, and many other situations that can disrupt your life or business. At AJR, we don’t just handle claims; we fight for you. Our team works tirelessly to navigate the complexities of the insurance process, ensuring that you receive the full compensation you’re entitled to. Whether you’re dealing with residential or commercial property damage, we are here to protect your interests every step of the way. We offer a no-fee initial consultation because we believe that every client deserves expert advice without any obligation. Let us help you get the most from your insurance claim. Contact us today and start maximizing your recovery!

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