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Monthly Archives: April 2016

Reliable Report Sources for Subrogation

“Straight from the horse’s mouth,” is a frequently used phrase to describe obtaining information from a reliable source that is on the best authority. File material often contains accident reports from the Ohio Department of Public Safety (ODPS), which are documents required to be submitted by local police agencies to the State of Ohio. While… Read More »

Actual Cash Value versus Replacement Cost Value

Replacement cost payment of property compensates a policyholder for the actual cost of replacing the property, typically evidenced by a purchase receipt.  On the other hand, actual cash value, also known as market value, compensates a policyholder based on the replacement cost minus depreciation of the damaged or stolen property.

Waiver of Subrogation Clause a Harsh Cliché

So what is the lesson? Do work up front by reviewing the contract to determine if a waiver of subrogation clause is contained in the contract. If it is, closure of the claim is the next step and you are not wasting your valuable time and getting your hopes up on a large subrogation claim.

SR-22 Bonds and Recovering Payments

Under the laws of the State of Ohio, an insurer who issues SR-22 bonds is able to recover payments from the insured in certain situations. Because the insured is required to have an SR-22 bond in their insurance coverage, the insurer is actually allowed to include a unique clause within the insured’s policy language.