[A/S] Re: Lubbock Texas - October 18th, 2000

["John Hilty" <hilty@xxxxxxxxxxxxx>]

Hunter, 

As you know I am a licensed Texas Ins. adjuster, but I work property 
not auto. I believe that the RV is an auto related policy, but I will 
check. 'Normaly', property (Real Estate and personal property) claims 
are paid on a RCV (replacement cost value) or ACV (actual cash value) 
depreciated amount. Let's say you had 10,000 of damage and an ACV 
policy, then the payment would be for 10,000 less whatever percentage 
depreciation there has been on the usefull life. For instance a 10 
year old roof with a life of 20 years would have 50% depreciation and 
the ACV claim amount would be 50% of the loss. If you had replacement 
cost coverage then the company would be liable for the whole amount 
but they COULD hold back the depreciation portion until you show
proof 
that the repairs have been made. Their check would only be for what 
was spent not to exceed the RCV. This may be the area where the 
Foremost adjuster is giging you. It certainly bears further 
investigation. It would help if you had a copy of the policy and it 
was readable. As for the lien payoff, I would talk to the lienholder 
before I paid it off to find out what their policies are with respect 
to how they handle ins. claim checks. Do THEY require proof of repair 
prior to endorsing a claim check made out to you and them jointly? If 
not, you might not want to pay it off unless your initial assumption 
turns out correct. 

John H.