Rich Hallock, MBA Insurance Adjuster

Guest Speaker: Rich Hallock, MBA Insurance Adjuster, Greenspan Co. -- hosted by Mary

Rich is from the Bay Area in California. He is a member of a Rotary Club in Oakland, CA. Oakland is #3 Club. Chicago, San Francisco, then Oakland.

Rich handed out crayons and coloring books to allow people to doodle and pay attention.

Rich explained what an adjuster does. To assess and recommend after something bad happens. Public Insurance Adjuster is licensed by state and is "the advocate for the public."  The carrier's adjuster ensures that the insurees do not get overpaid. The public insurance adjuster ensures that the insuree gets what the policy allows.

Rich shared story of a situation in Texas where someone built an 80 acre greenhouse.  Chose the location for its low risk from natural disasters.  Provide vegetables for restaurants. They did not get hail damage insurance, glass breakage insurance.  Hail storm of Biblical proportions.  Broke all the glass, killed the vegetables. They had plenty of coverage but not for what happened to them. They hired Greenspan Co. to help them get a better settlement than they could do on their own.

Main St. v. Wall St. story -- Insurance companies report to two masters -- stockholders (Wall St.) and general public who purchases insurance (Main St.) Challenge is that people have to prove their claim.  There is a lot of efforts at insurance fraud in smaller issues, not in the big building situations that Greenspan usually works with.

Insurance advice:

For businesses, need to insure more than the structure; need to insure for income lost because of damage -- need to have longer coverage than you think (6 months is not enough) -- called business income insurance.

Also need Extra Expense Insurance -- allows business to spend extra money during rebuilding -- e.g. updating the website -- so that they can stay in business and keep their customers

Handout includes advice to make decisions about coverage and to deal with disaster.