#Jeffrey C Pellet

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The Three Common Damaged Property Appraisal Approaches

After damage, valuating the damages for the subsequent claims and payouts can be a daunting task for the property owner and insurer. The primary challenge is reaching a fair market value favorable to both parties. In this instance, a neutral third party aids in the dispute through an independent evaluation of the damages and calculating an accurate payout amount.

The evaluation process involves a series of steps, methodology, and consultation with various external parties to determine the amount. The typical process includes identifying the damaged property to be evaluated, data collection, property characteristics, including prevailing comparable property value, and value calculation. To arrive at the value to be included in the final evaluation report, appraisers use three typical approaches - cost, sales comparison, and income approaches.

The first commonly used approach, the cost method, involves a direct estimation of the valuation by calculating the cost of replacing the damaged property with a new one. For example, building a building similar in all aspects and specifications to the damaged one. The estimate comprises all expenses, including material, land preparation, labor, and fixtures, as well as indirect costs like taxes, insurance, property management, and maintenance.

The appraisal claim may differ depending on the nature of the property. Residential and commercial property appraisals typically estimate the cost of replacing the damaged property with an equivalent one offering the same utility and amenities properties. The amount is usually straightforward to calculate.

The second approach, the sales comparison method, also called the market value approach, is commonly used for commercial property or residential buildings in a homogeneously structured property - such as gated communities with similar buildings. The evaluator bases the claims estimate on the comparable value of similar, recently sold property in the neighborhood. The comparison metrics include property size, status, income potential (for commercial property), and location.

Compared to other evaluation approaches, the sales comparison method requires a higher current real estate data volume, including market trends and sales data. It also relies on the premise that it is possible to find exactly similar properties. Some variables that contribute to the complexity of the sales comparison approach include property condition, improvement, additional amenities, and personal property. However, in the presence of the data and comparable property, the sales comparison method is straightforward, accurate, and fast. Also, it considers the market demand for the property, but the cost approach does not. For a near-accurate location of comparable property, the appraiser assesses factors like square footage, number of internal units like rooms or apartments, and property acreage.

Lastly, appraisers may opt for the income capitalization approach. Unlike the other two alternatives, the income capitalization approach primarily focuses on the history of the property to generate income. The typical examples include rentals, office blocks, hospitality properties like hotels, and industrial buildings, such as warehouses. Damage to such property means a severed income stream for the owner. The appraiser considers several primary variables in the estimation, including the net operating income (NOI), the operating expenses like property taxes, and the capitalization rate.

The capitalization rate refers to the ratio between the property’s NOI and its market value and is the primary metric to evaluate a property’s return on investment. Expressed as a percentage, various parties use the rate to determine the claims value or investment feasibility. The income capitalization approach is uncomplicated to process when it is clear that the damaged property generated income besides traceable and quantifiable expenses.

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CMAS behavior of yttrium aluminum garnet (YAG) and yttria-stabilized zirconia (YSZ) thermal barrier coatings

Publication date: 25 October 2017 Source:Surface and Coatings Technology, Volume 327 Author(s): Rishi Kumar, Eric Jordan, Maurice Gell, Jeffrey Roth, Chen Jiang, Jiwen Wang, Sarshad Rommel Calcium magnesium aluminosilicate (CMAS) that is formed from the ingested deposits in gas turbines degrades thermal barrier coatings (TBCs), especially for the most widely used material; yttria-stabilized zirconia (YSZ). In the present work, we examine the behavior of yttrium aluminum garnet (YAG) as an alternative material for TBCs. CMAS interaction studies were conducted by making composite pellets of YAG-CMAS and YSZ-CMAS powders. These pellets, after being subjected to heat treatment between 1100°C and 1500°C were characterized by X-ray Diffraction (XRD), scanning electron microscopy (SEM) and Energy-dispersive X-ray spectroscopy (EDS), which showed YAG to be almost inert to CMAS whereas YSZ exhibited significant phase changes. To test the behavior of TBCs with YAG and 8YSZ as the topcoat material in a CMAS environment, cyclic furnace tests were conducted in which a controlled amount of CMAS was applied and then the samples were cycled to failure. In addition, to simulate the continuous accumulation of CMAS expected in service, a cyclic furnace test was devised in which a small dose of aqueous solution of CMAS was applied on TBC specimens at the start of every cycle until the samples were cycled to failure. In all these tests YAG TBCs outperformed YSZ in terms of durability. The mechanisms of CMAS attack are described and the relative resistance of YAG and YSZ is shown to be consistent with the Optical Basicity (OB) theory. Read more from Journal of Safety Research http://ift.tt/2wT7oTF

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Common Types of Property Damage Claims

Property damage is the destruction that leads to loss of monetary value or functionality. It can be categorized into two broad categories: real and personal property. The former refers to land and permanent fixtures on the particular land, like buildings, lots, swimming pools, and trees. Personal property, also called chattel, includes any other items you take when moving, like furniture, electronic devices, loathing, and jewelry.

Typical damage cases include natural calamities like tornadoes or parties like individuals and companies. The types of damage that attract legal claims include damage due to negligence, trespass, and conversion.

Of the three primary grounds for property damage claims, negligence accounts for most cases. You can pursue the negligent party to claim compensation for the loss. However, to increase the chances of success, there are several variables you must prove.

Firstly, you must prove beyond reasonable doubt that the acts or omissions of the other party were below the accepted standards of care. The lack of exercising prudence and accepted behavior means they owe you. For example, if your neighbor's tree falls on your house or car and damages it despite prior notice by local officials to cut it, you have a solid case against your neighbor for negligence.

Secondly, you must prove that the negligence directly caused harm to your property. Courts require proof of damage, for example, documentation and images. Lastly, the resultant losses you suffered can be compensated - the damage is quantifiable. An example would be a breakdown of the house repair costs.

Trespass to the property also attracts property damage claims and refers to instances where the second party interferes with your property, whether land or chattel. Claims based on trespass tend to be broad and harder to prove and quantify than negligence. For example, a colleague taking your vehicle without your permission and returning it amounts to trespassing on personal property. Quantifying this for compensation can be challenging.

If you seek to claim for personal damage due to trespass on land or chattel, you are expected to prove you own or have the right to possess the property. Secondly, the court expects you to show how the defendant intentionally interfered with your property and how the action deprived you of possession or use. Lastly, you must show how the trespass and deprivation harmed you. Unlike property damage from negligence, where you show the defendant made a mistake, the trespass type relies on proving the defendant acted knowingly and intentionally.

Lastly, conversion can result in property damage claims. A conversion is a severe form of trespass where the level of violation of property rights is deemed so serious that the defendant is expected to compensate you for the total property value. In the earlier highlighted trespass case, your colleague returned the vehicle after unauthorized use. For conversion, instead of returning the car, your colleague sells it off.

The court considers several factors to differentiate between a trespass and a conversion case. The first involves determining how long the defendant took charge of your property. The second factor is whether the defendant intentionally deprived you of possessing your property and whether it was in good or bad faith. Lastly, the court must establish if any harm, such as inconvenience, befell you due to the conversion.

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Florida’s Non-Adversarial Alternative Property Dispute Resolution

Under Florida law, homeowner’s and commercial property policies give insured parties certain rights of dispute when they make a claim. One pathway introduced by the Florida state legislature in 2023 involves non-adversarial alternative dispute resolution.

A majority of commercial and residential insurance policies obligate policyholders to engage in an adversarial appraisal process before litigation begins, which can be costly and time-consuming. The new statute provides an informal and non-threatening forum that encourages a mediated claims settlement, free from the type of adversarial footing that can be counterproductive to timely resolution.

The impetus behind this legislation advocating for arbitration stems from the escalating challenges in the Florida homeowner's insurance market. With soaring insurance rates, carrier failures, and a surge in litigation over claims, obtaining necessary reinsurance has become a formidable challenge for numerous homeowners. In response, Governor DeSantis arranged a special legislative session in late 2022 that resulted in the quick bilateral passage of the complex 61-page law by both legislative houses. Signed on December 16, 2022, into law, the new statute became effective on the first of the new year.

Under the statute, policyholders (also known as first-party claimants) and insurers, as well as third-party assignees of policy benefits, have the right to request a non-adversarial alternative dispute resolution process. It should be noted that the insurer is not required to participate in mediation that a third party requests. Mediation may also be utilized by litigants referred by a county court or circuit court.

While mediation is nonbinding, the resulting written settlement may be binding. After a settlement is proposed, the policyholder has three business days in which to decide whether to rescind the settlement (this is only allowed if no money has yet been disbursed to the policyholder as a result of the mediation). In cases where the settlement agreement isn’t rescinded, it’s considered binding and serves to release all specified claims that were presented within the context of the mediation.

An important aspect of mediation is that it reduces expenses compared to litigation. The statute requires that the costs of mediation must be kept at a reasonable level, with the insurer responsible for the full range of expenses associated with conducting mediation conferences. There are exceptions to this. For instance, if the policyholder fails to make a promised conference appearance, the policyholder must pay the costs of the rescheduled conference before it can proceed. On the other hand, if the insurer does not appear at a mediation conference (and the cause was not compelling) the insurer is responsible for covering expenses that the policyholder incurred in attending.

The insurer is required to notify the policyholder of their right to take part in the mediation program, both at the time of a policy’s issuance and renewal, and when the policyholder files a first-party claim. Claims are only eligible for mediation after the insurer has fulfilled obligations set out in s. 627.70131(7) of reviewing and acknowledging receipt of communications regarding the claim. Within seven days after receipt of proof-of-loss statements, the insurer must start an investigation of the claim. This involves assigning a licensed adjuster (in cases of physical property inspection) and conducting said physical property inspection within 30 days of proof-of-loss statement receipt. Once the adjuster has delivered a detailed estimate of the loss amount, the insurer must send a copy to the policyholder within a week and mediation may proceed.

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Property Loss Appraiser Certification Programs from PLAN

Appraisal is a binding contractual process through which insurance policyholders and the issuer of a policy can resolve disagreements over the value or scope of property damages. Either party can invoke an appraisal clause, though not all disagreements are covered by the clause. Disagreements regarding coverage issues, for instance, cannot be decided by an appraiser or umpire. The Property Loss Appraisal Network (PLAN) offers insurance industry professionals the resources and skills for a successful career. The organization has developed a series of educational courses, training sessions, and multiple certification programs.

PLAN Property Loss Appraisal Certification equips individuals with the practical skills and industry knowledge to excel as a property appraiser. Appraisers accurately and impartially assess the overall value of properties or determine the loss of value from cosmetic, structural, or foundational problems. After a policyholder or insurance company has initiated the appraisal process, both sides must seek out an independent appraiser. Appraisers may also function as adjusters, contractors, or engineers.

The Do’s and Don’ts of the Property Loss Appraisal Process is a three-day seminar and certification program that explores all responsibilities of property loss appraisers and provides 24 continuing education credits. While the course examines several core elements of the profession, the seminar begins by assessing the attendee’s understanding of and experience with appraisals, allowing a personalized learning experience. The seminar guides attendees through important aspects of appraiser ethics and professionalism.

Next, the course explores established practices and common pitfalls of the property loss appraiser profession. The third day of the course features a proctored examination. Attendees must pass the exam to secure certification. Individuals who complete a five-day version of the course receive a complimentary one-year membership and listing in the PLAN Appraiser and Umpire Registry.

PLAN’s three-day Property Loss Umpire Training and Certification Program analyzes the duties of a property loss umpire, including insight into how umpires can command respect and exert their authority during property appraisal disputes. This may come naturally to some umpires - many retired judges easily transition into umpire work, for instance. Participants benefit from insight into avoiding outside influence and disruptions. The course spends considerable time educating participants on how to engage and communicate with the panel of appraisers they are working with.

Other areas of focus include adhering to ethical standards and identifying common appraiser tactics, including the Trojan Horse strategy and appraisal by ambush. The course also guides participants through empty chair appraisals, during which umpires can proceed with the process even if one or both sides refuse to cooperate.

On the third day of the seminar, attendees take part in a mock loss appraisal scenario. Participants must address all umpire duties, starting with appraisal preparations. The process concludes by presenting the appraisers with a final value. The program also features several guest speakers and provides CE credit opportunities.

The PLAN website features a list of scheduled events, including Property Loss Appraiser and Property Umpire Loss Certification seminars around the country. In addition to these programs, PLAN maintains national appraiser and umpire registries and a library of professional texts available only to members. PLAN events offer additional learning opportunities, such as the PLAN Property Loss Appraiser and Umpire Certification Conference. To learn more about PLAN services and its resources, visit www.theplanonline.org.