Insights from HVACi's Annual Claims Report for HVAC Systems
Insights from HVACi's Annual Claims Report for HVAC Systems
The HVAC industry continues to evolve, and so does the need for detailed claims assessments. HVACi's Annual Claims Report provides insight into trends impacting HVAC equipment and insurance claims.
As the year progresses, many policyholders have filed claims relating to various perils such as severe weather events and equipment failures. However, a significant concern arises when these claims are falsely attributed to HVAC and refrigeration system failures. This misattribution could lead to unnecessary settlements, as highlighted in HVACi's recently released report.
Key Findings from the HVACi Report
One of the striking findings indicates that 39% of the evaluated HVAC and refrigeration systems experienced damage not typically covered by standard insurance policies. Moreover, over 50% of reported causes of loss were reassessed, establishing a more accurate understanding of the situation following an impartial evaluation.
HVACi: A Leader in Assessments
HVACi stands out as a leader in providing comprehensive HVAC and refrigeration assessments for both residential and commercial insurers. Using data from previous assignments, the team compiled important details into this year's report. Their findings offer a thorough analysis of common perils affecting HVAC systems.
Transparency and Evidence-Based Decision Making
Damon Stafford, the founder and CEO of HVACi's parent company, expresses the importance of data transparency. “The annual claims report is an extension of our commitment to delivering actionable intelligence to insurance professionals,” he states. By offering insightful analyses, insurers can make better-informed decisions regarding policies and claims processing.
In this annual report, HVACi discusses over 100 types of HVAC systems, allowing readers to compare costs related to repairs and replacements. Understanding the average claims amounts in contrast with suggested settlements aids in promoting fairness in the claims process.
Understanding Damages and Repairs
The data delineates the differences between reported causes of loss and objectively determined damages. Through various graphs, the report illustrates the frequency of damages caused by external events, such as storms, often leading to repairs rather than complete replacements.
Annual Report Highlights
The report also provides an overview of claims resulting from significant weather events, showcasing how damages to HVAC systems were not directly correlated with other factors. This thorough presentation of information is especially beneficial for those frequently managing catastrophic claims.
The HVACi Annual Claims Report serves as an essential resource, available at no cost. It underlines HVACi and Alpine Intel's commitment to equipping insurance professionals with reliable data and resources.
About HVACi
HVAC Investigators (HVACi) offer a cutting-edge solution designed to assess HVAC and refrigeration system claims efficiently. Their strong in-field network, paired with innovative methods and engineering principles, enables them to deliver timely and actionable assessment reports.
About Alpine Intel
Dedicated to innovation, Alpine Intel drives advancements in various insurance sectors, including property and liability. Their reliable brands, such as HVACi, exemplify their commitment to transparency and excellence in service.
Contact:
Katie Roudabush
Chief Marketing Officer, Alpine Intel
704-235-3043
Frequently Asked Questions
What is HVACi's Annual Claims Report?
The HVACi Annual Claims Report provides insights into HVAC systems, highlighting trends and data that influence insurance claims and decision-making.
What are the key findings from the HVACi report?
The report reveals that a significant percentage of damages reported are not covered by typical insurance policies and discusses the common discrepancies in claims.
Why is data transparency important for insurance claims?
Data transparency allows insurance providers to make informed, evidence-based decisions, reducing the risk of unnecessary claims settlements.
Who benefits from HVACi's services?
HVACi serves both residential and commercial insurance carriers by providing expert assessments of HVAC and refrigeration systems, facilitating better claim processing.
How can I access the HVACi Annual Claims Report?
The report is available for free through HVACi, ensuring that insurance professionals have access to vital information and resources.
About The Author
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