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Meriden Public Library

Property Loss Procedure Outline

Notification: Your Agreement requires that Primex3 be notified as soon as possible once a loss is discovered. The member is obligated to take the necessary steps in securing the building from further loss.

Assignment: Assignment of the loss is initiated upon notification to Primex3. On smaller losses, the loss will be handled directly with the Primex3 claims representative. On larger losses, an independent adjuster may be retained. After an adjuster has been assigned to the loss, the adjuster will make an appointment to view the damaged area and to determine the scope and nature of the loss and attempt to determine the cause. They will assist the member in determining the dollar amount of the loss. Remember, the responsibility of substantiating a loss rests with the member.

Scope of Damages: The Scope of Damages is the amount agreed upon by the adjuster and the member's contractor. The agreement is important as it enables both parties to prepare estimates from the same perspective.

Estimated Figures: Usually, the member's contractor and the adjuster arrive at their own figures concerning the cost of repair and/or replacement.

Agreed Figures: The Agreed Figure is the figure which the member's contractor and the adjuster agree will repair and/or replace the loss. Once this agreement occurs, a Proof of Loss is submitted, outlining the amount to be paid minus any deductible or co-insurance.

Check Issuance: Once a signed Proof of Loss is received, the claim representative will submit the claim for payment.

Contents: A "contents" claim involves the same steps as the property loss; however, the adjuster works closely with the member to determine the age of the items and replacement cost. Once the member has compiled a detailed list, an agreed figure will be determined, a Proof of Loss will be secured, and payment will be rendered.