Industry News




 

07/06/2011

HVAC Insurance Fraud on the Rise

 
HVAC-Fraud

Next time your HVAC unit needs repair be sure to look into what you’re paying for. A recent study revealed that insurance claims submitted for damaged HVAC units were overpaid by 65% in the first half of 2011.

The study was undertaken by HVAC Investigators and went on to show that overpayment was a result of insurance providers who paid to replace the entire HVAC unit when only minor repairs were needed.

"Our research found that the average claim submitted to insurance companies was the result of an (owner) being told by an HVAC company that their unit was in need of a full replacement, when in actuality, a minor repair would bring the system back to pre-loss condition," says Damon Stafford of HVAC Investigators. "It becomes a self-fulfilling prophecy ... (owners) experience an issue, contact a local HVAC contractor, and in turn unknowingly file a fraudulent claim. That's in essence how the game has worked for the past 30 years."

According to the Insurance Information Institute, insurance fraud is the second most costly white-collar crime in the U.S., totaling more than $29 billion each year. Many insurance carriers unwittingly promote fraud by paying suspicious claims rather than fighting them. Often, insurers reason that it would be more cost-effective to pay these claims than to hire an expensive mechanical or electrical engineer to seek the truth.  

This challenge has given rise to niche companies like Stafford's HVAC Investigators, who utilizes local technicians across the country to assist with investigations of heating and air-conditioning claims. The firm's technicians charge hourly fees much lower than those of a typical engineer and provide recommended settlements.  

"We're excited about the positive impact we're having on the insurance industry," says Stafford. "When carriers understand that they can save, on average, somewhere between $3,000 and $4,000 per claim, they begin to grasp that this is something they should be paying attention to.”



Preventive HVAC Maintenance is a Good Investment

 

HVAC: Repair or Replace?

 

Insurance for Green Buildings

 


Visit our website today to learn about the design flexibility of a Morton building and the endless possibilities of partnering with our designBUILD team.


Wood construction is both cost and energy efficient. Check out Morton Buildings and our designBUILD team online today to discover all the benefits of post-frame construction.


When choosing a metal-clad building for your next construction project, consider Morton Buildings, Inc., and their designBUILD team, we’ll make your dream a reality.

Bluebeam® Revu® simplifies digital facilities document management from design review to leveraging as-builts, maintenance manuals and O&Ms submittals.

Yaskawa drives offer quality performance for air handlers and cooling towers on the roof to secondary chilled water pumps in the basement

We Can Help You Reduce Energy by 30%

Our mission is to help our customers manage their buildings' energy costs, improve reliability, and enhance performance while having a positive impact on the environment.
CLICK HERE to find out how.


Visit our website today to learn about the design flexibility of a Morton building and the endless possibilities of partnering with our designBUILD team.


Wood construction is both cost and energy efficient. Check out Morton Buildings and our designBUILD team online today to discover all the benefits of post-frame construction.


When choosing a metal-clad building for your next construction project, consider Morton Buildings, Inc., and their designBUILD team, we’ll make your dream a reality.

Bluebeam® Revu® simplifies digital facilities document management from design review to leveraging as-builts, maintenance manuals and O&Ms submittals.

Yaskawa drives offer quality performance for air handlers and cooling towers on the roof to secondary chilled water pumps in the basement

We Can Help You Reduce Energy by 30%

Our mission is to help our customers manage their buildings' energy costs, improve reliability, and enhance performance while having a positive impact on the environment.
CLICK HERE to find out how.


 
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06/23/2014

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06/18/2014

Mitigation policies grow in response to changing climate.

06/17/2014

The 2014 World Cup welcomes six LEED-certified arenas.

06/11/2014

An updated study now observes local consequences.

06/06/2014

New survey reveals increasing interest in off-site work.

06/04/2014

Gain ground on sustainability goals.

05/30/2014

With World Environment Day quickly approaching, now is the perfect time for cleaning professionals to think about implementing a green cleaning program or review green products currently in use.

05/28/2014

In 2013, approximately 6.5 million people were employed in the renewable energy industry worldwide.

05/27/2014

Saving money through energy management strategies in Canadian healthcare institutions just got easier.

05/22/2014

A recent study has revealed that the bacteria Legionella, commonly found in fresh water, is able to survive in certain automobile windshield washer fluids.

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