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.”



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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.

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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.

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.

Add highly responsive multi-zone comfort to any building project, in any climate. Our CITY MULTI H2i R2- and Y-Series VRF systems give you flexibility to fit the needs of any building. Enjoy 100% heating capacity at 0°F outdoor ambient, and 85% heating capacity at -13°F outdoor ambient.  For more information, log on to www.mitsubishipro.com

 
11/26/2014

Survey shows green initiatives pay off in hiring as well as energy.

11/25/2014

More executives choosing alternatives to LEED.

11/24/2014

EPA challenge to increase diversion rates for the holidays.

11/21/2014

Framework allows users a better look at roofing's environmental impact.

11/20/2014

Study finds paper towel dispensers carry far fewer germs.

11/19/2014

Tool will help manage information during power outages.

11/18/2014

Requirements include energy, IEQ, and sustainability updates.

11/17/2014

Group of 17 properties earn energy efficiency designation.

11/14/2014

Water conservation efforts see results.

11/13/2014

Study shows sustainable investments weather the winter.

11/12/2014

Standard focuses on occupant health.

11/11/2014

EPA says cleanup will cost hundreds of thousands of dollars.

11/10/2014

Methane will be used as a fuel source.

11/07/2014

ASTM to target roofing material diversion rates. 

11/06/2014

ORNL scientists look to the future of renewable energy integration.

11/05/2014

Lawsuits unlikely to convince polluters to change opposition to legislative reform. 

11/04/2014

Green building investment jumps in 2013. 

11/03/2014

Study shows difference between reported and measured occupant behavior

10/31/2014

Report shows energy modeling as key to improving building performance

10/30/2014

Report shows healthy features and practices yield results.

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