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.

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.

Mitsubishi Electric Cooling & Heating’s new H2i R2-Series heat pumps provide year-round comfort, even in extreme climates. With 100% heating capacity down to 0° F outdoor ambient and simultaneous heating and cooling down to -4° F, our hyper-heating systems bring highly responsive multi-zone comfort to your projects, regardless of climate zone.

http://news.mehvac.com/hhlaunch/


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.

Mitsubishi Electric Cooling & Heating’s new H2i R2-Series heat pumps provide year-round comfort, even in extreme climates. With 100% heating capacity down to 0° F outdoor ambient and simultaneous heating and cooling down to -4° F, our hyper-heating systems bring highly responsive multi-zone comfort to your projects, regardless of climate zone.

http://news.mehvac.com/hhlaunch/


 
03/27/2015

Capital ranks #1 in certified buildings.

03/26/2015

New sensor cable technology can detect all types of security breaches.

03/25/2015

Facilities will help cut government GHG emissions by 40%.

03/24/2015

Building sustainability shown to improve tenant happiness.

03/23/2015

New technology to improve the efficiency of wind power systems.

03/20/2015

Reduction of storm activity due to climate change will increase extreme weather.

03/19/2015

Simple ventilation improvements could save over $20,000 per year.

03/18/2015

Efforts to minimize climate change may be more effective than previously thought.

03/17/2015

Researchers develop new approach to create renewable energy.

03/16/2015

Report shows wind becoming cost competitive in more states.

03/13/2015

Study shows “fragrances” may be more than they appear.

03/12/2015

New energy storage configurations could cut costs.

03/11/2015

Program will streamline certification processes, code familiarity.

03/06/2015

Study shows buildings such as hospitals could cut energy use.

03/05/2015

Small and medium-sized buildings will soon have automation options.

03/04/2015

Form will aid lenders in assessing value of sustainable design.

03/03/2015

Expanded choices offer climate-friendly solutions.

03/02/2015

New technology could slash consumption up to 30%.

02/27/2015

Design is low-cost and green while providing more energy storage.

02/26/2015

LEED, IgCC, Standard 189.1 will work in harmony.

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