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

 

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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.

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.

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’s H2i R2-Series heat pumps provide 100% heating capacity down to 0° F and simultaneous heating and cooling down to -4° F delivering year-round comfort, regardless of climate zone.

 
04/23/2014

A key part to curbing emissions is working with local and city officials, tenants, and other groups to help make entire communities more sustainable. BOMA International shares the following strategies for greening your facility and community.

04/21/2014

Lighting fixes target the bottom line.

04/16/2014

The U.S. Army plans to start development of a solar array that will provide about 25% of the annual installation electricity requirement of Fort Huachuca, Arizona.

04/15/2014

The EPA's annual greenhouse gas emissions report is now available.

04/14/2014

Are you what some would call a “climate-change denier”? If so, you'll want to read this.

04/10/2014
Los Angeles has remained the top city for ENERGY STAR certified building since 2008, while Washington, D.C. continues to hold onto second place for the fifth consecutive year, according to a new list released by the EPA.
04/09/2014
Green construction has grown massively over a short period of time.
04/07/2014
Field demonstrations of newly proven energy-efficient technologies are yielding valuable results for the U.S. Navy, helping it meet energy goals.
04/03/2014
Building owners in Chicago now have more options when it comes to getting their building energy data verified.
04/01/2014
According to a new report from Eaton, such outages are up 15% in 2013 over 2012 and over half of those surveyed believe that downtime could have been prevented.
03/31/2014
The newly revised ANSI/ASHRAE Standard 105-2014, Standard Methods of Determining, Expressing, and Comparing Building Energy Performance and Greenhouse Gas Emissions, aims to provide a consistent method of measuring, expressing, and comparing the energy performance of buildings.
03/27/2014
Facility managers face an every expanding array of sustainability choices and challenges, but for the next generation of FMs, green practices could be second nature as sustainability literacy enters the K-12 school system.
03/25/2014
While the economic recession explains the decline in sales in 2008 and 2009, it is much less clear why sales have continued to fall.
03/24/2014
University of Washington (UW) scientists have built the thinnest known LED that can be used as a source of light energy in electronics.
03/21/2014
Mississippi Governor Phil Bryant signed Senate Bill 2378 into law, effectively enacting the state’s first building code.
03/19/2014
In an attempt to improve building energy performance, the DOE’s National Renewable Energy Laboratory has released a web-based tool called the Technology Performance Exchange, or TPEx.
03/18/2014
Could green building practices pose unanticipated life-safety hazards?
03/13/2014
Worried about workplace violence in your facility? Researchers have discovered that “mindfully observing” high-risk employees can avert danger and workplace violence.
03/11/2014
Through the DOE’s Building Energy Codes Program, every dollar the DOE has spent on building energy codes over the past two decades has resulted in $400 in energy cost savings.
03/07/2014
It is possible to harvest energy from Earth's thermal infrared emission into outer space, according to new research from the Harvard School of Engineering and Applied Sciences.
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