What are the most common questions
asked by RAMP members?

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Frequently asked questions

Becoming a member of RAMP ensures that your assets and business have the systems and resources to recovery from a loss.

RAMP provides an in-depth look at its clients’ properties and insurance documents to identify risks as they relate to their true exposure.  Through RAMP, property owners leverage property data and management systems to ensure a swift and full recovery after any type of covered loss.

Ramp is able to offer the program to its member at a nominal fee based on the level commitment, type of property and location.

RAMP prepares it clients before the loss, specializing in providing tech-based tools to capture, organize, store and utilize data related to property conditions.

Each property will have a site-specific pre-disaster plan within a master strategic plan for managing multiple losses concurrently. Contact one of our agents to develop a customized solution for your properties.

To determine proper coverage, one must compare coverage limits to the true costs of mitigating and rebuilding property.  There is also a need to fully understand how endorsements and exclusions will affect insurance payouts. OUR in-network insurance specialists can breakdown your insurance coverage to understand its limitations.

As a policyholder you have 3 main duties.  You must mitigate your property against further damage, pay your deductible, and present your loss.  RAMP provides its members with all of the necessary resources to fulfill your obligations within the policy.

A Deductible is the amount paid out of pocket by the policy holder before an insurance provider pays expenses. Contact RAMP to answer questions about your deductible.

Although you have the option of paying your deductible right after a loss, it is most often deducted from the initial insurance payment. Learn how RAMP provides tools to account for your deductible prior to any loss.

Although in most states there is no formal mandate requiring a structural engineering inspection, many insurance carriers now require a structural report in order to extend coverage especially in the state of Florida.   RAMP can put you in contact with vetted engineers as well as provide insight into current requirements.

If you own or manage commercial property in a high-risk area, having multiple pre-vetted restoration companies is a must.  RAMP maintains a network of highly qualified vendors who provide general contracting, all trades, security, site clean up, and other specialized trades.   

Replacement Cost Value (RCV) is a product at 100 percent, with no use or diminished life span. Actual Cash Value (ACV) is the use (or life left) of a product after a reduction for depreciation. Policies with RCV coverage allow for the maximum amount of compensation within policy limits.

Depreciation is the reduction of the value of a product based on factors including use, age, and type of product. Through RAMP we can conduct an in-depth analysis of how depreciation may affect your properties ability to access and apply coverage.

Recoverable Depreciation is an amount of money (usually the depreciated value) that is held back by the insurance company until repairs to the damaged property have been completed. RAMP provides management platforms that help document repairs so that you can recover depreciation in a shorter time period.

Blanket policy usually offers a broader set of protections than a typical individual policy. Although it’s more expensive, the additional covered perils often make it worth the investment. RAMP will help you determine if this is necessary for your property type and or portfolio.

Coinsurance is a formula to determine the amount being reimbursed to the insured. An insured is required to carry a percentage of coverage (typically 80%) of the value of the property. If the adequate amount of coverage is not maintained; the formula will only allow partial payment of a loss

Law and Ordinance coverage is offered as an endorsement which means it is not covered under a standard policy. It pays for building materials and systems that are necessary for compliance with local and state building code regulations.

An endorsement, also known as a rider, adds, deletes, excludes, or changes insurance coverage. An endorsement/rider can also be used to increase standard limits of coverage and take precedent over the original agreement or policy. RAMP can recommend which endorsements are recommended for your property.

A Proof of Loss is a formal, legal document that states the amount of money the policyholder is requesting from the insurance carrier. Knowing when to file a proof of loss or a partial proof of loss may dictate the outcome of your claim. Educate yourself on this subject through RAMP.

Undisputed Amount is the dollar amount that the insurance company is willing to pay without any further documentation.

A peril is any event, situation, or incident that causes property damage or loss. Fire, theft, wind, hurricane, hail, and vandalism are common perils that insurance can cover. RAMP’s insurance specialist can interpret your policy.

In the state of Florida condo declarations and/or by-laws do not affect insurance coverage. The declarations and by-laws are used by the carrier to determine covered items.
An exclusion is a provision within an insurance policy that eliminates coverage for certain acts, property, types of damage or locations.
Wind Driven Rain, Erosion, Earth Movement, Flood, Mold and Infestation are some of the most common exclusions. 
Independent adjusters and staff adjusters have different licenses and licensing requirements. One of the biggest differences are their appointments. Staff adjusters are legally appointed to their employer. Independent adjusters are appointed to themselves or to an independent adjusting firm.  In general, both independent adjusters and staff adjusters represent the insurance company in a loss.  Public Adjusters work directly for the property owner to help them properly present their loss and negotiate a fair settlement on their behalf. 
A building consultant is hired by third party administrator to investigate damages and give recommendations to the insurance carrier in regards to the scope of work. In many cases these are unlicensed individuals who have no authority as it relates to the negotiation of the claim.

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