answersLogoWhite

0


Best Answer

No such animal. The number of trades rule is bogus. It's part of a directive from the "Claims Bully" corner that's been used to short homeowners. Each state has a department of insurance that determines what policies may be sold with what language and at what premium. That premium was calculated by someone at the insurer's corner who factored in a general contractor when arriving at a replacement cost value (RCV)which is in turn used to calculate an actual cash value (ACV). You cannot eliminate general contractor overhead & profit in this equation without being guilty of ignorance or bad faith. Insurance adjusters are told to do this or do that depending on the company they are adjusting for at the time of your claim. The true value of your claim must include a general contractor and you should have a general contractor prepare a realistic restoration estimate... not a new construction or remodel estimate. No norms or standards apply... only what the market will bear. Get some local general contractors to write up a realistic estimate with plenty of overhead and profit because you're going to need it to put yourself back where you were before the loss and stand accountable long after the job is finished. This is why you have paid premiums. Your insurer can elect to not pay your claim in which case you need to demand, via certified mail, an explanation in writing. Don't get sucked in by slick adjusters. They are just doing a job according to directive. Get smart. Find a good lawyer if you can't adjust your own claim. Before you do make sure you have the right attitude about how this adjusting game is played.

User Avatar

Wiki User

โˆ™ 2006-03-28 23:11:53
This answer is:
๐Ÿ™
0
๐Ÿคจ
0
๐Ÿ˜ฎ
0
User Avatar

Add your answer:

Earn +20 pts
Q: How many trades does it take to pay overhead and profit?
Write your answer...
Submit
Related questions

What is the meaning of gross profit margin?

Your Gross profit margin is the price you sell a product for minus the cost you paid for that product. It does not take into cinsideration the overhead of your business. If you sell a product for $100.00 and it cost you $90.00, you made $10.00 gross. If the cost of your overhead comes out to $20.00, you have a net profit of -$10.00. Many companies can have a gross profit and lose money overall. Obama's current plan is to ensure more corporations show a gross profit and lower net profit.


Is 10 percent the standard for overhead and profit?

It's probably 33 1/3 percent. Overhead - meaning rent, utilities & wages for employees takes a third. Replacing the items you sold takes a third. Your profit should also take a third.


In insurance what does overhead and profit mean?

In those states that regulate insurance rates, among the factors evaluated are the overhead and profit of an insurer. Overhead includes salaries, upkeep on buildings, taxes, and those other usual and customary expenses that attend operating a business. An additional element of overhead for an insurer is the cost of reinsurance. Reinsurance is essentially insurance for an insurer. Rather than assuming all of the risk placed with the insurer by the policyholders that take out policies with it, the insurer will "off-load" some of the risk to a reinsurer in return for paying the reinsurer a premium. In order to stay in business, and for keeping the business worthwhile, the insurer will need to earn a reasonable profit. Regulators are sensitive to the need for a profit, but because they are concerned with the affordability of insurance for consumers, will examine the element of profit and ensure that it remains in reasonable bounds. That which is reasonable varies with the market and is a fluid concept.


How do you calculate predetermined overhead?

You take estimated overhead divided by the estimated level of production activity. It is used to assign overhead to production.


How much should you charge to paint and primer?

Materials, labor, profit and overhead should be consider, figure out how much material you need, how long you would take ( add extra time in case of anything unespected happens ), and how much you want to get paid for your time, add profit ( this is extra of your day's pay ), add overhead ( not necesary if you're not running a business, keep in mind: insurrance, licencing, rent, utilities, tools you're using etc... )


How long does it take to get a profit?

Depends on where you are looking to make a profit. In some cases a profit happens in seconds, while in others a profit never happens.


What is a sentence using the word profit?

I can give you several sentences.We are in business to make profit.The profit on that sale is ten percent.It will profit you to take my advice.


How many quarts of oil for a Saturn astra 1.8 liter take?

How many quarts of oil does a Saturn sl1wagon 1.8 dual overhead camtake


Why is profit important?

profit is important because profit represents the surplus working captial with company so to take care of its day to day operations In brief, "no profit, no business."


What is the basic method business uses to determine profit?

Income - Expenses = Profit if you take in 5000 and spent 3000 to do it you have made 2000 in profit


How many quarts of oil does a 04 dodge stratus 16 valve 2.4 liter double overhead cam take?

4.5 quarts


2003 expedition overhead console rattle?

Take overhead console apart and look inside for any thing loss. It maybe as simple as a clip.


How can you join a city of London guild?

You must take an examination in one of the trades of that Guild.


What are the important factors that you would take into consideration while establishing a profit center?

what are the important factors that you would take into consideration while establishing a profit centre?


How do you get from Colchester train station to Gatwick Airport?

With difficulty. You will have to take the overhead train from Colchester to Liverpool Street Station, then the underground to Victoria Station and then the overhead to Gatwick.


How many stocks trade on the nasdaq?

The NASDAQ has roughly 3,300 companies that are listed for trading. Each day over one billion trades take place on the NASDAQ.


How many stocks traded on NASDAQ?

The NASDAQ has roughly 3,300 companies that are listed for trading. Each day over one billion trades take place on the NASDAQ.


How many stocks trade on NASDAQ?

The NASDAQ has roughly 3,300 companies that are listed for trading. Each day over one billion trades take place on the NASDAQ.


Construction Trades?

If you are deciding to train in a Construction Trades School, you are to be commended. Take the learning experience you receive in this course and apply the learned knowledge of refrigeration, roofing, carpentry, or masonry to your job and you will reap many rewards. Prepare to work overtime, weekends, holidays, and in various kinds of weather.


Why is the Carolina hurricanes the worst team in the NHL?

Injuries, bad luck, trades????? Take your pick.


How long does it take to get your profit sharing check?

a week


How does one set house cleaning prices?

There are numerous factors to take into account: Number of hours necessary The cost of supplies Other expenses (overhead such as telephone, liability insurance, gas, computer time, postage, etc.) Most places figure out what the hourly cost is for the people doing the work, factor in costs toward the overhead and a percentage profit margin. Good luck with finding your profit mark! It is tricky and you may want to consult with other business owners through the internet, through the Small Business Administration and other resources.


How do you calculate operating profit margin?

You take the Earning before interest and taxes (EBIT)/sales=Operating profit margin


Why does an entrepreneur need to take insurance for their trades?

Because its really a tough and risky job so that he have to take care of his goods for the future remedies..


Can you take a cow into space?

Only if you can fit it into an overhead bin or under the seat in front of you.