The insurance claim process is a pain point for property owners and contractors. The current claims handling process is confusing, complex and archaic, often resulting in potential delays that can deter contractors from beginning the restoration project, which leads to slow payments for the contractors and longer displacement periods for the homeowners. Many of these challenges are caused by the complexities of processing two party checks written by insurance companies to the Mortgagee (Lender) and the Mortgagor (Borrower or Homeowner) during the "loss draft process". To protect Mortgagees following catastrophic damage, Federal law requires that insurance companies issue all settlement checks over ($10,000) in the form of a two party check to both the homeowner and the mortgagee. These funds are held in abeyance until the homeowner can prove that the funds are used exclusively to restore the property to pre-condition loss or value.
Why use Restoreproof?
Restoreproof's Loss Draft Process combines factoring and a dedicated expert Project Coordinator with a sophisticated internet based application. The project coordinator is specifically assigned to each particular restoration project from start to finish, providing one point of access for the homeowner and the contractor, and ensures that the loss draft process is managed proactively from start to finish. Our web
