When I was a young adjuster in 1971, a massive fire burned fromthe 405 Freeway in the San Fernando Valley across the hillsidesuntil it reached the Pacific Ocean in Malibu.

Hundreds of homes and commercial buildings were destroyed downto bare dirt. As an adjuster, settlement with the insureds was easybecause the cost to repair exceeded the policy limits by thousandsof dollars. I would simply write a policy limits check to theinsured and leave knowing he had inadequate funds to rebuild.

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