Less jargon.
More understanding.

Assignment

A transfer of rights through an agreement. For Bill’s accepted recovery files, the written agreement explains the claim-rights arrangement.

Captive insurance

An insurance structure associated with an organization or group that participates in financing its own risks. Program details vary.

Claim file

The collection of records for an incident, including reports, invoices, operating records, correspondence, payments, and agreements.

Contingency fee

A fee that depends on a recovery. Under Bill’s stated arrangement, the fee is 40% of the recovery and there is no fee if nothing is recovered.

Diminished value

A reduction in a vehicle’s market value associated with its damage history. Whether and how it is evaluated depends on the individual vehicle and circumstances.

Downtime

A period when a vehicle is unavailable for its usual operations. Documentation should identify the dates and circumstances of that interruption.

Loss of revenue

Income a business says it missed because its operations were interrupted. Supporting records and related costs are important to reviewing the economic loss.

Loss of use

The inability to use property during an interruption. The meaning and treatment in a particular claim depend on the applicable circumstances and requirements.

Release

An agreement that may resolve or give up claims. Bring any signed release to the review and obtain qualified legal advice about its effect.

Subrogation

A process involving one party pursuing rights connected to a loss paid or held by another. The rights and requirements can involve insurance contracts and law.

Third-party administrator (TPA)

A business that administers claims or related services for another organization.

Utilization

A description of how much a vehicle is used over a defined period. Dispatch, trip, rental, or reservation records may help explain it.

These general descriptions are not legal definitions or advice for a particular claim.