GPA and Insurance Adjuster Agree to New Pay Scheme for Cabras 3 and 4 Insurance Claim

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The maximum amount that Greenspan could earn if the full claim is paid out to GPA is $13 million.

Guam – The Guam Power Authority has essentially worked out a deal with its insurance adjuster that would only pay them a percentage of GPA’s insurance claim money if, in fact their claim is approved, if not, the insurance adjuster doesn’t get paid at all.

 

CCU Commissioner Joey Duenas says this move will provide an incentive to GPA’s insurance adjusters because if the insurance company doesn’t pay GPA, then GPA won’t pay its adjusters. As it stands, Greenspan Insurance Adjusters would receive 3 percent of any reimbursed claim up to $100-million. Anything after $100-million, the adjusters fee would rise to 5 percent of the amount. This is a change from the previous agreement, which stated that GPA would pay Greenspan an hourly rate, which would mean that GPA would have to pay Greenspan even if the insurance company denied the claim. According to GPA General Manager John Benavente, Greenspan is on board with the arrangement.

The maximum amount that Greenspan could earn if the full claim is paid out to GPA is $13 million.