Does a Loss Adjuster Only Work For The Insurer?
In general, a Loss Adjuster is a someone who works with the insurer to give them an overview of the costs that the insurer they are working for will need to pay out in order to settle an insurance claim. They can do this by looking through the policy and making sure that nothing covered under the policy is missed. They can also look for clauses within that policy that could would make the claim invalid.
A Public Loss Adjuster or Loss Assessors are different as they work on behalf of the policyholder instead! They negotiate with the policy holder to make sure that a fair settlement is reached.
Loopholes in Your Insurance Policy & What Can Be Done To Help.
Some insurance companies may be reluctant to pay out on some claims due to loopholes written into the policy. This may be where they believe that the policyholder has not stayed completely true to the exact wording written into the policy.
This could be interpreted differently dependent on when the loss adjusters are working for the policy holder or the insurer. Dependent on which side the loss adjusters are on, their aim is to mitigate the claim, so it best suits them.
However, in the case of a Public Loss adjuster, they work solely for the policy holder. Many people do not know they can hire their own independent loss adjuster who will provide them with the same expert knowledge the insurer has.
Are Loss Adjusters Working For Your Insurer Impartial?
Many people believe that loss adjusters who are working for an insurance company are impartial as they are appointed and paid by an insurance company. In reality, how can they be if they are relying on the insurer to pay their wages?
Alternatively, most loss adjusters who work for the public have to adhere to a strict set of codes set out by the Chartered Institute of Loss Adjusters, the General Insurance Standards Council and the Financial Conduct Authority that attempt to address this concern.
By hiring your own loss adjusters, you can guarantee that negotiations with your insurer are dealt with fairly. This will cover everything insured under your policy.
Are Their Any Costs Involved in Hiring Your Own Insurance Claims Team?
Unfortunately, in most cases these loss adjusters don’t work for free. Many will charge a small percentage of the final settlement. However independent companies such as Public Loss Adjusters offer a service that is of no cost to the policyholder if you appoint one of their recommended building contractors to restore damage done to your property.
Loss adjusters deal with all types of property claims, such as: Fire, Escape of Water or Subsidence some loss adjusters even deal with car insurance claims. A loss adjuster plays crucial role in the insurance claim process, and there usually the first person you will talk to when you make a claim.
Will My Claim Be Settled Quicker With My Own Representation?
In general, a home insurance claim can take as little as 48 hours to over a year to be settled. This may be dependent on factors such as the type of incident that has occurred and the extent of the damage.
An independent loss adjuster can help speed up a claim to get the policy holder and insurer towards a quick and fair agreement. They’re able to do this as they already know the factors that effect the time a claim takes.
One of the factors resulting in the time it takes for the insurer to process the claim could be the timing of and the detail of the information given to them by the loss adjuster.
Ensure Your Claims Management Company is Regulated By The Relevant Authorities.
When deciding whether to appoint your own loss adjuster, make sure to check that they are Members of the Chartered Institute of Loss Adjusters as CILA are the recognised authority of Loss Adjusters.
If they are members of CILA, they are expected to behave in accordance to the CILA Code of conduct which have strict guideline that aims to battle bias and impartialness.
In conclusion, if you are a property owner and you suffer from tragic property damage your best options are to appoint your own independent loss adjuster to help with your claim, they will make sure that you are receiving everything your entitled to. They can also speed up the process of the whole claim.
To find out more about how a Public Loss Adjuster can help visit www.publiclossadjusters.com