One of the most commonly asked questions we encounter is What does a loss adjuster do? The answer is simple, When you make an insurance claim, the insurance company will often appoint a loss adjuster to investigate the details of your claim. Loss adjusters are claims specialists who determine the cause and extent of damage in an insurance claim, to help the insurance company decide how much compensation should be paid out.
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What does a loss adjuster do that differs from a loss assessor?
A key difference is that a loss adjuster is appointed and paid by the insurance company, while a loss assessor is appointed and paid by the policyholder making the claim. Loss adjusters aim to keep claim payouts as low as possible for the insurance company. They gather evidence to confirm whether the claim is valid under the policy terms and recommend a settlement amount to the insurer. Loss assessors, on the other hand, work exclusively for the claimant. They ensure policyholders receive the maximum fair settlement they are entitled to. They oversee the claims process and negotiate with loss adjusters and insurers on the claimant’s behalf.
What does a loss adjuster do?
When an insurance claim is made, the insurer will instruct a loss adjuster to investigate the circumstances of the loss event. The loss adjuster will visit the site of the damage to assess the extent of the loss firsthand, determine the most likely cause of the damage, check whether the damage is covered under the claimant’s policy, liaise with third parties like builders to get repair cost estimates, calculate the total value of the claim based on property damage and other expenses, and submit a report to the insurer recommending a settlement amount.
The loss adjuster acts as an impartial expert, providing the insurer with the evidence needed to make a fair claims decision. However, as they are appointed by the insurance company, their priority is limiting the claim payout.
Why appoint a loss assessor?
Loss assessors level the playing field by ensuring the policyholder’s interests are protected during the claims process. Their in-depth policy knowledge enables them to maximise claim settlements. Key benefits of appointing a loss assessor include expert negotiating skills to secure fair settlements, assisting with complex policy terms and conditions, accurately quantifying every aspect of the claim, managing the claims process on the policyholder’s behalf, and securing interim payments when needed.
Appointing a loss assessor early is crucial
Many policyholders only bring in a loss assessor if they encounter issues during the claim. However, early appointment gives loss assessors the best opportunity to deliver optimal results. Appointing a loss assessor as soon as you know you’ll be making a claim means they can oversee the claims process from the outset, liaise with loss adjusters before they submit reports, ensure the claim includes all eligible costs, and negotiate strongly for a full and fair settlement. This prevents issues from arising and results in quicker, maximised payouts.
Loss Adjusters / Assessors Ireland
As experienced chartered surveyors and public loss assessors, Insurance Claim Solutions (ICS) have an in-depth understanding of policy terms and the claims process. ICS loss assessors meticulously quantify every aspect of your claim and negotiate tenaciously with insurers to deliver the optimal settlement you deserve. Their dedicated expertise provides essential support and delivers proven results. To discuss your claim in a free consultation, contact the ICS team today at (01) 524 2118