Who pays for a loss assessor? | Total Guide | ICS

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Image of storm damage for blog who pays a loss assessor?

One of the most frequently asked questions we hear is “Who pays for a loss assessor?”. Unlike an insurance adjuster, a loss assessor is paid by the claimant, the fees will invariably be taken as a % of the overall and eventual payout from the subsequent successful claim. 

Although they serve a somewhat similar purpose it’s important to understand the difference between a loss assessor and an adjuster.

How is a loss assessor different from a loss adjuster?

A loss adjuster is appointed and paid for by an insurance company to assess the damage, determine coverage under the policy, and make a settlement offer that benefits the insurer.

A loss assessor works for the policyholder. They aim to ensure your claim gets the best possible result by fully quantifying losses, negotiating with the insurer on your behalf, and even accessing additional expenses you may not have realised were covered.

Ultimately a loss adjuster is paid by the insurer and will by default act in their interest. Conversely, a loss assessor works for the claimant and will act in their best interest.

What does a loss assessor do?

Guides you through the often confusing claims process

  • Identifies and values all items lost or damaged, including those you may overlook
  • Negotiate with insurers to get appropriate compensation
  • Ensures you get full payment for repairs, replacements, temporary accommodation, loss of income due to property damage, and more
  • Generally relieves the stress of handling a large claim yourself

How much will a loss assessor’s fees be?

Fees typically range from 8% to 12% of the final settlement. More complex claims warranting more work may exceed 12%. 

There should be no upfront fees – bills are paid only if your claim succeeds. Verify fee structure in writing beforehand.

For more information on “How much a loss assessor costs” or who pays for a loss assessor, simply click the link.

What does a loss assessor do for you?

Guide you step-by-step

Loss assessors deeply understand insurance policies and claims processes. They ensure you make no mistakes when submitting your claim, advise if settlement offers seem fair, and confirm you receive full entitlements. Their expertise prevents crucial oversights.

Alleviate stress

Managing large insurance claims alone can be an intimidating maze of documents, negotiations, contractors and more. Appointing an assessor lifts this burden, providing experienced hands to quarterback the entire process – and letting you focus on recovery.

Level the playing field

Insurers have whole teams handling claims daily. As an individual, trying to get proper compensation can seem stacked against you. Bringing in a loss assessor provides know-how and advocacy from the claimant’s perspective, ensuring the best possible financial result.

Can anyone commission a loss assessor?

Yes, loss assessors can assist with domestic and commercial property insurance claims.

Anyone unhappy with how their insurer is handling their claim can bring in an assessor at any time. However, appointing one early in the process will maximise their usefulness.

Do I need to tell my insurance company when I appoint a loss assessor?

Yes – you must inform your insurer if engaging an loss assessor, even though they work exclusively on the policyholder’s behalf.

This allows the loss assessor to deal with the insurer directly. Failure to disclose typically breaches the policy terms.

Are loss assessors regulated in Ireland?

Yes – reputable Irish loss assessors undergo regulation to ensure they operate responsibly and in clients’ best interests.

In Ireland, the Central Bank authorizes firms to provide loss-assessing services. Verify a prospective assessor is Central Bank-approved before engaging their services.

Loss-assessing firms must also comply with Consumer Protection law and can be referred to the Financial Services and Pensions Ombudsman with unresolved complaints.

Additionally, the Royal Institute of Chartered Surveyors Ireland bestows Chartered designations to loss assessors meeting advanced property valuation, damage assessment and construction qualifications.

Checking an assessor’s regulatory status, certifications, and association membership helps guarantee their integrity and competency. This provides assurance they will responsibly represent your claim. Reputable Irish firms will gladly share their credentials upfront.

For more information on loss assessor and loss adjuster regulation – click the link.

Loss Assessor Dublin

Insurance Claim Solutions is a team of highly experienced loss assessors based in Dublin, available to assist clients across Ireland.

As Chartered Building Surveyors and Fellows of the Royal Institution of Chartered Surveyors (RICS), Insurance Claim Solutions have an expert understanding of building repairs and reinstatement costs.

They are also regulated by the Central Bank of Ireland (Registration No. C423441), giving clients assurance they operate to strict standards.

want more advice on an insurance claim

Insurance Claim Solutions is a registered and regulated insurance claim loss assessor. If you have suffered a financial loss – then contact us today to ensure you receive the best possible financial outcome.