Loss adjusters are insurance professionals who are appointed by insurance companies to assess and evaluate losses on behalf of insurers. They basically work for insurance companies and in most cases they are expected to protect the interest of the insurance company that they are working for. Loss adjusters specialise in different areas and there are many things that you need to consider when choosing one.
Factors to consider
Fees This is one of the most important things that you should consider when choosing a loss adjuster. Their fees are usually used on the settlement figure and the labour involved. Fees range from 8 to 15% of the settlement amount depending on the nature of the claim. Qualifications and experience You need to make sure that you appoint a loss adjuster who is trained and experienced in the area. They are very important people during your claim processing, so make sure that you choose the best person or company to represent your claim. Loss adjusters make sure that the claim has been accurately and properly evaluated, and you get what you deserve for each and every claim. Why choose a professional loss adjuster Choosing a professional is important because they know the technical side of each and every claim that they deal with. They will also be able to interpret some insurance terminology and be able to apply them in different scenarios. There are terms like ‘knock for knock agreement’ or a ‘no claims bonus’ which may not be easily understood by a layman, however a good and experienced loss adjuster should be able to explain such terms to you in plain language.
Additional services offered
24-hour service Loss adjusters usually provide a 24-hour service response for any claim that qualifies to be assessed. They can organise emergency repairs, especially in the event of fire or flood damage, and they can also organise temporary alternative accommodation. These are some of the services that you should look out for when you choose a loss adjuster. Loss adjusters must be licensed and registered When choosing a loss adjuster, make sure that they are registered and licensed with the Financial Services Regulatory Board. In the event of a dispute, you will be able to take the matter anywhere, which is not the case when you are dealing with a company that is unlicensed. Loss adjusters are also members of the Insurance Institute, and must be registered with the institute.