Have you ever wondered what a Loss Adjustor is? What about a Loss Assessor? Perhaps you already know roughly what they both do but would like to know more?
The following article will attempt to elucidate!
Contents
- What is a Loss Adjuster?
- What does a Loss Adjuster do?
- What is a Loss Assessor?
- What does a Loss Adssessor do?
What is a Loss Adjuster?
Loss adjusters are independant claims specialists who investigate complex or contentious claims on behalf of insurance companies.
All fees are paid by the insurance company in addition to the claim settlement.
What does a Loss Adjuster do?
The Loss Adjusters first role is to establish the cause of the loss and whether it is covered by the insurance policy.
They then write a report to the insurance company assessing the validity of the claim and recommending appropriate payment.
The main roles of the Loss Adjuster are to ;
a) visit the site of a loss to survey and assess the damage
b) Record details of the loss with photographs if possible
c) ensure that the site is secure after the loss by having doors and windows boarded up. This is vital to prevent any further losses occurring which might increase the claim still further
d) Recommending local repairers
e) Advise the policyholder and the insurance company on the most suitable way to carry out repairs by issuing a full report
f) Investigate and suspicious claims by inspecting records to establish that the property being claimed for existed
g) Liaise with other insurers to negotiate the spread of liability
What is a Loss Assessor?
A Loss Assessor is appointed by the policyholder when they need to submit a substantial or complex claim.
All fees will be recovered by the Loss Assessor as part of the claim settlement.
What does a Loss Assessor do?
Loss Assessors will handle all aspects of the claims process, including;
a) Meeting with insurance company representatives or their appointed Loss Adjusters
b) Preparing the claim
c) Negotiate the best possible settlement of the claim
d) Deal with cases where a claim has initially been declined by the insurance company or where problems or delays have occurred in agreeing settlement
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Great article – the difference between a loss adjuster and a loss assessor is very subtle. Whilst they carry out similar tasks, who they do it for makes a mjor difference. I believe all businesses should know the difference between the two roles and understand how it can help their business recover from a major disaster like fire or flood.
the article is useful,No more comment
Dear Sir/Madam,
I am an independent insurance loss adjuster, would you kindly advise me if i can find guide books how to write insurance claims loss adjuster reports in order to help me writing my reports.
will be thankful.
Nasser
HI Nasser,
I am not aware of any specific books but I am sure if you search on Google or Amazon you will find some reference material.
Colin
Your kidding, you claim to be a loss Adjuster and need “books” on how to do reports? In my country a Loss Adjuster is a professional that has to comply with certain qualification standard to be a member of the professional institute governing a professional Loss Adjuster, you are not allowed to be called a Loss Adjuster unless you are a member.
On going development is also a requirement where a certain number of “points” have to be gained annually to remain a member of the professional institute, these are called CPD points (Continued Professional Development).
Hi,
I run a major building company nationally servicing Insurance Companies and Loss Adjusters for Causation and Rectification reports, as well as the building rectifications required.
Does anyone know if the Canadian system is similar, where by they have national or local building panels? And who are those players.
Hoping that you can help, finding many dead ends and no one can really tell me how the Canadian system works and if there are oportunities in Canada similar to Australia?
A million tnx! D article was really hlpful. But i’d like to read introduction to insurance by michael g collins online can anyone hlp?
Please advise me on a career of a Loss Adjusters.
Where can I obtain Training or pursue Seta accredited program.
Please advise me accordingly.
Hi,
that article was good, esp now am heading to do an exam on property insurance.
which other links can i get such materials?
thenx
Thanks article is useful.
You could also point out that a Loss Assessor is likely to be with a client within 24 hours whereas an insurance appointed Loss Adjustor could take weeks to get things moving.