Loss assessor and loss adjuster are two terms that are commonplace especially in the insurance industry. And while these terms go hand in hand, it’s worth noting that they are different with distinctive roles.
Understanding their differences will therefore help in determining the magnitude and speed of your claim process or insurance settlement.
This article highlights the key differences between a loss assessor and loss adjuster, and answers the questions policyholders are always asking our specialists; What is a loss adjuster? What is a loss assessor? And what are the main differences between a loss assessor and a loss adjuster?
So, let’s start with the later question…
What is their difference?
To put it simply, an insurance loss assessor only works and represents the interests of the claimant. Keep in mind that an insurance assessor isn’t paid by the insurer. On the other hand, a loss adjuster works and represents the interests of the insurance company in any insurance claims process.
Now let’s look at their roles and how a loss assessor can help you get maximum compensation from a claim.
What is a Loss Adjuster?
Insurers try as much as possible to pay the least settlement to their policyholders—and don’t assist you in filing a claim. In controversial situations or when an insurance company believes they are justified to pay a policyholder below the compensation claimed by their client, they bring in a loss adjuster to conduct an investigation.
What is the role of a Loss Adjuster?
The main focus of a loss adjuster appointed by an insurance company is to investigate the insurance claim and establish whether or not your insurance policy covered it. The loss adjuster is expected to visit the site where the loss happened and take pictures, gather all the evidence and ultimately assess the damage. Thereafter the loss adjuster is expected to prepare a report to the insurer with detailed findings.
The conduct of loss adjusters is regulated by the Australasian Institute of Chartered Loss Adjusters.
Licensed loss adjusters are expected to act impartially and should keep in mind that they are insurance professionals contracted by the insurer. The insurance company pays their fee hence it is in the loss adjuster’s interest to try and ensure the insurance settlement is at its minimal.
When lodging an insurance claim, policyholders should also have someone to push through their interests; someone to represent and ensure they receive maximum compensation. This is where a loss assessor comes in.
What is a Loss Assessor?
First, it’s the policyholder that appoints an independent loss assessor to manage and represent their interest during claims process. Insurance loss assessors take care of all aspects of the claim whether it is filling out and submitting paperwork, securing interim payments or meeting the insurer’s loss adjuster to negotiate the settlement.
The real claims management responsibility of insurance assessors differs based on the claim being lodged. They can even go to the extent of arranging alternative accommodation for the policyholder if the damaged property requires serious repairs.
Generally, insurance assessors are expert negotiators well versed with the terms and conditions of insurance policies. They are also armed with in-depth experience of how insurance companies process claims and hence you can benefit from their expert insurance claims advice to boost your chances of receiving maximum settlement.
During an insurance claims process, the loss assessor is the only person with your interests at heart. Since their fees amount to a given percentage of your final settlement, they do their best to get you maximum compensation from the claim.
Loss assessors are accredited and regulated by the codes of conduct of Financial Conduct Authority (FCA).
A Common Question….
When Should I Appoint a Loss Assessor?
More often than not, policyholders only appoint a loss assessor when their claim has been rejected or they feel unsatisfied with their insurer’s proposed settlement.
Despite the importance of a loss assessor during such times, the earlier you involve a loss assessor in the claims process, the greater your chances of a better compensation from the claim besides freeing up your time since you no longer have to directly do negotiations and paperwork with your insurer—the loss assessor does takes care of it all.
This enables you to focus on other efforts that would revamp you back to normalcy. This can prove invaluable to a policyholder trying to recover from the distress that came with the flood, fire, theft or other impact that brought about the claim.
Unfortunately, most policyholders go through the entire, daunting claims process by themselves, only to have their claim denied or receive the least settlement.
In order to get the best insurance policy settlement offer, it’s crucial to appoint a loss assessor in the early stages of the claims process. In fact, you should contact your preferred loss assessor the moment you decide to file a claim. Ideally, getting a loss assessor is the best insurance cover a policyholder can make at this juncture.
While it’s open to appeal on declined claims and get successful, it’s very important to involve a loss assessor at the point you decide to lodge an insurance claim.
Why Choose Insurance Claims Group?
Insurance Claims Group (ICG) boasts a team of highly professional experts with decades of combined experience in dealing with insurers and successfully representing policyholders to receive the hefty pay-outs they deserve.
At Insurance Claims Group, we know for sure that the circumstances that lead to a claim are often distressful. This is why we carefully listen to your expectations and or concerns and factor them in negotiations with the insurance company. We also:
- Help manage the whole claims process
- Inspect and appraise damaged property
- Assist with the provision of temporary accommodation.
- Organise clean-up, recovery and security of your premise(s).
- Prepare and submit a report to the insurance company regarding the damage.
- Negotiate with the insurer to ensure you get the best service for your repairs.
- Handle claims that were previously declined by the insurer.
- Expedite delayed claims.
How Can Insurance Claims Group Help You?
Hopefully you now understand the difference between an insurance loss adjuster and an insurance assessor. If you need help with your insurance claim, trust Insurance Claims Group to help you manage the entire claims process. This will allow you to move on with your day to day life. We will work closely with you, keeping you well-updated every step of the claims process.
For more information about our claim handling services in Brisbane, contact us on 1800 424 768 to discuss how we can help you succeed with your storm damage insurance claim.