Don’t panic this isn’t some sort of poor financial or insurance related joke, more of an article to address the common misconception that insurance loss assessors and loss adjusters are one and the same. I always thought this was a paranoid feeling that we in the claims recovery business have, but it turns out that it extends into the wider world. So in this article I intend to look at the fundamental differences between insurance loss assessors and loss adjuster and hopefully help people to understand these differences – indeed you or your business may one day need the assistance of a insurance loss assessor and understanding their role in insurance claims can mean the difference between your business perishing and your business surviving.
If you are the victim of some kind of disaster either on a personal level at your home or at your business – a disaster such as fire, flood, and theft, water damage from damaged pipes or more extreme cases such as gas explosions or a hurricane – you will need to be aware of the difference between an assessor and an adjuster. Wherever the disaster occurs you are going to want to return to normal as quickly as possible, either having your business up and running and providing an income for you or having your home fixed so you can return to normal life. Understanding the fundamental differences between loss adjusters and loss assessors can ease this process.
What is a loss adjuster?
When you contact your insurance company to put in a claim they will immediately assign a loss adjuster to the case. A loss adjuster works for the insurance company and, as the name suggests, will adjust the claim accordingly. Because the loss adjuster – in essence – works for the insurance company they will ensure that the insurance company pays out as little as possible within the confines of the law. The loss adjuster will investigate the case (interviewing you and any possible witnesses alongside checking records and the extent of your liability in the disaster) and negotiate the claims payment.
What is an insurance loss assessor?
Whilst the insurance loss assessor carries out similar duties to the loss adjuster the main difference is that the insurance loss assessor works on behalf of you, the claimant. The insurance loss assessor will use their knowledge experience to ensure that you receive an adequate financial settlement form the claim – which will give you the funds you need to get your life or business back on track.
So whilst there is a wealth of similarities in the work that the loss adjuster and insurance loss assessor carry out, understanding that one of them can work with your interests in mind can make all the difference if you happen to be the victim of some catastrophic disaster – and that’s no joke!
Wayne Barker writes for Harris Balcombe, the UK’s foremost Claim Recovery Specialist. Harris Balcombe specialise in fire insurance claims, flood insurance claims and business interruption insurance claims.
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