Dealing with insurance claims can be a minefield, especially when it’s a big loss or damage. That’s where a loss assessor such as Claimrite can be a godsend. They help policyholders understand and get the most out of their insurance claims. In this article we will look at the role of a loss assessor, how they differ from other insurance professionals and what they can do for policyholders.
What is a Loss Assessor?
A loss assessor is a professional who works on behalf of the policyholder to assess the damage, prepare and negotiate the insurance claim. Their goal is to get the policyholder the maximum amount they are entitled to under their policy.
What a Loss Assessor Does
- Evaluating Damage and Loss
- Inspecting the property or asset to determine the extent of the damage.
- Taking photos, videos and written notes of the damage.
Preparing the Claim
- Reviewing the policy to understand coverage, exclusions and terms.
- Gathering all necessary documentation, including repair estimates, receipts and evidence of loss.
- Writing a detailed claim submission to present to the insurer.
Negotiating with Insurers
- Communicating with the insurer’s loss adjuster to get a fair settlement.
- Advocating for the policyholder’s best interests throughout the negotiation process.
Providing Expert Advice
- Advising policyholders on the best way to get the most out of their claim.
- Giving guidance on repair or replacement options and cost estimates.
Managing the Claim
- Overseeing the entire claim process to get it resolved quickly and efficiently.
- Keeping the policyholder informed of progress and any issues that arise.
Loss Assessors vs Other Insurance Professionals
It’s important to understand the difference between a loss assessor and other roles in the insurance industry, such as loss adjusters and insurance brokers.
Loss Assessors vs Loss Adjusters
- Loss Assessors:
- Work for the policyholder.
- Get the best possible settlement for the insured.
- Handle all types of insurance claims, including home, business and personal property.
- Loss Adjusters:
- Employed by the insurer.
- Assess the claim to determine how much the insurer should pay.
- Protect the insurer’s interests which may sometimes conflict with the policyholder’s interests.
Loss Assessors vs Insurance Brokers
- Insurance Brokers:
- Help individuals and businesses select the right insurance policies.
- Give advice on coverage options and negotiate with insurers.
- Don’t handle claims or negotiations post-loss.
What are the Benefits of a Loss Assessor
Hiring a loss assessor can be beneficial especially for complex or high value claims. Here are some of the advantages:
- Getting the Most Out of Your Claim
- Loss assessors know how to interpret insurance policies and get all entitlements.
- They ensure all aspects of the loss are considered and paid for.
Saving Time and Stress
- Managing an insurance claim can be time consuming and stressful.
- A loss assessor handles everything to do with the claim so policyholders can focus on recovery and rebuilding.
Expert Negotiation Skills
- Loss assessors have strong negotiation skills and experience dealing with insurers.
- They know how to present a case and challenge any attempts by insurers to underpay claims.
Comprehensive Documentation
- Proper documentation is key to a successful claim.
- Loss assessors ensure all paperwork is complete, accurate and submitted on time.
Objective Advice
- A loss assessor gives unbiased advice focused on the policyholder’s best interests.
- They can offer valuable guidance and recommendations based on years of industry experience.
When to Use a Loss Assessor
While a loss assessor can be useful in many situations, there are certain circumstances where their expertise is particularly valuable:
- Complex or High Value Claims
- Claims with extensive damage, multiple parties or significant financial impact are best handled by professionals.
- Disputed Claims
- If a claim is disputed or denied by the insurer, a loss assessor can challenge the decision.
- Inadequate Settlements
- When an insurer offers a settlement that seems too low, a loss assessor can negotiate a better one.
- Limited Time or Resources
- Policyholders who don’t have the time or expertise to manage a claim may benefit from using a loss assessor.
How to Choose a Loss Assessor
Choosing the right loss assessor is key to a successful outcome. Consider the following when selecting a professional:
- Experience and Expertise
- Look for a loss assessor with experience in handling claims like yours.
- Ensure they know the relevant insurance policies and procedures.
Reputation and References
- Check reviews and testimonials from previous clients to see their reputation and track record.
- Ask for references and speak to past clients directly about their experience.
Professional Qualifications
- Verify the loss assessor is licensed and accredited by the relevant professional bodies.
- Membership of the Chartered Institute of Loss Adjusters (CILA) is a good indicator of credibility and professionalism.
Fee Structure
- Find out the assessor’s fee structure before you hire. Most work on a percentage of the claim settlement but make sure you clarify this upfront.
Communication and Availability
- Choose a loss assessor who communicates clearly and is available to answer your questions.
- Ensure they will keep you informed throughout the claim process.
Summary
A loss assessor can be a valuable resource when dealing with insurance claims, providing expertise, advocacy and support so you get the settlement you’re entitled to. Now you know their role, benefits and how to choose the right one, you can manage the claim process with ease. Whether you have a high value property damage claim or a disputed settlement a loss assessor can make a big difference to the outcome.
