What does a loss assessor do?
A loss assessor will:
- Attend immediately
- Prepare your claim
- Negotiate the best terms of your settlement on your behalf
For what type of claim is a loss assessor needed?
The services of a loss assessor should be sought for all claims following loss by fire, flood, theft, Burst pipes, storm, business interruption, oil and chemical pollution, subsidence, computer loss, natural disaster.
Why would I need a Loss Assessor?
The only reason why anyone effects insurance is against the possibility of a claim. So when a claim does arise you have the right to expect that your insurance Ccmpany will deal with it in a sympathetic manner and in such a way that does not leave you financially disadvantaged.
Sadly, the reality is often very different. In dealing with a claim of any size, the insurance Company will appoint a loss adjuster. He may tell you that he is there to deal with the claim impartially, but bearing in mind that he is engaged and paid by the insurance company it is not difficult to see where his loyalty will lie in dealing with a grey area.
And there are always grey areas. Claims assessing is not an exact science and there are many instances where there is no absolute answer to to the way a claim for a particular item should be settled. Human nature being what it is, the loss adjuster is likely to lean towards his principals, the insurance company.
Loss assessors charge a fee agreed with you in advance, for the work undertaken on your behalf.
When should I appoint my Loss Assessor?
The way a claim is prepared and presented is every bit as important as the way in which it is negotiated and settled.
You therefore need to appoint a loss assessor as soon as you realise that you have a claim. Don’t wait until things start to go wrong – when the insurance company’s loss adjuster tells you that you are not entitled to claim for something which you were convinced rightly forms part of your claim – or when the loss adjuster tries to reduce the amount you are claiming, often quoting “small print” in the policy.
The services of a loss assessor for business are a must. Following any sort of claim your main concerns are:
- To minimise the disruption
- To get back to normal production, sales or your normal activity
- To have the claim settled on the best possible terms
Many insurance losses in business will give rise to a claim both for material damage and also business interruption or consequential loss. It is often this latter aspect where the services of a loss assessor are invaluable – both in the preparation of what can often be a very complicated accountancy-based claim and in the detailed and delicate negotiations with the insurance company’s loss adjuster which follow.