This role is relatively new in the terms of the definition, as not many people know about the actual significance of a loss adjuster. In older times, when the insurance was a new phenomenon, insurance companies used to hire an intermediary who could assess the authenticity of the claim and pay them a little fee for their services. However, as the profession evolved, the role of a loss adjuster has become important, which is why this blog focuses on what a loss adjuster actually does, to highlight the importance of their role.
What Do They Do?
Whenever there is an accident, a fire, a robbery or an incident that causes damage to the property, people file a claim if they have gotten their property insured earlier. To verify the claim and determine the degree of damage done, and subsequent steps required to file the claim, a loss adjuster is hired. A loss adjuster recommends the insurance companies how much is to be paid on the basis of the policy coverage. A loss adjuster works on behalf of both the parties and is impartial.
They also assure the claimants that their claim will be processed smoothly and without any biases.
- They investigate the event and assess how the incident took place.
- They negotiate with both parties, and take interviews of the witnesses, gather statements and settle claims according to the policies.
- They calculate the value of the property, make guidelines for making a claim, calculate the losses, and check if the claim can be quantified.
- They participate in trials, meetings, and act as a mediator.
Here are some other roles that a loss adjuster plays within their respective field with more or less the same duties:
- Claim adjuster
- Claim specialist
- Property adjuster
- Liability adjuster
- Accident loss adjuster
- Catastrophe adjuster
Often time, people make the mistake of mixing up the role of loss adjuster and loss assessor. The difference between these two is very subtle.
Who Are Loss Assessors?
A loss assessor exclusively works on behalf of the person who is making the claim. He makes sure that your property is valued and the losses are properly covered. He is more like an attorney to you who legally represents you when you are making the claim so you get the value you deserve. The basic duties of a loss assessor include:
- Representing the claimant to the insurance company, setting meetings with the loss adjusters.
- Drafting and finalizing the claim on behalf of the person who has suffered the loss.
- Negotiate with the loss adjuster and the company to make sure the value settled is fair.
- Handle the cases, which are complex, or those which the insurance companies have earlier refused to take due to complications in the process.