Something we often get asked is ‘Who pays loss adjuster and loss assessor fees, how much do they charge and is it beneficial to work with a Loss Adjuster or Loss Assessor on your insurance claims?’. Therefore we have put together a summary of how it works, and how it can benefit you and your claim:
What is a loss assessor?
A loss assessor is a professional who assists policyholders in navigating the insurance claims process. An Employer’s/ Policyholder’s agent.
An Assessor provides guidance in understanding insurance policy, limit of liability, assessing validation and quantum measurement, or cost of claim. Assessors prepare cost reports and negotiate with loss adjusters and insurance companies to ensure fair compensation for the policyholder.
How can a loss assessor help me and when might I need one?
A loss assessor can assist you by evaluating and documenting the extent of your insurance claim, negotiating with your insurance company on your behalf, and ensuring that you receive fair compensation for your losses. They act as Employers Agent throughout the claims process, helping to alleviate the stress and complexity involved in dealing with insurance companies. Additionally, they may provide guidance on the necessary steps to maximise your claim adhering to policy conditions at all times, and help expedite the resolution process, ultimately working to secure the best possible outcome for you.
A loss assessor might be needed when you experience a significant loss, such as major or complex loss property damage or business interruption, and require assistance in navigating the complex process of filing an insurance claim. They can provide expertise and advocacy to ensure you receive fair compensation from your insurance company. They are more often called as a value added service for Landlords and busy working policyholders who simply don’t have the time to administrate and manage the upheaval of it all. Ex-patriots, foreign nationals who’s first language isn’t English, the elderly and people with disabilities.
Who pays loss assessor fees?
The policyholder typically pays loss assessor fees. These fees are often based on a percentage of the final insurance settlement or charged as a flat rate. While there is a cost involved, many policyholders find the expertise and support provided by a loss assessor to be well worth the investment, especially considering the potential increase in compensation they may receive.(YourClaim do not charge clients fees for building damage claims)
But are loss assessors worth it?
To answer the question, consider the following factors:Complex Claims:If your insurance claim involves significant damages, multiple parties, or complex policy language, a loss assessor can provide invaluable expertise in navigating the process.
- Time Constraints:If you’re juggling other responsibilities or don’t have the time to deal with the intricacies of the claims process, a loss assessor can take on the workload, allowing you to focus on other priorities.
- Maximising Compensation:Loss assessors are skilled negotiators who can advocate on your behalf to ensure you receive the maximum compensation you’re entitled to under your policy.
- Peace of Mind:Having a dedicated professional handle your insurance claim can provide peace of mind, knowing that someone with expertise is working to protect your interests.
Ultimately, the decision to hire a loss assessor depends on your individual circ*mstances and preferences. It may be worth considering consulting with a loss assessor to discuss your situation and determine if their services align with your needs and goals.
View one of our client videos on how YourClaim has helped others.
What is the cost of a loss assessor?
The cost of hiring a loss assessor can vary depending on several factors, including the complexity of the insurance claim, the extent of damages or losses, and the policies of the individual loss assessor. Typically, loss assessors fees are either a percentage of the final insurance settlement (usually ranging up to 15%) or a flat fee.YourClaim does not charge clients fees for building damage claims, for more information regarding this please contact us directly.
What is a loss adjuster?
A loss adjuster is an Agents appointed by an Insurance Company. Their role is to investigate insurance claims, assess the extent of damages, and determine the validity of the claim. They aim to uphold the integrity of policy cover and protect the vested interests of the insurance company by ensuring that claims are paid, or adjusted appropriately based on the terms of the policy. While both professionals deal with insurance claims, a loss assessor represents the policyholder’s interests, while a loss adjuster represents the insurance company’s interests.
Read more about this via our article discussing the difference between a loss assessor and loss adjuster here.
What is fair compensation?
Fair compensation is an appropriation of policy cover but the guiding principle is to indemnify the policyholder against their losses. That means to put back to a condition of pre-loss.
An experienced Loss Assessor will act as an advocate for policyholders, guiding them through the claims process and working to maximise their settlement, more importantly, will represent the policyholder through negotiations, complaints procedures, investigations, valuations and potential legal action if a dispute with your Insurers cannot be reached over a valid claim.
In our experience, the best outcomes occur when Adjusters & Assessors work together collaboratively. A good Adjuster will value the involvement of an Assessor in complex situations, and equally a good Assessor will value the involvement and input from a good adjuster in moving things forward efficiently, getting claims paid equitably.
