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What is the difference between a loss assessor and a loss adjuster?

What is the difference between a loss assessor and a loss adjuster?

Loss assessor and loss adjuster are both terms you’ve probably heard before. Although they sound similar, they each have very distinct roles and the difference between the two could have a significant impact on the size and speed of your insurance settlement when making a claim. We’re going to go over the key differences between the two and answer the questions; What is a loss assessor? What is a loss adjuster? And what is the difference between them?

OK, so what is the difference?

In simple terms, while the loss adjuster works on behalf of the insurance company, representing their interests throughout the insurance claims process – an insurance loss assessor works for you, the claimant, and only represents your interests. Insurance assessors are never paid by the insurance company.

Let’s look at what the job of each one is and how a loss assessor can help you receive the maximum claim you are entitled to.

What is a Loss Adjuster?

Insurance companies will try to minimum settlement to policyholders – they do not help you claim. In contentious situations, or ones in which the insurance company believe they have a justification for paying below the amount being claimed, they will appoint a loss adjuster to carry out an investigation.

What does a Loss Adjuster do?

A loss adjuster will investigate the cause of the claim and determine whether or not it was covered by your insurance policy. The loss adjuster may visit the site of the loss to assess the damage, take photos and gather evidence. Based on the loss adjuster’s observations they will prepare a report for the insurance company detailing their findings.

Loss adjusters are supposed to act impartially but it is important to remember they have a contract with the insurance company and their fee is paid by them.  It is in the interest of the loss adjuster to keep the insurance settlement as low as possible.

Loss adjusters’ conduct is regulated by the CILA (Chartered Institute of Loss Adjusters).

It is important that you as the policyholder have someone fighting your side too – representing your interests and maximising your entitlement. This is where a loss assessor is necessary.

What is a Loss Assessor?

A loss assessor is appointed by the policyholder manage the insurance claim on their behalf. Loss assessors will help with all aspects of the insurance claim, from securing interim payments, filling out paperwork to meeting and negotiating with the insurance company’s loss adjusters.

They are specialists at negotiations and are well versed in the terms and conditions of insurance policies. They also have extensive experience of how insurance companies process claims.

In the process of an insurance claim, the loss assessor is the only party that has your interests at heart. As their fees are paid as a percentage of your final claim, it is in their interests to secure you the best settlement possible for your claim.

Loss assessors are authorised by the FCA (Financial Conduct Authority).

When Should I Appoint a Loss Assessor?

Often, people will only appoint a loss assessor when they are unsatisfied with their insurance company’s proposed settlement or when their claim has been denied. Though a loss assessor is always useful to have during these times, the earlier in the process a loss assessor is involved, the greater chance of increasing your claim they have.

Many policyholders will go through the entire, arduous process of liaising with the insurance company themselves, and all the stress that involves at an already trying time, only to have their claim denied or be paid significantly less than they deserve.

In order to maximise your insurance policy settlement, it is important to involve a loss assessor at the earliest possible time. Ideally you should contact a loss assessor as soon as you intend to make a claim. As this article from the Guardian puts it; getting a loss assessor is the best insurance policy.

Appointing a loss assessor early in the process increases the chance of a better settlement, and it also frees up your time. You no longer have to deal with the insurance company personally, as the loss assessor will take care of all the paperwork and negotiations for you, allowing you to get on with getting your life back to normal. For many policyholders this alone can be invaluable as they work to recover from the distress of the fire, flood, impact or theft that led to the claim.

While it is possible to reopen and be successful with declined claims, it is imperative to appoint a loss assessor as soon as you decide to make an insurance claim.

Why Choose ICS?

Insurance Claim Solutions (ICS) have a team of experienced professionals with over 30 years combined experience in dealing with insurance companies and representing policyholders to get them the pay-outs they deserve.

At ICS we understand that the circumstances leading to a claim can often be traumatic and we always take time to listen to your concerns taking them into account when conducting negotiations. We also:

  • Help manage the claims process from start to finish.
  • Survey and assess property damage.
  • Assist with the provision of temporary accommodation.
  • Organising clean-up, salvage and security for your premises.
  • Present a report to the insurers on the damage.
  • Negotiate with the insurance company to ensure you get the best contractors for your repairs.
  • Deal with claims that have initially been declined by the insurance company.
  • Deal with claims which are experiencing delays.

How Can ICS Help You?

Hopefully you are now clear on the difference between insurance assessors and insurance loss adjusters. If you require help with an insurance claim, ICS can help manage the claims process from start to finish, allowing you to begin moving on with your daily life while keeping you updated on the status of your claim as it progresses:

  • After an initial phone call one to discuss your claim and determine how we can best help a loss assessor will conduct a no-charge visit to your home or premises.
  • Once there, they can discuss your claim in person and make a preliminary assessment of the damage.
  • You will then receive a proposal stating the fee structure and outlining how we intend to progress with negotiating your claim with the insurance company.
  • ICS will then manage and negotiate your claim on your behalf, keeping you informed of its progress along the way.
  • ICS will present your claim to the insurance company with the goal of maximising the final insurance pay-out.

For more information about the claims process or a free consultation phone call to discuss how to progress with your claim, call 01273 573888

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