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The loss adjuster is a professional in the insurance industry. Hus/her role is to investigate insurance claims on behalf of insurance companies. The loss adjuster's s fee is fully covered by the insurance company that appoints him. He/she plays a crucial role in the insurance claim process and is usually the first person you will come in contact with on behalf of the insurance company as soon as you report a claim.
The loss adjuster visits the location where the damage has occured within the first days after the announcement of the damage. The purpose of this visit is to collect all the necessary data and to prepare an expert report. This report determines the validity of the claim and it is the basis for the calculation of amount considered to be paid by the insurance company.
Often during the process, the loss adjuster makes recommendations in order to improve safety and protection to avoid further damage and in several cases he suggests solutions and services for the repair of the damage.
First of all, he/she examines whether the insurance company is liable to pay compensation for the particular damage, according to the terms of the insurance policy and if he/she finds that there is liability, it determines the extent of liability. He/she will usually do the following:
The loss adjuster works on behalf of the insurance company that appoints him/her as an investigator and assessor of the damage suffered by the insured. In contrast, the loss assessor works on behalf of the insured, in order to manage and prepare his/her claim against the insurance company. Each of these two professionals defends the interests of his/her client while maintaining his/her impartiality and upholding his/her scientific oath.
The loss adjuster is appointed and paid in full by the insurance company. His/her goal is to improve the position of the insurance company in the upcoming settlement for the amount of your compensation, by formulating the necessary arguments and documentation. It is by no means his/her role to advise or assist you in preparing or managing your claim.
The loss assessor is selected by the one having suffered the damage and undertakes to prepare and present your insurance claim in the best possible way. He/she also undertakes to communicate and negotiate with the loss adjuster on your behalf and takes care of your interests throughout the process. The loss assessor goal is to achieve the highest possible compensation, based the terms of your insurance policy and to do so in the shortest possible time with the minimum involvement on your part.
It is important for the loss assessor to get involved in the insurance compensation process as early as possible. It has been proven in the hundreds of projects we have managed that the best results arise when the insured starts working with a loss assesor and claim preparer in the very first days after the damage occurs.
In case of loss, the insurance company is responsible for covering the costs for the restoration of your property and the replacement of damaged content, stocks, machinery, etc., depending on the type of damage and the existing insurance coverage.
In the early stages, the process seems simple. However, as the claim process progresses, the day-to-day involvement and organization of restoration work combined with gathering the necessary data to prepare a proper claim for the compensation of the damages can be a very stressful and time consuming process, that requires specialized knowledge of your contract coverage and the procedures necessary for compensation.
The loss assessor, based on his experience and knowledge, is the only one who can support you in all stages of this process, freeing you from time-consuming communications with all parties involved. The result is a correct and well documented claim, which capitalizes on the coverages and terms of the insurance policy. At the same time, the involvement of the loss assessor speeds up the compensation process and your return to normalcy.
FAIR Consulting
FAIR Consulting is usually paid with a small percentage of the final compensation amount that the policyholder will receive from the insurance company. The fee largely covers project costs.
However there are additional possibilities for different fees in special loss cases
The percentage fee is agreed with each customer and depends on various factors (amount of damage, complexity of the compensation process, number of parties involved, time involved in the insurance compensation process, etc.).
For other services, the fee is determined accordingly and in cooperation with the interested party.
The loss assessor can be involved in a loss claim, either directly from the client or through a third party (insurance broker or lawyer).
He/she can be involved at any phase of the insurance compensation process. However, it is best to start the collaboration immediately after the damage, ideally before the insurance company' loss adjuster first visit. In this way the best course of action, in strategy and tactics at all levels, can be designed from the beginning, ensuring the best possible outcome.
The loss assessor acts independently of all other parties involved and always only for the benefit of his client, either individual or company. He/she is your contact person in any communication, negotiation or technical documentation that arises during the insurance compensation process.
Not necessarily, you can use the services of FAIR Consulting, even in cases where you are claiming compensation from a third party, whom you consider to be responsible for the damage.
You can contact FAIR Consulting for services not related to any loss compensation.
The services offered are:
Sometimes an insurance claim is rejected and this can happen in the following cases:
However, when a claim is rejected and the insured party believes that the decision was unfair or without sufficient documentation, there are some areas where FAIR Consulting could contribute. After examining all the insurance documents, FAIR Consulting can decide if there is room to challenge this decision and take the necessary steps to claim compensation from the insurance company. FAIR Consulting can act as an expert advisor - by your side - in an appeal process to the insurance company, drafting a well-documented technical and financial expert report.