210-3232633   This email address is being protected from spambots. You need JavaScript enabled to view it.

greek flag   englishflagAsset 4

Frequently Asked Questions

What is a loss adjuster and what does he/she do?

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. 

What does the loss adjuster examine?

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:

  • Investigate the cause of each incident and examine whether the damage caused is covered by the insurance policy . 
  • Calculate the sufficiency of the insured funds and calculate the percentage of the insurance coverage for the loss.
  • Examine the fulfillment of the terms of the insurance policy (general and special).
  • Examine whether the descriptions of the insured items acyually match the damaged ones.
  • Estimate the costs for the restoration of the damages and indicate whether the amount of the compensation claim is reasonable.
  • Confirm that the claim only includes items related to the particular damage.
  • Express his/her assessment on insurance coverage percentage, in most cases. .
What is the difference between the loss adjuster and the loss assessor?

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. 

Why do need to involve a loss assessor such as FAIR Consulting?

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. 

Why choose FAIR Consulting as your loss assessor and claim preparer?

FAIR Consulting

  • Has experience and knowledge in the area of loss assessment and loss compensation
  • Is valued within the insurance market for its independence and professionalism 
  • Uses a negotiating approach that aims to resolving the case, with the fewer confrontations with the other parties involved. 
  • Has excellent collaboration and relations with all insurance companies and all the loss adjusters in the Greek insurance market.
How is FAIR Consulting paid for its services?

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.

How can a loss assessor get involved in a loss case?

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.

What is the role of the loss assessor in relation to other parties when the damage has insurance coverage?

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.

Do you need insurance coverage to get FAIR Consulting involved in your case?

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.

Apart from services in case of loss, where else can FAIR Consulting assist you?

You can contact FAIR Consulting for services not related to any loss compensation.

The services offered are:

  • Valuation, for pre-insurance audit or for the sale or purchase of a property.
  • Preparation of a technical-financial expert report for legal or other purposes.
  • Audit of the completeness and adequacy of existing insurance coverage and recommendations for improving the coverage.
  • Training in matters related to the insurance compensation process.
  • Documentation and negotiation in a dispute with a third party.
What are the benefits of working with FAIR Consulting?
  • Prompt and out-of-court settlement of claims. In the event that the case goes to court, FAIR Consulting and its partners provide the necessary support to your legal advisors.
  • Maximising the potential compensation amount. With our intervention it is possible to revise the initial compensation estimates suggested by the loss adjusters to the insurance companies.
  • Crucial contribution to effective communication (interventions, preparation, response documentation) with parties involved (loss adjusters / insurance companies).
  • Strategy and methodology in negotiation and compensation settlement.
  • Technical support in the evaluation of the estimates made for the insured funds and the loss. 
  • Tactical planning in collaboration with our client and the executives who support him/her. 
  • The client is thoroughly informed throughout the case.
  • The client - business or individual - does not consume valuable time and resources on damage handling, while he/she remains principal in decisions crucial to the process.
  • Assistance in gathering and evaluating the data necessary for the loss assessment process and instructions for preparing the claim file.
  • Effective negotiations.
  • Drafting a detailed report listing the points where there is scope for an increase in compensation and the points where there is no such margin. This helps the client to make the right decisions and not waste energy and time on issues that have no hope of differentiation, at least out of court.
In which cases can the insurance company reject the claim and not pay any compensation?

Sometimes an insurance claim is rejected and this can happen in the following cases:

  • Serious negligence on the part of the insured and only when this allegation can be substantiated by the insurance company as a breach of the terms of the insurance policy.
  • Insincerity or concealment of information during the insurance policy application.
  • Underinsurance. This means that your property is worth much more than what is stated in the insurance policy and in this case you will have to pay the difference to cover the cost of the damage.
  • Invoking special and general conditions or application of exceptions within the insurance policy.

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.

What steps should you take in case of a damage/loss?
  • Inform your insurance agent or broker and your insurance company. The information provided should be short and concise. No details are needed in the damage notice letter. 
  • Seek immediate support from a reputable loss assessor and claim preparer and do not hesitate to request references from their clients. Unfortunately, there are many that are not qualified or overestimate their contribution. 
  • Try to reduce the impact of the loss, while ensuring the safety of the people in the area of ​​the damage. 
  • Take photos or videos of the damaged area, and in case you have identified its initial source, put extra effort in recording this specific area as thoroughly as possible. 
  • Provide the authorities with all the help and information they require from you in order to assis them in their work.
  • When communicating with the parties involved and especially with the loss adjusters, answer only when you are 100% certain of the accuracy of your response.
  • In no case do not express your personal opinion on the case, only the absolutely confirmed facts are of interest.
  • Before the loss adjuster's visit, it is important NOT to dispose of any damaged items. Items you dispose of may not be reimbursed even if you include them in the reimbursement claim.
  • It is also recommended that you be able to document the costs of any emergency work performed after the incident.