A loss assessor not only takes away the burden and stress associated with pursuing your own insurance claim, but can achieve the fastest and best settlement possible through their extensive knowledge of the claims process and expert interpretation of policy wording as it relates to your claim. A competent loss assessor knows the right questions to ask and how to keep the claims process moving, letting you focus on getting your property or business back in order.
What’s the difference between a loss assessor and a loss adjustor?
A loss assessor is an authorised intermediary appointed by the policy holder to act on their behalf to negotiate and secure the best possible settlement for an insurance claim. In contrast, a loss adjuster is appointed by the insurer to determine whether the conditions of a policy have been met and adjust the claim submitted by the policy holder. If the claim has not been prepared by an experienced and trusted loss assessor, there may be aspects of your entitlement that are missed, leaving the loss adjuster to deal only with the details of the claim presented to them and risking a reduced settlement for the policy holder.
Do I really need a loss assessor? Can’t I manage the process on my own?
Property damage can be a particularly devastating experience, so why take on the added burden of managing the claims process, not to mention the stress of navigating complex policy wordings and insurer’s criteria? We relieve you of this worry by compiling claim details in accordance with the terms of your insurance policy and liaises with your insurer, or their representatives, on your behalf to achieve a satisfactory settlement.
I think I have a claim: what should I do next?
Always better to contact us first as we will assist also in the notification process to your Insurer about your loss. Important where you aren’t sure of the circumstances and need initial consultation.
How does an insurance claim work?
1. When a policy holder notifies their insurer of a loss, the insurance company will request estimates for repair or replacement, or they might appoint a loss adjuster to negotiate on their behalf.
2. The loss adjuster will investigate the circumstances of the loss and prepare a report for the insurer about what happened at the time of the loss.
3. The policy holder will then be asked to submit a fully detailed claim to the Loss adjuster, itemising all aspects of the loss and their values, with quotations for repair or replacement supporting each item claimed.
4. The loss adjuster will then consider the claim and forms their own conclusions about the loss and its value, followed by recommendation to the insurer about how much should be paid to settle the claim. To determine the final settlement figure, the loss adjuster will take into account the total value at risk and the value actually insured under the policy. The loss adjuster’s report will emphasise any under-insurance, which will reduce the amount of the settlement figure.
5. If the policy holder has engaged a loss assessor to act on their behalf, the loss adjuster will be obliged to negotiate every aspect of the claim with the loss assessor. As a result, the loss assessor will help determine the amount that is eventually paid by the insurer, securing the policy holder the best outcome possible.
What are your fees?
RM Gibbons and Associates charges a percentage of the claim settlement, agreed with you in advance. This starts at a maximum of 10% with a reducing scale applied to larger claims. There is no charge for the initial consultation and no hidden charges thereafter, and payment is not required until you receive a settlement cheque from your insurer. While most policies exclude the cost of compiling a claim, some building policies – and subject to the complexity of the damage or loss – inclusion can be made to recover the cost of professional fees incurred in process of settling a claim.
I’m not sure if my policy covers the damage. What do I do?
Get in touch with us for a free, no obligation consultation and we can determine quickly whether your damage or loss is covered by your insurance policy.
How does a loss assessor determine the value of my loss?
With extensive experience in construction technology and quantity surveying skillsets, we’ll carry out a detailed survey and assessment of your loss. Should we need further opinion, we’ll call on our panel of experts (for example, a structural engineer).
Will a loss assessor help me achieve a faster and better settlement?
Yes! With a thorough understanding of construction technology and the claims process, we know the questions to ask, how to interpret insurance policy wording and what insurers look for in a completely and thoroughly compiled claim. This keeps the claims process moving and helps secure policy holders the best possible settlement in the shortest timeframe.
Will using a loss assessor drive up the cost of my insurance or give me a bad name with my insurers?
Absolutely not! Most insurance companies prefer to work with an experienced loss assessor, rather than an inexperienced policy holder, as it streamlines the claims process and makes it easier all round. We will never claim anything that you aren’t entitled to, so in the event of a claim where a payment is going to be made by the insurance company, it is in your best interests to appoint a loss assessor to secure your proper entitlement.