Due to the fact the terminology used is quite similar, people often mix us the two phrases, i.e. public loss assessors and loss adjusters therefore there is no such profession such as a public loss adjuster, which we will explain hereunder.
The profession of public loss assessment is relatively new compared to the offering of insurance, a loss adjuster works on behalf of the insurance company and has their interests intact.
Under the consumer protection code, it specifically states
Where a regulated entity engages the services of a loss adjuster … that such loss adjuster and/or expert appraiser acts in the interest of the regulated entity and the regulated entity must maintain a record of this notification.
When people search for a “public loss adjuster” they really do mean public loss assessor, the terms could have arisen from the philosophy the loss assessor would assess the claim and the loss adjuster would adjust the claim.
Based on internal research, the majority of our clients would contact us at the outset of their claim, which has proven to provide good results however should you have difficulty with policy wording or a detailed scope of work, it would be good advice to get a second opinion from a loss assessor.
The policy terms and conditions matter when making a claim, claims conditions like average, wear and tear, single article limit, etc, may seem Double Dutch to you.
A loss assessor deals with the following aspects of your claims,
- Evaluate your policy coverage in order to determine your entitlements.
- Discuss a suitable scope of works with your loss adjuster and present a scope of works to that effect.
- Calculate business interruption losses and increased costs of working.
- Negotiate claim settlement amounts.
- Support the claim via validation of contents and building costings however separate quotations may be required.
- Re-open a claim should a discrepancy arise regarding an unidentified item within the initial settlement agreement.
In Ireland all loss assessors are required to be registered with the Central Bank which require firms to annually report to them regarding specific conditions they must meet.
If you have a claim, contact a loss assessor not a public loss adjuster !!