Should I hire a loss assessor?
Published by Property Saviour
The UK's No.1 Fast House Sale Company
September 30, 2019 - Read time: 3 minutes
Should I hire a loss assessor?
Don’t be an insurance victim twice and hire a loss assessor to act for you. Life is risky! However well we plan our life, we sometimes meet with unforeseen circumstances and incidents that leave us almost shattered. How we prepare and handle the things that happen to us is crucial.
In the event of a serious incident like fire or flood, the last thing you would want is to go through the stress of dealing with a complicated insurance claim. Filing an insurance claim is one thing; correctly assessing the damage and getting compensation is a different thing. This is where the need for employing the services of a loss assessor comes in.
A loss assessor is an independent entity hired by the policyholder to protect their interest and negotiate an insurance claim with the insurance company. They’re responsible for establishing the reason for the loss. They manage a claim on behalf of the policyholder and ensure he or she receives his or her insurance entitlement. They meet with insurance company representatives, or their loss adjuster, to negotiate the best claim settlement for a policyholder. The role of a loss assessor is to establish the incurred loss, approach the loss adjuster acting for the insurance company and come up with best settlement for your loss.
When might a loss assessor be appointed?
To get compensation, it’s essential to appoint a loss assessor. A loss assessor works for the policyholder to:
- Quantify, prepare a claim and ensure realistic settlement.
- Present a claim to the insurance company.
- Meet with insurance company representatives or their appointed Loss Adjusters to negotiate the claim.
- Manage a claim on behalf of the policyholder.
- Negotiate the type of settlement favourable for the policyholder, be it reinstatement, cash or diminution (loss of value).
- Obtain interim claim settlements for their clients.
- Assists in cases of a declined claim or delayed settlements.
In summary, a loss assessor will:
■ assess the extent of damage
■ communicates on behalf of the policyholder.
■ negotiates for settlement
■ gets speedy settlement: getting a settlement at all is one thing, arranging for the payment to be made in time is another.
The loss assessor ensures you get your claim settlement fast.
Avoid problems with a loss adjuster
For a policyholder, the only way to know how much your loss is worth and to get a successful compensation for your insurance claim is to hire a loss assessor to handle your claim. A loss assessor is pivotal to MANAGING all aspect of your claim and ensuring you have a favourable settlement. The loss assessor will assess the damage, estimate the loss and push for adequate compensation.
RECOVERY: The use of a loss assessor saves you stress from dealing directly with your insurers, enables you to get on with your life and recover from your loss.
PROFESSIONALISM: Loss assessors are very knowledgeable in the art of negotiating with claim adjusters, so they are more likely to achieve a prompt and full settlement.
ACCOUNTABILITY: A loss assessor aims to ensure a policyholder receives what they are entitled to, so, they can be TRUSTED to work in your best interest.
REPRESENTATION: A loss assessor represents the policyholder and not the insurance company. They coordinate insurers and loss adjusters, negotiate your insurance claim to ensure you receive your full settlement.
SAVE RESOURCES: employing the services of a loss assessor will save you precious time, money, and stress. Pushing for claim settlement without a loss assessor will subject you to unquantifiable stress and loss of valuable time.
SECURITY: The loss assessor secures your property, arranges for emergency and alternative accommodation as needed.
INSPECTION: They engage in fieldwork to assess the extent of damage, compile data of their findings and reports, use this in pushing for settlement for you.
SPEED: When an insurance company is made aware that your claim is managed by a loss assessor, it makes it difficult for them to refuse your claim. Also helps to facilitate speedy compensation.
Who pays for a loss assessor?
Loss assessors are independent and work on behalf of the policyholder. Therefore, their fees are paid by the policyholder.
How much do loss assessors charge?
Some loss assessor’s charge no fee for the initial consultation, others charge a small percentage of the overall value of the claim. Other loss assessors offset payment for their services from increasing the value of the total settlement.
According to Morgan Clark, “Many of the claims we handle involve the re-instatement of property and, if our clients decide to use our combined professional team of loss assessors and approved building contractors, then we won’t charge for handling the insurance claim.”
Loss assessors’ standard fees are 10% + VAT of the total settlement amount for dealing with the claim on your behalf.
“It is common for a Loss Assessor to secure a 20 – 30% increase on an Insurance Company’s settlement offer.”Financial Mail
Disadvantages of not hiring a loss assessor
Disadvantages of not hiring a loss assessor in managing your claim can affect you in many ways. For examples:
- Your claim could be dismissed.
- You’ll lose valuable time
- The process of dealing with insurance adjuster can be tiring and stressful
- It is challenging to prepare and present a successful claim.
Get a satisfactory claim settlement! Get a loss assessor!
Property Saviour can put you in touch with an experienced loss assessor who has successfully acted for us. We may even be able to buy your property if you are considering selling it following your successful claim. Why not fill in our enquiry form or call us.