Dear readers,
Insurance may
not be viewed as living in the ‘fast lane’ but like banking, accounting;
taxation or refuse collecting it is a necessary function in a modern society. So, if we must have it we should understand
it, or at least have access to someone who does.
People’s
views on the subject tend to relate to good or more usually bad experiences
that they or some acquaintance has experienced following an incident that
resulted in a claim and if I were to suggest that paying claims is the primary
function of insurers, would such a comment be greeted with approbation?
I have for
many years lived in the ‘fast lane’ and still do; handling, investigating and
more importantly settling insurance claims on behalf of insurers around the
world and I can confidently say there is nothing mundane about insurance losses
nor is it insurers that actually carry out claims investigations. Such matters are usually dealt with by loss
adjusters who are independent and impartial claims specialists who, after years
of study, have the necessary expertise and experience to report on just about
any disaster that befalls businesses and individuals.
There are
two primary functions for the loss adjuster to consider ‘liability’ and
‘quantum’ and for those with perhaps negative views on insurer’s propensity to
pay claims, it is the case that most losses involve a payment to the
policyholder and that payment is based on the terms of the insurance cover as
set out in the policy schedule and wording and not some vague assessment
encapsulated under the non-existent and derogatory term “the small print”.
The loss
adjuster is usually instructed by the insurer, but he/she is duty bound to
ensure fair play and for the policyholder to receive the indemnity that they
are entitled to under the policy and for which a premium has been paid.
The above
constitutes the basic functions of my profession and in part two I will provide
further insight into the life and times of a loss adjuster. Any comments or responses will be welcome and
should readers require advice or help with insurance claims or other related
issues, I will be happy to comment where ethical.
