Introduction to the World of a Loss Adjuster

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.