Loss Assessors and Adjusters – A Humorous Explanation
Jargon-busting insurance terms isn’t usually the most exciting past time, so we thought we’d bring a bit of humour into it and give an alternative low down of the role of loss assessors and loss adjusters.
What is a Loss Assessor?
A Loss Assessor is one of the first people on the scene to see the extent of your losses after something probably quite awful has happened. Chances are you are beside yourself with worry, and just want someone to take care of everything, tell you what to do, and provide you with excessive quantities of hot tea. In reality, you should provide your appointed Loss Assessor with as much tea as humanly possible as they are the ones who will provide you with a figure to present to your insurance company.
A Loss Assessor works for YOU, and YOU will have to pay for this person’s expertise. Chances are you’ll feel a bit miffed that you have to cover this cost for something you might expect comes under the remit of your broker.
We feel that at this point we should make our place as broker VERY clear – we are here for our clients, and our job is to use our expertise to help our clients in any way required in the event of a claim.
What is a Loss Adjuster?
If the Loss Assessor is your knight in shining armour, then the Loss Adjuster brought in by your insurance company could be seen as the flaming bucket of tar launched with great force from a trebuchet. The job of the Loss Adjuster is to adjust the said losses, usually in the downwards direction.
Loss Adjusters work for the INSURANCE COMPANY and are paid by the INSURANCE COMPANY, and therefore view the loss situation slightly differently. It is their job to decide what will, and what will not, be paid for by the Insurance Company.
If you are going to ply anyone with copious amounts of tea, you should save a fair amount for the Loss Adjuster.