Loss adjusters

[chrisrixon]

Having been thrust into the hands of a loss adjuster by my insurance company I would like to know if anyone has experience of these beasts?

A friend has told me that they are paid on a % of what they save the underwriter?

(sorry to start yet another insurance thread but this is a serious issue)

Chris.

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[david_e]

When you say thrust into the hands of.....I presume they are acting for the insurer? If so, unless you know what their specific instructions are, then be or get prepared.

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[tillergirl]

Their name says it all. They are there to adjust the losses for the people that employ them. You could employ one if you wanted to but of course you wouild have to pay their fee. If you think about the economics of it, insurance companies have to pay them so the cost has to be worth to them, ie through savings. Having met a few in relation to household insurance, there are some decent people out there but they will be testing your claim and will look at the wear and tear aspect. Think positive, bear in mind why they are there, treat them as a professional, have your evidence sorted and ready and be quite clear. Read your policy small print before he comes.

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[poggy]

Hi,

I am no expert, but I thought they used loss adjusters if there are questions over whether you had sufficient insurance cover or if it would be difficult to make suitable repairs. In the worse case, they decide on a value if it is a write off.

The one thing I can't understand about insurance is that if you insure your boat against damage and it is then damaged, then surely the insurance company is obliged to ensure your boat is repaired to the standard it was in before the accident. This of course depends on making sure you have suitable cover at the right value.

We had a loss adjuster come to look at flood damage at our house and she turned around and said we were underinsured on the buildings value, despite having taken the advice of the rep who visited the house every year. She then offered to settle by reducing the pay out in proportion the "underinsured" amount. Finally after a few letters to the chairman of the company, we received the full amount.

I think you are right though, they do get paid a percentage of what they save the company plus a standing fee.

I have been told that there is almost an unwritten rule for most insurance companies, the third offer they make will normally be their final one and normally quite reasonable.

Good Luck and make sure you get everything in writing from the loss adjuster as many do not work directly for the insurance company and it would useful to keep copies for reference.

Poggy

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[bob_tyler]

On a houshold policy some years ago, a Loss Adjuster was sent by the insurance co. when I claimed for a broken glass bowl on top of a very expensive Italian standard lamp.

When he arrived I showed him the lamp and the remains. He immediately agreed to the whole claim, enjoyed a cup of tea and departed.

The insurance co. paid up within a week.

They are not all bad news.

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[jimi]

Under Insurance

Legally if you have under insured then the insurance company is only responsible for the percentage. ie if value 100 and your insured for 60 then legally they are entitled to pay out 60% . Does'nt work the other way though if you are overinsured!

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[AndrewB]

God, I hate these people!

Pure confidence swindlers, the upmarket equivalent of the dodgy used car salesman - except they are trying to talk you out of something, rather than into it.

They arrive all charm, trying to win your confidence, "we are here to help sort out your problems and act as arbiters". It seems such a refreshing breakthrough when the insurance company have been dragging their heels for months, and they count on this. Actually though its about trying to trip you up into saying something that might weaken your case; or twisting your arm into believing that you do not have a legitimate claim.

They are supposed to be impartial, but many are not. Many now are careful not to call themselves loss adjusters - 'claims surveyor' or similar, but it's the same thing. Check if they are covered by the professional code of conduct - that is they are a member of the Chartered Institute of Loss Adjusters. If not, treat them as hostile and say the absolute minimum. If it's a big claim, I would consider having my own legal representative present.

 

[miket]

Re: God, I hate these people!

Having gone through this with a claim with Haven I wholeheartedly agree with Andrew's comments.

Don't lie.
Don't speak, unless actual question asked.
Answer yes or no if at all possible.
If they seem really friendly and on your side, don't believe it. They are not.

My naivety and trusting nature cost me £2k.
The only pleasure I got was telling Haven why I had cancelled the policy, and gone elsewhere.

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[Bergman]

Re: Me too

Got burgled a few years ago and was infested by a female of the species, had it been a male I would have punched him.

Most obnoxious character I have ever had to deal with, I ended hating the insurers more than I hated the burglars.

By the by I once did a presentation to a sizable audience and put up a slide about disadvantages of insurance, top of list was "Loss Adjusters"

A cheer went round the room.

Think I would rather dig ditches than have to do that job for a living.

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[Guest]

A rather curious job title, if you think about it. Sounds like a piece of s/s chandlery, a bookie's fixer at a race meeting, or even a peculiar piece of women's clothing.

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[Metabarca]

So, are there any loss adjusters or insurance salesmen out there sailing (and participating in this forum) or do they spend their free time at dog fights, bear baiting and beating up grannies?

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[snowleopard]

Re: Under Insurance- a twist

a friend told me of an experience with house insurance in south africa. house burned down, insurance company said 'you're 50% under-insured so we only pay 50% of your claim' (eg house insured for 100k, they say value is 200k so we'll only pay 1/2 the 100k)

this bunch of shysters then went on to say they covered the whole property and the patio wasn't destroyed so they reduced the payout pro rata for the surface area of the patio.

perhaps we don't do too badly these days!

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[chippie]

I dont know whether things are different in NZ or not, but most of our institutions are modeled on the British ones, and a few insurance companies are British owned.

Having the misfortune of my house burning down some years ago I had first hand experience of dealing with a loss adjuster. My first question to him was 'who pays your fee?' His reply was that (at least here in NZ ) assessors were independent of the insurance companies they act for.
I was upfront in asking about anything I wasnt sure of and received direct and accurate responses.
This independence and separation is a statutory requirement and I would be surprised if things were not the same in the UK.

With regard to the under insuring , you have to be sure of which value they mean when talking of giving you a percentage of it. In my case I found out there were several different valuations eg: replacement ,insured , govt.(in the case of houses) and market. The terms of the policy would state which one applied.
I know that a boat policy is different in detail but feel that the overall principles apply.
One other thing, I have a little more leverage over my insurance company by giving them all my business ;houses, vehicles, boat etc.

It is an interesting subject and it pays to be well informed if we can.

Is the UK experience that much different?





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