A public loss adjuster is similar to both loss assessors and loss adjusters, but distinct from both. To explain in more depth, we must first compare loss adjusters and loss assessors.
What is the difference between a loss adjuster and a loss assessor?
This is a subject that is often confusing for many, but it can be simplified into basic terms. Both loss adjusters and loss assessors do the same thing – assess the losses in a situation, calculate the costs it will take to repair the damage that has been inflicted on the property and report this to the insurer. However, who they work for is the main difference.
A loss adjuster often works for an insurance company and will ensure that the insurer will not have to make a high pay-out to the policyholder by protecting their own interests. They often have in depth knowledge of the insurer’s policies so they can use the small print to their advantage, often without the knowledge of the policyholder. The insurer pays their fees.
They may also try to minimise the claim that a policyholder may have, as they get their work from the insurer. As such, they must save the insurer as much as money as possible in order to gain their own payment.
A loss assessor will work for the policyholder and are independent, so they work for the policyholder to ensure that they gain their full entitlement, utilising the small print in order to ensure that the damage is fully compensated. They often work on a no-win, no-fee basis, so if the policyholder does not have a claim then they do not pay.
However, they then take a large chunk out of the policyholder’s payment, making this somewhat redundant, and thus it is in their best interests to ensure that this pay-out is high – the more the policyholder is paid, the higher the figure they can take based on a percentage. It may also be the case that if you wait too late for their services, they will not be able to help you as the insurer’s small print may prevent them from doing so.
So, what is a public loss adjuster?
A public loss adjuster is independent like a loss assessor, choosing to work for the public, but will not charge the policyholder for their services. The insurer pays their fees, while they stay independent in order to provide the public with the best service possible. A public loss adjuster will never ask the policyholder to pay their fees.
This means that policy holders have a new option available to them when making an insurance claim and they need a party to protect their own interests. A loss adjuster working for the insurer will not be there to protect your interests – but a loss assessor or public loss adjuster will. Public loss adjusters are few and far between, but we are one of a few firms who can help you with your insurance claims.