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What is meant by the term loss adjuster? Loss adjusters are impartial claims specialists. The loss adjuster's role is that of an impartial expert who can advise both the policyholder and the insurance company. The policyholder's insurance contract is still with the insurance company and it is the insurance company which acting on the advice of the loss adjuster - will eventually pay the claim. The loss adjuster will visit the policyholder, within days after submission of the claim form, to discuss the circumstances of the claim. The loss adjuster will check:
Loss adjusters can often point to aspects of the claim which the policyholder may have overlooked. They can advise on repair techniques and will know of specialist firms in the area who can undertake work in connection with the claim. The loss adjuster reports his findings and recommendations to the insurance company. The company is then in possession of full facts on the matter and is able to pay the claim. Canadian Adjusters International investigates the circumstances of claim, surveys the damages and prepares an adjustment quantifying the actual loss, including what is recoverable under the policy in force. Top Is Canadian Adjusters International connected with insurance companies? No. We act in a neutral capacity on behalf of the insurance company and/or assured. Top How can Canadian Adjusters help? Canadian Adjusters International assists the Underwriter in establishing the extent of liability against the policy, surveys the damages, prepares an adjustment and suggests settlement in order to obtain a release of liability for damages sustained covered under the policy - all of which helps the Insured receive a prompt and fair settlement. Canadian Adjusters International also assists the Shipowner/Shipmanager, or their Underwriter in dealing with claims (P&I, FD&D, H&M), ISM/ISO consultation and Port Captain Services (delay in loading/reloading, potential claims & ISM/ISO audits) and pre-entry condition surveys (P&I and H&M). Top Can Canadian Adjusters investigate the circumstances surrounding a loss? Yes, More specifically, Canadian Adjusters International can undertake a complete investigation into any event, incident, or happening to ascertain the causes and/or persons responsible. We can assist in the preparation of inventories, estimates and other factual proofs of loss. We will verify all the necessary details of claim as required by the terms of the insurance policies. We will also confer, on Underwriter's behalf, with the Insured's representatives and handle all matters essential to a proper and satisfactory adjustment. Top Why do insurance companies employ loss adjusters? Loss adjusters are experts in many fields. In addition to a thorough knowledge of insurance and of the area in which they work, they can advise both the insurance company and the policyholder on repair and replacement techniques. After discussions with the policyholder, the loss adjuster's report to the insurance company enables the company to process the claim without delay. Each loss adjuster works for many insurance companies. These companies know they can rely on the skill and impartiality of the loss adjuster. The typical policy contains hundreds of provisions and stipulations - various forms and riders that are constantly changing and many complex details about the Insured's requirements in case of loss. These policy provisions - and most do not realize that the burden of proof is on the policyholder, require that the claim is investigated. Most insurance company representatives actually prefer to work with an experienced loss adjuster rather than an inexperienced insured to ensure that indemnity is paid for what is covered under the terms of the policy. Top In the event of a fire or similar destruction of property does my insurance pay the entire loss? This depends upon the type and amount of insurance carried. The policy could indemnify the insured for actual cash value (fair market value), or for an additional premium provide for replacement value. It also depends on the amount of the policy deductible (excess) which would be borne by the policyholder. Also general average would apply if the sum insured is inadequate. Top What prior action should I take to obtain what is rightfully recoverable in case of a loss? Consider whether you want to be indemnified for actual cash value or replacement costs. Carry out a pre-risk survey (where it can identify potential exposures against the policy in the event of a claim) and rectify the safety measures to reduce the risk and possibly the premium too. Top What is the Insured's responsibility in the event of a claim? Under most terms, the Insured has a responsibility to notify the Insurer advising of the loss within a specified time period. (This should be done after your internal investigation confirms potential damages that may be recoverable under the policy, or puts the Underwriter at risk). Take the necessary actions to protect from further damages. Segregate and save the damaged property for inspection by the Insurer's representative. As with all insurance claims, it is helpful if the policyholder can provide full and prompt information. It will help the loss adjuster in his work if policyholders can provide:
Top What is the Insurer's responsibility in the event of a claim? To take a physical inventory, obtain all pertinent appraisals and make sure all provisions in the applicable insurance policy are properly fulfilled. Although the onus-of-proof rests with the Insured, the Insurer has a responsibility to act in good faith, investigate the claim and indemnify as per the policy terms and conditions. Top What special help can Canadian Adjusters International give me with technical questions? We are the experts to turn to when such matters arise. Because of our broad experience and specialized knowledge, we are able to prepare the claim so that the fullest extent on the insurance coverage is recovered. There may be many questions and problems as to how the policy provisions can be applied in different circumstances and we deal with this to obtain agreement on the issue with the insured parties. Top Will Canadian Adjusters International help me receive a more prompt and satisfactory settlement? Yes. We lose no time in complying with the policy requirements to obtain and evaluate the facts and prepare the claim. The alert, knowledgeable and prompt service we render often preserves evidence that may otherwise be overlooked or destroyed. The more thoroughly and completely the claim is compiled and prepared, the faster an equitable and proper settlement can be obtained. Once a policyholder or underwriter has witnessed the skill and knowledge of Canadian Adjusters International, he or she rarely will attempt to settle a claim without the benefit of our specialized assistance. Canadian Adjusters International most frequent sources of new clients are the recommendations of those we have previously served. Top In the event of a loss, what steps should I take? Promptly report the loss to the agent or broker, or directly to the insurance company - and immediately retain the services of Canadian Adjusters International to serve you. Top Does Canadian Adjusters International take care of claims other than fire? Yes. We will assist you in any claims you may have due to windstorm, explosion, and any other insured losses that are sustained (inland marine, business interruption, rental income, improvements and betterments and marine -- P&I, FD&D, H&M, etc. claims). Please browse through this website to learn more about the services we provide. Top Does Canadian Adjusters International sell insurance or act as insurance agents? No! If we were to do so, we would become a representative of the insurance company. This could restrict the services we offer in helping the policyholder in sorting out their insurance claim matters. Many times, however, we act on behalf of the Insurer, but always on a neutral basis. Top |
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