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HOME : Just the FAQs Ma'amWhat Is An Insurance Adjuster?I recently had some valuable jewellery stolen in a break-in at my home. I called the insurance company to report it and they said they would send an "adjuster" to investigate my claim. What exactly does an adjuster do, and what should I expect? Just as you might
adjust your television set to get a better picture, your insurance company
sends an adjuster to get a clearer picture of your claim. An adjuster can be an
independent, licensed professional hired by the insurance company to
investigate a claim on its behalf. Independent adjusters typically
specialize in a certain type of loss - for example, business income,
liability, fire - and have expertise in settling those claims. However,
some insurance companies have their own adjusters on staff - the staff
adjuster. In this scenario,
let's say that an independent adjuster was sent to investigate the cause
of your loss. He/she will pass the results of their investigation to the
insurance company who is handling your claim. Remember that your contract
is with the insurance company. Your insurance company will then decide
whether or not your loss is covered under your insurance policy and, if it
is, will pay your claim. There are times however, that the insurance
company may authorize the independent adjuster to settle the claim
directly (up to a specific amount). For the most part
though, the independent adjuster's job is simply to gather the facts about
your case and report them to your insurance company; the adjuster does not
decide whether or not your claim should be paid, although he or she may
make recommendations to the insurance company. So if you disagree with the
insurer's decision about your claim, contact the claims manager, not the
adjuster (except of course, in situations where the insurance company has
authorized the adjuster to settle claims directly). Just to add another
ingredient to the mix, besides the independent and staff adjusters, there
are also public adjusters, who, as their name implies, act on behalf of
the public, or policyholders. They are hired - and therefore paid - by the
policyholder (you) instead of the insurance company. Although a public
adjuster is probably not needed for personal insurance claims - like your
stolen jewellery - some policyholders may prefer to hire a public adjuster
if they believe that their claim is too complex or technical to handle
themselves. It's your choice, but remember, if you decide to retain a
public adjuster, you will have to foot the bill for his or her fees. Ask
beforehand what it will cost. Whether your claim is
to be settled by an independent adjuster or a staff adjuster, your job is
to give him/her the facts and figures, and the insurance company will
determine how much is to be paid. |
