It can be a miserable situation when you suffer massive property loss due to an unexpected event. Often, insurance company agents don’t give you the full amount you are due in order to cut costs and save their company money. To get the compensation and damages you deserve from your insurance company, you can get a property claim adjustment with the help of a public adjuster. The duties a public adjuster have are a well-rounded process.
Basic Steps of Performing a Property Claim Adjustment
An adjuster must be aware of the loss notice, policies, evidence collection, and other activities which meet the high expectations and standards of their investigation. After the basic steps and preparation, then they can finally meet with their clients.
Start With the Loss Notice
The adjuster must begin with reading and understanding the loss notice. It is considered to be the most important document out of all their paperwork because it is the starting point. It holds all the crucial information that is necessary for the adjuster to begin performing their obligations. The information it contains includes where and when the loss occurred, as well as what type of loss it was. The contact information of the insured individual is included. The type of insurance coverage is also on this document, as well as the agent’s name and address. It will hold additional notes about the property damage and anything that is especially highlighted.
Understanding the Policy
Adjusters are well-versed in the jargon of insurance policies. They review the insured’s policy in order to completely understand the terms and conditions of the insurance agreement. The adjuster will analyze and begin to deeply understand the property policy in the insurance agreement. The insurance claim must have facts that can be worked in a way that fits into the wording of the policy. The adjuster will understand what the policy is covering, the territory limitations, any exclusions and conditions, the limits of liability, as well as any potential endorsements. They confirm this by getting an entire copy of the insurance policy. This is often accessible through a website that insurer employees have access to. The website has a copy of the policy issued on the declarations page. The adjuster gains access to this database, or they may obtain a copy of the policy from the insurance agent or insurer.
Meeting With Witnesses
The adjuster will make contact with the insured after completing the preparatory documentation. This usually happens within a 24 hour period of receiving the loss notice. The adjuster schedules a meeting with the insured to gain their perspective on the damage. They do this with their best interests at heart and with good faith. Their goal is to prove that their loss is a substantial one. They have the insured sign a non-waiver agreement where none of their rights to the policy agreement is waived. If the insured does not sign this, they issue a reservation of rights letter to the insurer. If the coverage is questionable, the adjuster asks the insured to sign a sworn statement for the proof of loss within 60 days.
Proof of Loss and Recorded Statement
Next, the adjuster obtains a recorded statement from the insured, which answers all of their queries. They also obtain proof of loss with pictures and facts that are relevant to the property damage. In addition to photographs, they obtain reports from local authorities, such as police and firemen, as well. Other documents needed include leases, deeds and trusts, receipts, invoices, business ledgers, banking records, physical inventory, and more. They might ask for living expenses if there was a substantial increase since the damage has occurred.
Estimated Amount of Loss in the Claim
The adjuster will walk through the entire property and review the damage. They do this alongside the insured individual so that they can both come to an agreement on the damage. The adjuster will provide contractors with a copy of the scope of the loss to help them prepare the total estimate. Once they receive this, the insured signs an agreement with them. After this, the captioned report is written up for their supervisor to approve. The supervisors are the ones who pay the indemnity before the claim is filed.
Find Out More Information
If you would like to know more about the role of public adjusters, you can visit Hope Public Adjusters. There you can find plenty of top-notch advice and guidance on the claim-adjustment process.
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