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 Posted: Mon Nov 24, 2008 6:05 am Post subject: Public adjuster in the insurance industry! |
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Hi, what is the role of a public adjuster in the global insurance industry? Are they really important towards meeting an insurance claim?
Thanx, RedOxen
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RedOxen
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| Posted: Mon Nov 24, 2008 6:25 am Post subject: |
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Public adjusters are people who are supposed to guide policy holders to come out of losses following an event that is covered. While pursuing a settlement, the policyholders would look forward to these public adjusters for securing their financial interests.
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Bridgestone~moss
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| Posted: Mon Nov 24, 2008 6:58 am Post subject: |
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Hi all,
Public adjusters are required to draw a complete analysis of the total loss. In doing so they would need to consult with professionals from areas like engineering and construction as well as restoration.
They would curve out a claim on the basis of the repair costs or replacement cost. That's the reason I'd always stress on the fact that the key elements of your claim would get you a better negotiation.
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ArindamSenIndies
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| Posted: Mon Nov 24, 2008 7:18 am Post subject: |
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Yes, the insurance companies would generally like to pick adjusters who'd secure their business interests. Adjusters would generally arrive at the lowest bid as per their own analysis or through the contractors.Now, it is upon this bid that they would work out a probable settlement amount that they are gonna offer their claimant.
The Public adjuster steps in over here. He is supposed to weigh the pros and the cons and derive the best possible settlement for the policy holder. This holds good, since it is the policy holders right to pick a contractor and work towards obtaining more than just the lowest bid. OldmanGarcia
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OldmanGarcia
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| Posted: Mon Nov 24, 2008 7:30 am Post subject: |
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Yupp, that may certainly work for a policy holder in true need. He'd just need to bear the Public adjuster's fees which is calculated upon the settlement proceeds. His expertise would also account for his fees to a large extent.
Crossbreed
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Crossbreed
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simon
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| Posted: Mon Nov 24, 2008 10:42 am Post subject: |
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Public adjusters do not have a very good reputation in this country for good reason...all you have to do is google and they will claim to get you 1000% of 5 times your claim, yet will not prove proof or referference, or no more than a couple, some crazy crazy amount is boasted to be had if you sign the dotted line...an insured with a modicome of sense can research their policy and make sure they are being paid correctly without paying the over inflated fees of a PA (all of coure IMHO)
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