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 Posted: Wed May 05, 2010 11:28 am Post subject: Catastrophe and field adjusters - What is the difference? |
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Insurance adjusters seem to be involved in a very challenging job. Is their any real difference in the job profiles of Catastrophe adjusters and field adjusters?
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Timmy~bouquet
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| Posted: Wed May 05, 2010 1:51 pm Post subject: |
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| Field adjusters tend to simply perform their work (handling claims) outside of an office. Thy usually need to inspect vehicles, inspect property damage, make personal contact with individuals, etc. An adjuster working cat losses is also in the field but only to work a serious catastrophe area and at a given time. What they do the rest of the time depends on what job they have. There are adjusters (usually independent adjusters) who don't work for any one company and they only work cat losses/areas. Most insurance companies don't hire people to only work cat losses... they usually work out of an office or as field adjusters and when there is a cat, they then go to that area. |
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tcope
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| Posted: Fri May 07, 2010 12:10 pm Post subject: |
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Hi tcope, thanks so much for your reply. If the cat adjusters are generally independent then there must be a separate state protocol governing them. Do I find such information online? Or do I need to look for books?
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Timmy~bouquet
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| Posted: Fri May 07, 2010 12:27 pm Post subject: |
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Larger carriers typcially have their own cat teams, or their adjusters must ride the 'cat list' for ''x'' amount of time in a given year...as an example..say, my name is on the cat call up list for the first two weeks in April, (that would be a bad couple of weeks to draw!)...if a storm is strong enough to initiate a cat team..bye bye Lori for a couple of week (prior carrier I worked for was like this)..Carrier I work for now, has a full time cat team that goes to storms...I think when adjusters move to this cat team they agree for a min. of one year service.
Other carriers use independent adjusters for cats..
Yes, you can find the requirements for adjusters on the specific states dept of ins web sites..
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Lori
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| Posted: Sat May 08, 2010 11:36 am Post subject: |
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| Quote: | | Carrier I work for now, has a full time cat team that goes to storms...I think when adjusters move to this cat team they agree for a min. of one year service. |
That's quite interesting!
Do these adjusters continue to work for the same carrier (in some other profile) once their 1 yr service gets over? Or is it that they have it all in their contracts and may choose to go independent? |
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steven
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| Posted: Sat May 08, 2010 12:34 pm Post subject: |
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Perhaps it would help to explain the difference between an "adjuster" and a "public adjuster".
An "adjuster" is the employee of an insurance company, either statutory or contract (short-term, long-term, or independent contractor). They represent the interests of the insurance company, and although they may not be compensated in relation to the claims they adjust (i.e., more pay for lower paid claims, a sort of reverse commission), they are expected to help limit the insurance company's losses, but not to the point of unfairly denying claims.
A "public adjuster" is a licensed person who represents the interests of an insured, for a fee (typically 10% of the amount obtained from the insurance company), when insureds and insurance companies fail to agree on the resolution of a claim. They work to get the insured the best possible claims payment without having to resort to suing the insurance company.
Compared to the 30%+ that an attorney would take, the services of a public adjuster may be a great alternative in a claims dispute. And would almost certainly take less time.
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MaxHerr
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