A loss adjuster investigates insurance claims in order to determine whether or not they are covered by the policy and to recommend a payout to settle the claim. Loss adjusters are insurance professionals who may be required to travel for work on a regular basis in order to collect information from the scene of a claim. Loss adjuster pay varies depending on the company’s track record and level of experience.
A loss adjuster is typically employed by an insurance company, either as an employee or as a third-party contractor. Loss adjusters will also assist customers with claim preparation, but their loyalty is to the insurance company, and they will work to reduce the amount of money that must be paid out. In some cases, the loss adjuster’s work yields a satisfactory settlement for all parties, and the claim can be settled quickly. In other cases, the customer may object, making the claim more difficult to resolve.
A public loss adjuster is available to customers. Public loss adjusters represent policyholders rather than insurance companies. They can sometimes negotiate higher settlements, and they, like their insurance counterparts, assist customers in properly filing claims paperwork. Filling out the paperwork correctly will help you save time and avoid misunderstandings.
A loss adjuster may visit a site, inspect related materials, and conduct interviews while investigating a claim. When a loss adjuster wants to learn more about the cause of a house fire, for example, he or she can consult with professionals. All of this information is compiled by the loss adjuster into a report that is submitted to the insurance company. The adjuster expresses his or her opinion on whether the insurance company is required to provide coverage and, if so, what the recommended payout should be, based on the policy’s terms and the specifics of the loss.
Insurance companies may pay bonuses to loss adjusters who uncover fraud and other issues that limit the insurance company’s liability. Loss adjusters with a strong record are also more likely to receive promotions and raises in wages over the course of their careers. A loss adjuster may choose to work independently after gaining extensive experience with a particular company. Independent loss adjusters can work for multiple companies and have much more job flexibility.