Loss Adjusting
Loss adjusting; originally underwriters (the people who provide insurance, now referred to as insurers or risk carriers) employed church wardens to verify that a loss had occurred and was as described by the insured party. As insurance developed, the need for a specific profession produced the loss adjuster.
A loss adjuster attends the site of a loss (fire, flood, etc) to validate the loss has occurred and investigates to determine if the loss is as described by the insured party (Insured). The enquiries may involve (amongst other things) interviews, inspection of damage, taking digital images and recording video, statement taking, police and fire service liaison and checking CCTV footage.
As necessary the adjuster may, on behalf of Insurers, involve building surveyors, structural engineers, document restorers, damage mitigation specialists, forensic investigators and accountants.
The adjuster reports to their instructing principal; the Insurer. The report provides background information in respect to the Insured, the risk premises, the loss circumstances, the nature and extent of damage and whether the loss falls within the scope of the policy. The final section will advise the Insurer what the adjuster recommends next. This will reflect the needs of the Insured. At the conclusion of the first meeting a professional, competent and empathetic adjuster will agree with the insured party what they need to do e.g. gather repair estimates, list ruined/lost goods. The adjuster will confirm what he or she will do. The Insured should be clear on what the next steps are and how to contact the adjuster going forward. The adjuster should confirm what is agreed by email.
At Paladin, in terms of major losses, we draw up minutes of the meeting which are circulated to all relevant parties including the Insurer.
Some third party may have caused the loss and the Insurer may have the prospect of recovering their outlays from that individual or entity under the principle of Subrogation.
If the loss is covered by the policy the adjuster negotiates settlement of the claim with the Insured or their representative.
In the same way that there are accountants and chartered accountants; loss adjusters can achieve chartered loss adjuster status by qualification via the Chartered Institute of Loss Adjusters. This is the international gold standard for loss adjusting/claims handling.
Contact Paladin Adjusting
What we offer?
1. Loss adjusting – see above. Paladin specialises in commercial losses, high net worth, and catastrophe response instructions.
2. Claims audit. We are happy to review single cases or audit a tranche of cases. Paladin will attend on-site, wherever in the world or deal remotely. We have a very experienced partner who has completed 40 years in international underwriting and claims work and in the market is a known “trouble-shooter”.
3. Consultancy and mentoring. We can provide an opinion on all types of loss as well as a “locum adjuster” service. We have three surveyor/adjusters one of which is a qualified drone pilot.
4. Casualty claim investigation. Having worked with a carrier insuring/claims handling for a local authority and with 15 years adjusting for a major utility our staff have a wealth of knowledge in this area.
5. Locus inspection, RTA and motor theft; we provide investigation, digital images, video, sketches and drone footage. We also have a close relationship with a specialist RTA forensic investigator, an ex-Police driving instructor and several ex Police investigators. One partner is a classic car valuer, and another is a leading light in collectible car validation.
6. Claims training; we can provide seminars, coaching and tutorials on all aspects. We are also able to provide secondees.
Our senior adjuster is an exam coach and the author of a paper on CII and CILA exam preparation.
