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What is a Loss Assessor?

If you are reading this, it means that the worst has happened, and you now need to make a claim on your insurance policy.  If your property has suffered substantial fire damage, flooded, or worse, you need a loss assessor to act in your best interests.  Think of them as a solicitor acting for you.

Before you can consider repairing a fire-damaged house, you will need the insurance company to accept liability – and this can be easier said than done, as most insurance companies tend to look for exclusion clauses.

Don’t be an insurance victim twice; hire a loss assessor to act for you.  Life is risky! However well we plan our lives, we sometimes meet with unforeseen circumstances and incidents that leave us almost shattered. How we prepare and handle the things that happen to us is crucial.

In a serious incident like a fire or flood, the last thing you would want is to go through the stress of dealing with a complicated insurance claim. Filing an insurance claim is one thing; correctly assessing the damage and getting compensation is a different thing.

This is where the need for employing the services of a loss assessor comes in.

A loss assessor is an independent entity the policyholder hires to protect their interest and negotiate an insurance claim with the insurance company. They’re responsible for establishing the reason for the loss.

They manage a claim on behalf of the policyholder and ensure he or she receives his or her insurance entitlement. They meet with insurance company representatives, or their loss adjuster, to negotiate the best claim settlement for a policyholder. 

The role of a loss assessor is to establish the incurred loss, approach the loss adjuster acting for the insurance company and come up with the best settlement for your loss.

Table of Contents

When might a loss assessor be appointed?

To get compensation, it’s essential to appoint a loss assessor. A loss assessor works for the policyholder to:

  1. Quantify, prepare a claim and ensure a realistic settlement.
  2. Present a claim to the insurance company.
  3. Meeting with insurance company’s Loss Adjuster to negotiate your claim
  4. Manage a claim on behalf of the policyholder.
  5. Negotiate the type of settlement that favours your circumstances, whether it is reinstatement or a cash offer
  6. Obtain interim claim settlements for their clients.
  7. Assists in cases of a declined claim or delayed settlements.

In summary, a loss assessor will:

  • assess the extent of damage
  • communicates on behalf of the policyholder.
  • negotiates for settlement
  • gets speedy settlement: getting a settlement at all is one thing; arranging for the payment to be made in time is another.

The loss assessor ensures you get your claim settlement fast.

Avoid problems with an insurance loss adjuster

For a policyholder, the only way to know how much your loss is worth and to get successful compensation for your insurance claim is to hire a loss assessor to handle your claim. A loss assessor is pivotal to MANAGING all aspects of your claim and ensuring you have a favourable settlement.

The loss assessor will assess the damage, estimate the loss and push for adequate compensation.  A loss adjuster will act for the insurance company and, therefore is very likely to offer you substantially less money.

  1. RECOVERY: The use of a loss assessor saves you stress from dealing directly with your insurers and enables you to get on with your life and recover from your loss.
  2. PROFESSIONALISM: Loss assessors are very knowledgeable in negotiating with claim adjusters, making them more likely to achieve a prompt and full settlement.
  3. ACCOUNTABILITY: A loss assessor aims to ensure a policyholder receives what they are entitled to, so, they can be TRUSTED to work in your best interest.
  4. REPRESENTATION: A loss assessor represents the policyholder, not the insurance company. They coordinate insurers, and loss adjusters negotiate your claim to ensure you receive your full settlement.
  5. SAVE RESOURCES: employing the services of a loss assessor will save you precious time, money, and stress. Pushing for claim settlement without a loss assessor will subject you to unquantifiable stress and loss of valuable time.
  6. SECURITY: The loss assessor secures your property and arranges for emergency and alternative accommodation.
  7. INSPECTION: They engage in fieldwork to assess the extent of damage, compile data of their findings and reports, and use this in pushing for settlement for you.
  8. SPEED: When an insurance company is made aware that your claim is managed by a loss assessor, it makes it difficult for them to refuse your claim. Also helps to facilitate speedy compensation

Who pays for a loss assessor?

Loss assessors take their fee from your insurance settlement normally 10% of value of the claim.  This may seem a lot but in reality if you did not have a loss assessor working with you, you are likely to receive a substantially reduced pay out.

How much do loss assessors charge?

Some loss assessors charge no fee for the initial consultation, and others charge a small percentage of the overall value of the claim.  Other loss assessors offset payment for their services by increasing the value of the total settlement.

According to Morgan Clark, “Many of the claims we handle involve the reinstatement of property and, if our clients decide to use our combined professional team of loss assessors and approved building contractors, we won’t charge for handling the insurance claim.”

Loss assessors’ standard fees are 10% + VAT of the total settlement amount for dealing with the claim on your behalf.

“It is common for a Loss Assessor to secure a 20 – 30% increase on an Insurance Company’s settlement offer.”

What are the disadvantages of not hiring a loss assessor?

The disadvantages of not hiring a loss assessor in managing your claim can affect you in many ways. For examples:

  1. Your claim could be dismissed.
  2. You’ll lose valuable time.
  3. Dealing with an insurance adjuster can be tiring and stressful.
  4. It is challenging to prepare and present a successful claim.

Get a satisfactory claim settlement! Get a loss assessor!

Property Saviour can put you in touch with an experienced loss assessor who has successfully acted for us.   You can sell a house after a fire once your insurance settlement has been agreed.

We will buy your property if you consider selling it after your successful claim.   Not only will we pay £1,500 towards your legal fees, but we can also act quickly to buy your home within 10 days therefore enabling you to start a new chapter in your life.

It depends on your circumstances however, if you are a busy professional or a parent or someone who has never had to deal with a substantial insurance loss then it is best to have a loss assessor looking after your interests.

Loss assessor are hired by home owners after a substantial damage to their property to help them with getting an insurance claim settled at best possible price.

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