What Is A Public Loss Adjuster?
A public loss adjuster is similar to both loss assessors and loss adjusters, except a public loss adjuster works on your behalf. A loss adjuster often works for an insurance company and will ensure that the insurer will not have to make a high pay-out to the policyholder. They often have in-depth knowledge of the insurer’s policies so that they can use the small print to their advantage, often without the knowledge of the policyholder. The insurer pays their fees.
A loss assessor will work for the policyholder and are independent to ensure that the policyholder gains their full entitlement, utilising the small print in order to ensure that the damage is fully compensated. They often work on a no-win-no-fee basis, so if the policyholder doesn’t have a valid claim then they do not pay.
However, they take out a large chunk of the policyholder’s payment, making this their best interests to ensure that this pay-out is high (the more the policyholder is paid, the higher the figure they can take based on a percentage). It may also be the case that if you wait too long for their services, they won’t be able to help you as the insurers’ small print may prevent them from doing so.
Both loss adjusters and loss assessors do the same thing, which is assess the losses in a situation, calculate the costs it will take to repair the damage and report this to the insurer.
A public loss adjuster is independent like a loss assessor, choosing to work for the public. However, they will only charge a small percentage rather than a big lump sum. This percentage is automatically taken out of the overall claim, leaving you with a service which comes at no cost.