What is a loss assessor?
A loss assessor works on behalf of a policyholder when they make an insurance claim. Typically, a policyholder will engage a loss assessor to take over the burden of compiling a claim, to make a more satisfactory claim more quickly, and to remove the stress of dealing with the insurance company.
What is a loss assessor’s role?
A loss assessor’s role will typically comprise:
- Evaluating the existing insurance policy and determining what cover is available for the specific claim.
- Identifying the full extent of the loss or damage to buildings or contents and any other relevant expenses.
- For businesses, calculating business interruption losses and extra expenses such as increased cost of working.
- Preparing the claim.
- Negotiating a settlement with the insurance company and their loss adjuster.
How do I choose a loss assessor?
There are several easy steps to take:
- Check that the firm of loss assessors is authorised and regulated by the FSA.
- Check that they have full professional indemnity insurance to at least £2m.
- Check that there are qualified professionals working within the organisation: for example, chartered surveyors or forensic accountants.
- Check their testimonials: the best reassurance you can have is to hear about other people’s experiences of working with the firm of loss assessors in question.
- Ask if they are a member of the FLA.
