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With both residential and commercial property insurance claims, the policyholder has the right to appoint an independent loss assessor. One of the main advantages of appointing a loss assessor is that they work on your behalf, rather than working for the insurer.
Public Loss Assessors work for you and ensure that you receive the settlement that you are fully entitlement to.
The fees that a loss assessor normally charges when acting for you can vary dependent on the complexity of the insurance claim. In most cases, we are able to represent our clients with no cost to them because of our professional partnerships with the UK's leading contractor networks.
Q. Who pays the insurance loss assessors fee?
A. The insurance company covers this fee. Public Loss Assessors believe that this is a conflict of interest – how do you know whether or not you are gaining a fair settlement if the loss assessor is working for your insurer?
Q. Who pays the fees of the policyholder’s loss assessor?
A. Usually, this fee is covered by the policyholder themselves, unless they are covered by a separate loss recovery insurance. Public Loss Assessors are different – in most cases, we employ one of our preferred building contractors who cover our fees on your behalf. If you would prefer a cash settlement, then we offer our services for a 10% + VAT fee.
Q. If my insurer has appointed a loss assessors, why do I need to appoint a loss assessor?
A. The loss assessors appointed by the insurer will act only on their behalf. Although they are bound by the Chartered Institute of Loss Assessors to act fairly and objectively, how can you guarantee that they will? An independent loss assessor will make certain that you are treated fairly and that your case is settled exactly to the terms of your insurance policy.
Q. Do I need a loss assessor for a small insurance claim?
A. Generally, it is recommended that you appoint a loss assessors for an insurance claim that is worth over £10,000. It is worth taking into consideration undervaluation by your insurer – they may set your entitlement at £5,000 when the cost of restoration is actually closer to £20,000.
Q. At what stage in the insurance claims process should I instruct a loss assessor to work on my behalf?
A. The best time to appoint a loss assessor is immediately after the event occurs. This is so that we can negotiate the settlement sooner with the insurer’s loss assessors. Many clients come to us after the settlement has been offered and it is lower than their expectations – while this is less than ideal, we are still able to represent you.
Q. Can my insurance broker assist me with my insurance claim?
A. Insurance brokers generally do not have the same level of experience that you would find present in a loss assessor. They may be able to offer advice, including the appointment of a regulated loss assessor such as Public Loss Assessors.