While lots of customers are able to solve their residential or commercial property claims by dealing with their insurance business and the insurance business’s adjuster on their own, in some cases customers or organizations will decide they would prefer that somebody else manage the insurance claim on their behalf. These individuals who represent the insurance policy holder with regard to the claim against an insurance business are understood as “Public Adjusters.”
A public adjuster is an insurance claim adjuster who, for settlement, functions as a supporter for the policyholder in evaluating and negotiating a first party home insurance claim under a property and casualty policy that insures the policyholder’s personal or genuine home, besides a motor vehicle insurance coverage.
The public adjuster’s primary duties may include:
- Assessing an insurance plan in order to identify what coverage( s) might be applicable;
- Investigating, detailing, and validating damage to structures and contents and any extra expenditures sustained by the insurance policy holder;
- Evaluating organization disturbance losses and additional cost claims for organizations;
- Determining values for settling covered damage claims;
- Preparing, documenting and supporting the claim( s) on behalf of the insurance policy holder; or
- Working out a settlement with the insurance provider on behalf of the insurance policy holder.
The main difference in between a public adjuster and a claims adjuster that works for the insurer is that the general public Adjuster works for the policyholder and is paid by the insurance policy holder, and not the insurance provider. The public adjuster acts as the insurance policy holder’s agent in dealings with the insurance company and the policyholder agrees to allow the general public adjuster to make decisions relating to the claim on his or her behalf.
Most public adjusters charge a fee based upon a percentage of the settlement. This fee is paid by the policyholder, not the insurance provider, and the quantity is deducted from the settlement payments made by your insurer. The amount of the general public adjuster’s charge is flexible and the amount or portion is not set by law. Remember that the public adjuster’s cost minimizes the amount of cash you will get to pay for the damages you sustained as a result of the loss. Likewise, you ought to know that while a public adjuster may be named as a co-payee on a settlement check, a public adjuster contract may not require the insurer claim check to be constructed only in the name of the general public adjuster, or permit a public adjuster to gather the entire cost from the very first check released by an insurer if multiple checks are to be issued. You ought to also remember that you can cancel a contract with a public adjuster within 3 (3) company days after it has actually been carried out without penalty to you.
If you employ a public adjuster, you ought to understand that your insurer may or may not agree with that individual’s estimate of your damage. Your insurance company is not bound to accept the damages that are declared by a public adjuster. The insurance company is obligated to settle your claim in accordance with the conditions of the policy it issued to you.