What is a loss adjuster’s report and what is it for?
The loss adjuster’s report is a document produced by the loss adjuster after analysing the loss or accident. It is an objective and technical assessment used in the process of resolving the loss/accident or in a judicial process, if that is necessary. Its main use is:
What does an insurance loss adjuster do?
A loss adjuster is a qualified professional who is responsible for assessing the damage of a loss or accident, mediating between the client and insurance company with neutrality.
Their aim is to determine the fairest compensation for all parties and they can work in different fields. There are loss adjusters specialising in various areas:
- Vehicle loss adjuster: expert in vehicle damage
- Home loss adjuster: specialised in domestic damage
- Industrial loss adjuster: for business losses
- Medical loss adjuster: for health assessments
Some of their main functions are:
- Performing a technical and objective analysis of the damage.
- Drawing up a loss adjuster’s report with technical conclusions.
- Acting as an expert witness if the loss or accident leads to a judicial procedure.
- Providing loss adjuster’s assessments that help the parties involved or the judge to make a decision.
When does a loss adjuster intervene in a loss or accident?
The loss adjuster acts in various scenarios, the most common of which are the following:
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Fires or explosions
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Water damage, e.g., from broken pipes or floods
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Theft and robberies
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Damage due to weather events
- Traffic accidents
- Damage due to vandalism
- Loss as a result of natural phenomena
- Vehicle thefts
What does the loss adjuster do after a loss or accident?
The loss adjuster visits the site of the loss or accident to personally examine the damage. Their experience enables them to identify all the imperfections, including those that could go unnoticed.
They objectively calculate the cost to repair or replace on the basis of up-to-date market prices and their specialised technical knowledge.
They draw up a detailed document, the adjuster’s report, which includes:
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Detailed description of the damage
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Photographs of the loss or accident
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Justified financial appraisal
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Recommendations for repair
Their intervention speeds up the compensation process as they provide the insurer with all the information needed to make a quick, well-reasoned decision.
FAQs
The answer to all your questions
This is a key document for assessing the loss or accident and determining whether compensation should be awarded, and how much. It is essential for making informed decisions.
Both the insurance company and the insured party have the right to view the report. It may also be presented at a judicial process, if required.
Generally speaking, the insurer pays the loss adjuster when they have been appointed by the insurance company. If an expert witness is required, it will be the insured party who will need to bear the cost.
Expert witnesses who are registered with courts, who have the appropriate official qualification and who are qualified to issue loss adjuster’s assessments in judicial procedures.
Depending on the specialism, training is required in architecture, medicine, computing, engineering, etc. as well as specific courses in providing expert reports and being registered as a professional expert witness.
You have the right to see the loss adjuster’s report regarding your insurance policy. If you do not agree with the content, you can:
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Appoint an expert witness, according to the Insurance Contract Act.
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Use a third expert to act as an arbiter.
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Take legal action through a civil or penal procedure if necessary.