What’s an Insurance Adjuster?
An insurance adjuster is an independent insurance professional that a policyholder may hire to help settle an insurance claim on his or her behalf. An insurance adjuster is a representative of the insured/policyholder who advises, manages, and submits a claim to the policyholder’s insurance company. They are not insurance underwriters or rating agencies.
Is an Insurance Adjuster Under the Insurance Company?
An insurance adjuster is under the jurisdiction of the insurance company. So, when the insurance company hires public adjusters to assist them with their claims, it is considered a partnership between the insurance company and the public adjuster.
What is an Insurance Rating Company?
An insurance rating company is an independent insurance rating organization. If an insurance company uses an insurance rating organization, it is considered as a partnership between the insurance company and the insurance rating organization.
What is an Independent Public Adjuster?
An independent public adjuster is an independent insurance professional who performs an insurance claim. An independent public adjuster is not a representative of the insurer, an insurance rating organization or an independent insurance professional who advises or manages the insured’s claim.
Why would an Insurance Company hire an Insurance Rating Company?
An insurance company would hire an independent insurance rating organization when they need their estimates or scores from their insurance rating companies quickly. Why would an insurance company hire an independent public adjuster to help them? The reason why an insurance company would hire an independent public adjuster to help them is that they would like their claims processed fast and not have disputes arise. How does the Independent Insurance Public Adjuster (IPCA) act for the insurance company? The IPCA acts for the insurance company. The IPCA does the following for the insurance company:
1. Takes care of their public adjuster’s fees
2. Takes care of all the insurance company’s expenses and liabilities (loss assessment, property assessment, property insurance claims, etc.) that arises from the insurance company’s insured’s claim.
3. Coordinate the insurance company’s activities so that the insurance company can process the insurance company’s business fairly.
A quick example, if the independent adjuster was hired to help the insurance company process the claim that was filed due to hurricane damage to their building but the hurricane did not occur and all claims were filed for the hurricane damage. If the insurance company does not do the following as quickly as possible, and the disputes arise. The dispute is not handled fairly. The insurance company will then be in violation of their contract, and the homeowner will not be able to get their claim processed. The insurer will still owe the homeowner the loss amount due to the delay in the loss assessment and loss insurance claim. The insurance company will pay the property owner their claim over a period of months.
If the insurance company is able to:
1. Get the damaged property replaced quickly, and the homeowner does not need to pay any part of the deductible for the property that is rebuilt. 2. The insurer is able to process the insurance claim fairly without the need to make any part of the loss assessments and losses as rapidly as possible. 3. No part of the loss is allowed to accrue to the homeowner, the part that is allowed to accrue is the part that is allowed to accrue to the insurer.
The IPCA is an expert that understands how the insurance claim works. The IPCA is one of the people in the system.
1. Takes care of the homeowner’s part of the loss 2. Coordinate the insurance company’s activities 3. Take care of all the insurer’s expenses and liabilities (loss assessment, property assessment, property insurance claims, etc.) that arises from the policyholder’s claim.
Please contact an IPCA today to find out how to handle your claim properly.