The insurance claims process usually begins with you the insured reporting to the carrier your loss regardless of the peril (fire wind hail flood etc.) The carrier gathers all necessary pertinent information and assigns the claim to an adjuster. The claims adjuster can be either an independent claims adjuster who works for an independent agency who contracts with the insurance company to adjust and handle their losses, or a staff adjuster who works directly for your insurance company.
The degree of damage sustained to your property will dictate what type of adjuster is assigned to handle your claim. Usually a claim in excess one hundred thousand dollars will merit that you are assigned to what is known as a large loss adjuster or general adjuster. Smaller claims are handled by claims adjusters with proper insurance certifications but normally have less experience than a large loss adjuster . However large loss or general adjusters qualifications require ten years of experience and multiple insurance certifications.
Now that you have been assigned a claims adjuster the next step in the process is the initial site visit by the adjuster to evaluate the damage to the property. The adjuster performs a take off (often times a measurement of the property damage) and visualizes a scope of damage (what needs to be done to repair or replace the structure.) The adjuster sets a reserve(a dollar amount range that they believe will repair or replace the property) and then he or she writes a structure estimate. Most insurance companies do not conduct or prepare a personal or business property inventory, this is normally left to you the insured to prepare . Professionally documented inventories require time knowledge of product, on site documentation and professional software in order to prepare properly. In like manner most carriers do not prepare your business interruption claim, this is left for you the insured to prepare an accurate projection of your business financial loss and submit this highly detailed portion of the claim to the insurance carrier.Professional business interruption claims that achieve maximum recovery are usually prepared by a certified public accountant or a forensic accountant with experience in financial projections utilizing a large array of business financial and tax documents.
Regardless of which category pertains to your claim, rest assured that proper indemnification(accurate claims payment) requires experience knowledge and skill. Insurance companies are fully staffed entities with a myriad of personnel including cause and origin specialists, special investigators, adjusters accountants, and insurance attorneys’ all of whom represent the insurance companies interest in payment of any subject claim. This informational is by no means an all inclusive depiction of the claims process but merely a short overview of what you the insured can expect.
We offer you the opportunity with our firm to professionally document and present your claim regardless of peril (fire wind hail etc.)or dollar value. Our goal is really quite simple. We endeavor to represent and properly indemnify our clients with the greatest degree of professionalism, claims handling experience and most important, honesty and integrity. The purpose of insurance is to be made whole and not to profit from a loss. We have over the years developed solid working relationships with an array of insurance carriers with a high degree of recovery by means of fair and honest claims handling practices. We are proud of this achievement and good name in the industry. We stand at the ready to employ our skills for you.
Thank you, Gregory Webb, President, Universal Loss Consultants.
Attention to detail produces maximum recovery.
We provide a hands-on, individual touch that the corporate giants simply do no have time for. To us, you are more than just a number.