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The adjuster’s role includes inspecting the property, evaluating the damage, and calculating the appropriate compensation or settlement that the insurance company should provide ...
Public adjusters are not employed by the insurance company and third parties used to help settle claims on behalf of policyholders, but you are generally responsible for paying the costs ...
The insurer may require that the claim be filed on its own proprietary forms, or may accept claims on a standard industry form, such as those produced by ACORD. Insurance company claims departments employ a large number of claims adjusters, supported by a staff of records management and data entry clerks. Incoming claims are classified based on ...
You can also hire an independent public adjuster to help you with your claim. A public adjuster works on your behalf and can navigate the complexities of your policy and the negotiations process ...
Insurance policies typically require the insurer to be notified within a reasonable period. After that, a claims adjuster will investigate the claim, and the insured may be required to provide various information. Filing a claim may result in an increase in rates, nonrenewal, or cancellation.
This term is also now commonly used in commercial general liability (CGL) policies or so called "casualty" business. In these instances, the liability policies are written with a large (in excess of $50,000) self-insured retention (SIR) that operates somewhat like a deductible, but rather than being paid at the end of a claim (when a loss payment is made to a claimant), the money is paid up ...