Marine Insurance Companies will appoint Marine Loss Adjusters in order to assess claims from a fair and impartial viewpoint.
The objective is to get a fair outcome that benefits both parties whilst adhering to the terms of the insurance policy that is in place.
Over a period of time it is obvious that unless the vessel is very new, then there may be incident or wear related damage that will play a part in the value placed on any claim, the loss adjusters job is to assess the state of the vessel and how this will impact the value.
We have to balance the information at hand with the condition of the vessel prior to any incident, for example a poorly maintained vessel with little paperwork or little evidence of servicing records may have significant improvement after a claim, so we have to determine a reasonable ratio of damage vs betterment, with many conditions to satisfy, such as the condition and value of the Hull, Machinery, Tenders, Electronics and personal effects.
So how can Marine Loss Adjusters be impartial if they are employed by the Insurer?
Loss Adjusters must remain impartial and follow strict guidelines in order to reach their suggested adjustment.
Yachtwork act as Marine Loss Adjusters for a wide range of Marine Insurers. We meet with both parties and convey our findings to achieve a satisfactory outcome. We are not appointed to reduce your claim with the insurance company, our conclusions must be unbiased.
So the loss-adjusters role has to be one of diplomacy and with our wide-ranging knowledge and you can rest assured that at Yachtwork we understand and respect how important this role is, we will always provide detailed and case specific advice in all cases.
If our assessment finds items not as described, or depreciated through poor maintenance etc, then the adjustment required may be greater. Yachtwork apply their significant knowledge to get a balanced outcome of the repair and any financial obligations.