In the insurance industry there are plenty of jargon and statements that sometimes make it difficult to understand what the role of certain people is, or who they represent.
For example there is a difference between loss adjusters and loss assessors. Loss adjusters represent the insurance company, whilst an assessor represents the policyholder.
When it comes to marine loss adjusters the same applies. The adjuster is there to represent the insurance firm and determine, how much of your claim can be legitimately made based upon a number of factors from the age and condition of the vessel prior to the claim to servicing and modifications made over the lifetime of boat.
A loss assessor on the other hand, works entirely for the benefit of the policyholder.
Sometimes when making a claim it can be daunting, that’s when the policy holder can appoint assessor to help them through the process and ensure they get what is fair and that the claim is reviewed impartially. After all it is not unusual for the insurance company to bring in all kinds of experts to the party to make sure that their loss is a small as possible. This could include forensic investigators and industry specialists. This often means that making a marine insurance claim can be daunting and quickly expose shortcomings in a negotiation.
Assessors are trained negotiators and experts in unpicking policy terms and conditions. Quite often they will have an idea of the amount for each claim and discuss this with you in order that you know the target. They also understand how insurance companies work and the likely outcomes, their experience can mean thousands of pounds difference in respect of your claim.
If you are still unsure about what to do in your specific circumstances, contact Yachtwork via our contact page to get the best advice for you.