Fire damage – Know your rights
Know your rights
It never ceases to amaze us how many people still do not know that they can avail of a service to help them with their property insurance claim. Unfortunately we do not have a large marketing budget to engage in a mass media campaign to advertise that fact. Perhaps the Financial Regulator should do so if they are serious about consumer protection. In the meantime most of our business comes from referrals from insurance brokers, and happy clients who know and appreciate the value we brought to their insurance claim solution. We thank you for your support.
Loss Adjuster’s role
In case you are not aware, Insurers appoint Loss Adjusters to handle property claims on their behalf. They are there to represent the insurance company who pays their fee. In the past, Loss Adjusters used to declare they were ‘independent’ and were appointed to ensure a fair and reasonable settlement was arrived at. In more recent years they are under pressure from Insurers to arrive at the most economic settlement possible using notional “agreed rates” dictated by Insurers to ensure the lowest pay-out possible for their principals.
Consumer Protection Code
Under the terms of the Consumer Protection Code 2012, issued by the Financial Regulator, Insurers are obliged to inform claimants that the Loss Adjuster is appointed to represent their interests and that you are entitled to appoint your own Loss Assessor to represent your interests. However, this is often lost in the small print, and you may be under the illusion that everything will be looked after by the Loss Adjuster.
The loss adjuster will not prepare your claim. You will be asked to submit estimates. The loss adjuster may review the estimates but then they will make their settlement offer based on what they think it should cost, making deductions based on policy wordings, and leaving you short. The interpretation of the policy wording, and your rights and entitlements under the terms of the insurance policy, need to be reviewed and considered.
Value of the Loss Assessor
Unless the claim is fully documented and expertly presented you will not receive your rightful entitlement. Balcombes have vast experience in representing property owners throughout the insurance claims process. We are experts in communication. We are your central resource to advise on Insurance claim/policy/liability issues in a pro-consumer way. We co-ordinate the claim documentation to compile, submit and negotiate the best possible settlement under the terms of the policy. That is why so many Insurance Brokers and property damage claimants value our involvement.
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