Property Claims – “agreed rates”?
Property Insurance claims in Ireland have been squeezed so hard over the last few years that Loss Adjusters have been offering unrealistically low rates to settle claims. We believe Loss Adjusting Companies who state that they are offering “agreed rates” are acting unethically as it seems impossible to find contractors who will carry out repair work for the low rates on offer. They will not say who has “agreed” the rates quoted. There is nothing in the Insurance Policy that refers to “agreed rates”. The rates quoted may be negotiated for large scale projects, but do not apply for regular ‘one-off’ regular repair works.
This will inevitably lead to more black economy work and lead to an inability to draw down retentions held by insurers, thus, not delivering a proper indemnity to claimants, and increasing profits for Insurers.
Most of the Loss Adjusting companies, who act in the interests of Insurers, have had to let staff go in the past few years and are now unable to deliver an adequate level of service to settle claims in a fair and timely manner.
Jim Flannery, Director, Balcombes Claims Management states “To ensure you receive your full entitlement, the best advice, and a proper level of service; you are entitled under the Consumer Protection Code to appoint your own Loss Assessor to represent your interests”.