role of a loss adjuster

Role of a LOSS ADJUSTER

Introduced by

Alison Gamble BA (Hons) Dip CIITechnical Marketing Manager

Basic outline

• Investigate and manage the settlement of insurance claims

• Typically appointed by insurance companies

• Collate the facts about a loss and make recommendations about how to settle the claim

• Oversee whatever action is required to conclude the claim

Collating the facts

Meeting with the Insured

Purpose• To establish the nature of the risk

– Moral & Physical Features– Value at Risk– Warranties and Special features

• To establish the background & circumstances of incident so that we can determine whether or not

there is an admissable claim under the Policy• To provide advice to the Insured and explain the

claims process

Fire

Fire

• Definition of Fire– Actual ignition– Something on fire that should not be

• Time day & date of discovery – whom/how• Circumstances• Point of origin• Cause• Spread & Stop• Extinguishment• Nature & extent of damage• Adequacy of sums insured

Flood

Skills required

• Flexible and able to deal with different situations

• Confidence to control the visit

• Calm and able to think under pressure

• Enquiring mind and attention to detail

• Good with people

Is it covered?

• Insurance policy is the contract

• Principles of insurance and insurance law

• Financial Ombudsman Service

• Potential for fraud

Types of claim

Dealing with the claim

• Validating the extent of loss

• Deciding the best course of action

• Overseeing the conclusion of the claim

• Pursuing a recovery or contribution

Origins• Fire insurance began in 1700’s• Assessor emerges early 1800’s• Some solely for Insurers• Some of these traceable today• Adversarial system for century• Crisis & scandal in 20’s & 30’s• 1941 – Fire Loss Adjusters Assoc.• 1961 – Chartered Loss Adjusters

The Chartered Institute of Loss Adjusters

• Formed in 1961• Smallest Chartered body• Office in City• Institute of members not firms• Professional not trade body• Members elect Council• Ensures professional standards• Organise exams & qualification• ACILA/FCILA

Truth and Equity

Recruitment, Training & Qualifications

• Rare to begin as an Adjuster• Diverse backgrounds• Certificate Level 3• Diploma Level 3• Chartered status Level 7• Work toward Associateship• C.P.D. required• 5 years Fellow

Role of a LOSS ADJUSTER