When Was The Last Time You Read and Understood Your Insurance Policy?
When Was The Last Time You Read and Understood Your Insurance Policy That Covers Your Home Or Business? Many people have difficulty understanding the technical language of their insurance policies and the complicated procedures they must follow to comply with the policy’s terms. At the same time, most people don’t realize that insurance company adjusters are trained professionals who represent the interests of the insurance company that employs them. So, who protects your interests when you suffer a loss? The only way you can protect your interests is by employing an accredited public adjuster whose sole responsibility is to serve you, the policyholder.
Accredited public adjusters are retained for the adjustment of insured claims due to fire, wind, water, vandalism, and other perils. The public insurance adjuster serves commercial businesses, financial institutions, professional firms and homeowners. If a loss occurs, you should give immediate consideration to engaging the services of a public insurance adjuster, specifically one accredited by the National Association of Public Insurance Adjusters (NAPIA).
The question and answer section below, adapted from the NAPIA website, will help you understand how a public insurance adjuster works for you.
What is a public insurance adjuster?
A public insurance adjuster is an authority on loss adjustments who you can retain to assist you in preparing, filing, and adjusting your insurance claims.
What is meant by the term “accredited” public insurance adjuster?
It means that the public insurance adjuster acts according to a strict code of ethics established by NAPIA and is an accredited member of the Association.
What is NAPIA?
NAPIA stands for the National Association of Public Insurance Adjusters. NAPIA members are experts in the profession of public insurance adjusting who have joined together for the express purpose of professional education, obtaining certification and promoting a rigid code of professional conduct and ethics.
Are they connected with insurance companies?
No. Public insurance adjusters are employed exclusively by you—the policyholder—not by an insurance company.
How can an accredited public insurance adjuster help me?
Working with an accredited public insurance adjuster gives you the distinct advantage of expert assistance based on many years of experience. For example, the Professional Loss Adjusters (PLA) team consists of several public adjusters who previously worked as insurance adjusters for leading, national insurance companies. They know the industry from both sides of the fence, and understand the potential for technical problems to occur in documenting and negotiating a difficult claim. Your public insurance adjuster relieves you of the many time-consuming and difficult matters involved in preparing and filing a claim.
Can I prepare my own claim?
Sure, but it stands to reason that the accredited public insurance adjuster—who has years of experience and training—can do so with more competence than the policyholder. More specifically, a public insurance adjuster will assist you in the preparation of inventories, estimates and other factual proofs of loss. He or she will handle all the necessary details for compiling and filing claims, as required by the terms of your insurance policies. Your public insurance adjuster will also confer, on your behalf, with insurance company representatives and handle all matters essential to a proper and satisfactory adjustment.
Why do I need help in filing an insurance claim?
The typical fire policy contains hundreds of provisions and stipulations—various forms and riders that are constantly changing and many complex details about your requirements in the event of a loss. Most people do not know or understand these policy provisions—and most do not realize that the burden of proof is on them, the policyholder. Also, most insurance company representatives actually prefer to work with an experienced accredited public insurance adjuster rather than an inexperienced policyholder.
An accredited public insurance adjuster not only has your confidence, but also that of company adjusters who recognize that they are dealing with a professional.
In the event of a fire or similar destruction of property does my insurance pay the entire loss?
This depends upon the type and amount of insurance you carry. It also depends on your expertise or the expertise of your representative, not that of the insurance company’s adjuster. Many insurance policies may pay more than the amount shown on the declaration page. A qualified expert working for you can determine everything to which you are entitled.
Why should I engage a public insurance adjuster to obtain what is rightfully due to me?
Insurance companies offer to pay what is due to you as they see it. Public insurance adjusters are your exclusive representatives. With their experience and knowledge they are better suited to obtain a more favorable adjustment for you, the policyholder.
What is the extent of their responsibility?
Your public insurance adjuster assists with every phase of preparing and presenting your claim, as well as securing a settlement for you that is equitable and includes everything to which you are entitled under your insurance policy.
How do they determine the actual loss?
They take a physical inventory, obtain all pertinent appraisals and make sure all provisions in your policy are properly fulfilled. This often involves numerous steps of which you may know little or nothing, but can make a significant difference in the amount of the final settlement you receive.
What special help can the accredited public insurance adjuster give me with technical questions?
They are the experts to turn to when such matters arise. They are concerned only with your interests. Because of their broad experience and specialized knowledge, they prepare your claim so that you can recover to the fullest extent on your insurance coverage. Because it is up to you to prove your loss, there may be many questions and problems as to how the policy provisions can be applied in different circumstances.
Are they trained specialists?
Yes. Your NAPIA public insurance adjuster must, in virtually all jurisdictions, be tested, licensed, bonded, and authorized to practice his/her profession. All members are accredited by NAPIA. Furthermore, a Certified Professional Public Insurance Adjuster (CPPA) must have a minimum of five years experience and pass an examination to earn certification. A Senior Professional Public Adjuster (SPPA) must have a minimum of ten years experience and also pass a rigid examination to earn “senior” certification. Both are required to continue their professional education to keep up with changes in the insurance industry so they can best serve you. The PLA team has two professional who have earned the SPPA designation: Len Theran and Jon Sadick. When you deal with Professional Loss Adjusters, you can be confident that your claim is being adjusted by a fully-qualified professional.
Will a public insurance adjuster help me receive a more prompt and satisfactory settlement?
Yes. They lose no time in complying with the policy requirements to obtain and evaluate the facts and prepare the claim. The alert, knowledgeable and prompt service they render often preserves evidence that may otherwise be overlooked or destroyed. The more thoroughly and completely your claim is compiled and prepared, the faster your public insurance adjuster can accomplish an equitable and proper settlement in your best interest. Once a policyholder has witnessed the skill and knowledge of the accredited public insurance adjuster, he or she rarely will attempt to settle a claim without the benefit of their specialized assistance. The public insurance adjuster’s most frequent sources of new clients are the recommendations of those they have previously served.
How much do they charge for their service?
Your public insurance adjuster’s charge is a percentage of the insurance company’s settlement with you. By seeking to maximize your settlement, your public insurance adjuster’s services can often more than save you the cost of their fees. Most states regulate the public insurance adjuster’s fee.
In the event of a loss, what steps should I take?
Promptly report the loss to your agent or broker, or directly to the insurance company—and immediately retain the services of an accredited public insurance adjuster to protect your interests.
The bottom line is, a loss to a home or business is a stressful and emotional event. Would you really be prepared to handle the daunting process of detailing lost contents, preparing a complicated insurance claim and negotiating with your insurance company? That’s why we’re here. Visit our website at www.proflossadjuster.com or call us, toll-free at 1-888-747-8260.