Understanding the Role of Insurance Adjusters in Insurance Claims SettlementsTerohan Nula February 6, 2018 0 COMMENTS
More than $100 billion is lost annually in insurance fraud. Being vigilant when processing insurance claims can solve this problem. This ensures that those who deserve compensation get a fair amount and decreases losses for insurers.
One of the most critical people in insurance claim settlements is an insurance adjuster, such as Florida-based United States Adjusters. They evaluate your policy to ensure your loss is covered. Apart from this, here are the other roles an adjuster plays in claims settlement.
Get Statements from Witnesses and the Policyholder
After necessary preparations, the insurance adjuster meets the policyholder and witnesses to get a clear picture of the loss. They help the policyholder to prove the loss and strengthen their claim.
The adjuster obtains recorded statements from the policyholder and witnesses on what happened in regards to the insurance and loss.
Gather Relevant Documents
One of the crucial documents an adjuster helps a policyholder obtain is proof of loss. The insured under oath attains and executes this document within two months of the date of loss. It details the policy holder’s knowledge of what happened.
A sworn proof of loss carries a penalty of perjury of five years or less in most states. Other documents required include leases, last physical inventory, banking records, and invoices.
Gather Evidence from the Scene of Loss
The adjuster visits the accident scene to establish the scope of damage. The extent of the loss is more detailed in writing or recorded. Photographs are also an essential part of this exercise.
Descriptions of the damage should include a list of all damaged property complete with their age, actual cash value, age, fair market value and depreciated value.
Evidence collected by an insurance adjuster is useful in ascertaining the amount of your claim. It is hence essential for the policyholder to go through it after the adjuster is through. This helps to find out that they have gone through everything.