Public adjuster also referred to as public insurance adjuster and professional claims handler in layman’s terms is simply someone who helps a policyholder get their insurance claim settled. However, a more encompassing definition of who the public adjuster is “an insurance professional who represents the interests of a policyholder by providing assistance in getting their insurance claim settlement through appraisals, documentation and negotiation.
Another way to look at what is a public adjuster is by taking it from a legal aspect. Apart from broker of the record and attorneys, the public insurance adjuster is the only class of claims adjuster that has the legal leeway to represent the rights of the insured during the insurance claim process.
SERVICES PROVIDED BY THE PUBLIC ADJUSTER
With the explanation of what is a public adjuster, it becomes important to understand what their duties and responsibilities cover in relation to insurance claims settlement. Some of the things to know are:
- In a situation where it is quite clear that the insurance company will paying for the claim the only problem is identifying and assessment of value to the loss, the public insurance adjuster will be very useful.
- Also, not every individual is familiar with the claims process but the insurance company will already know the ins and outs of the claims. However, we have a wealth of knowledge and you can rest assure as your public adjuster we know the claim process like the back of our hand.
- Public adjusters also have specific training and knowledge in areas of estimating, preparation and negotiation of business interruption losses and property damage. This knowledge is what they use in making sure that the client is not being shortchanged..
- The public adjusters also help their clients if the insured feel overwhelmed at the idea of documenting, communicating , and negotiating your claim; or if you don’t have the time to spend on this absorbing and stressful process; if you want a professional advocate and you want to get a maximum settlement, contact us today!
No standard fee structure is used when it comes to payment of services provided by a public adjuster. It can vary on different grounds. The following are some of the common compensation plans:
- A percentage of the total settlement
- A flat fee percentage or a flat fee price
However, the most popular compensation chosen by public insurance adjusters to charge for services rendered is the percentage of the overall payout. There will be no direct fee taken from the client until the claim has been settled. In every state, the charge amount may vary according to the regulations on ground. For example, public adjusters in Illinois and Missouri are not allowed to charge more than 10% of the final fee. Most public adjusters will charge between 8 and 10% and this can regress of the amount of money being paid to the claimant increases.