What Is an Insurance Loss Adjuster?

A Loss Adjuster is an external professional appointed by an Insurance company to assess your household claim. The Adjuster will normally attend your property, discuss the claim circumstances and inspect any damage. They will then report to Insurers and a decision is made on whether your claim is covered and also determine the financial payout.

Adjusters may be instructed to deal with the claim on a 'delegated authority' basis - this means they will make the claim decisions fully on behalf of the Insurer. Alternatively, usually on very large claims, they will act on a 'non delegated authority' basis whereby they will undertake the investigations and report back to the Insurance company who will then make the decisions and advise the Adjuster how to proceed.

Why are Loss Adjusters appointed?

An Adjuster may be appointed by an Insurer for a variety of reasons including:

The claim is over a set value (in some cases, as low as £500)

If the Insurer has concerns regarding policy coverage and requires an inspection

If there are concerns with the circumstances or any fraud related concerns to be investigated further

If the claim is of a high value or complex in nature requiring suitably skilled persons to handle

If an Adjuster has been appointed on your claim, it does not necessarily mean that there is something wrong and it may purely be to manage the claim.

Are Loss Adjusters really impartial?

Loss Adjusters are supposed to be independent and impartial and in theory supposed to be acting in fairness on behalf of you the Policyholder and the Insurer.

Adjusters should act independently and impartially however, strictly adhering to this can be difficult, especially when the Insurer has provided the Loss Adjuster with permission to deal with the claim on a delegated authority basis. In this scenario, Insurers expect the Loss Adjuster to strictly comply with the policy wording and ensure a Policyholder is not overpaid - if this is breached, the Insurer will frequently look to the Adjuster to repay any claims overspend which in simple terms can affect the Loss Adjusters profit margin. In view of this, Loss Adjusters dealing with a claim on a delegated basis will generally be inflexible with your claim which may lead to you not being treated fairly due to the strict application of the policy terms

Loss Adjuster fee's are paid by the Insurance company and many argue that this in itself compromises the impartiality of the Loss Adjuster as they are required to keep the insurance company happy by ensuring that they do not overspend on claims.

Types of Loss Adjuster

There are different types of Loss Adjusters with varying levels of skills, experience and qualifications.

Many senior and experienced / qualified loss adjusters will normally not deal with household claims (unless they are of a substantial size eg: £100,000+) as they will be utilised for more specialist claims.

Many of the Adjusters who deal with general household claims will be less experienced and the majority will not be qualified or chartered - this can mean that they may not always make the correct decisions which can be of benefit or detriment to you depending on the decision they have made!

Many household adjusters will work within a pressurised environment which can frequently become extremely busy (especially during weather events such as storms or floods). In real terms, this can result in service issues to Claimants and you may find that you experience delays or struggle to get speaking with them or receive a timely response from them.

Be aware, even during periods where workloads are normal, if you have an adjuster who is unorganised, laidback or not fully competent at his job you may find that this occurs in any case. This is a crucial reason as to why you should keep a log of your claims activity including actions and dates / times because if you suffer due to such service issues, you will be in a position to make a complaint and can use this information to demonstrate the level of problems you have experienced - if your complaint is valid, this will normally be prioritised for resolution and you may even be entitled to some financial compensation.

Finding the Right Insurance Quotes

Thanks to the internet, finding the right insurance for your needs is easier than ever. You can compare insurance quotes from several insurance providers without even leaving the comfort of your home.

Finding the Right Insurance Quotes

Insurance of all types are important, but you have to make sure that you buy insurance that works for your particular situation. If you have insurance that does not cover your issues, then you are wasting money. You first need to determine the types of coverage that are your must haves. For instance, if you are shopping for health insurance and you have a condition that has you taking prescription medication, you need an insurance plan that gives heavy discounts on prescriptions. Having health insurance that does not cover prescriptions, can leave you with heavy expenses at the pharmacist's register.

You have to make sure that the insurance companies that you are researching, have coverage in your state. Depending on which form insurance that you seek, the area in which you reside can have an effect on your online insurance quotes. If you live in an an area that is prone to flooding, your home owner's insurance is likely to be more expensive than home owner's insurance for a house in an area that is deemed less of a flood risk.

You may want to look into the long term customer incentives that an insurance provider has when you compare insurance quotes. Does the company reward customer loyalty with discounts? If you are shopping for car insurance, are the insurance providers that have caught your eye the type to give you a discount for being a safe driver? Does the insurer have a good roadside assistance plan? If you find yourself on the road a good deal, you may want to have one.

While gathering online insurance quotes is a great way to find the right insurance plan for your needs, you may want to enlist the help of an independent insurance agent. An independent agent can gather information from several insurance companies. A skilled agent may be able to show you some deals that you were not able to run across on your own. If you have a big budget that is set aside for insurance, then you can simply focus on the type of coverage that you need. If your coffers are not as full, then you have to heavily weigh cost with coverage.

If you have ever been in a position to need assistance of some sort, but not had the funds to cover it, then you know why insurance is a must. It is similar to having a savings account for emergency issues, but tends to cover beyond what you have put into it. You cannot just go with the same insurance that your family has always used, if it does not cover your needs. You have to take control of your situation. Get active and get free insurance quotes. If you need more assistance, contact an independent insurance agent. Make sure that you but the best insurance coverage for all of your needs. Do not leave yourself or your family unprotected. You can find the right insurance for your unique situation.

A Quick Insight Into Semi Insurance

Semi insurance is a form of risk management where two parties make an agreement to share each other's risk. The purpose of getting something insured is that it transfers the risk of loss to another body in return for compensation. It enables you to avoid damage brought about by uncertain losses. It revolves around a promise that the company will hedge your risk if you face any financial or personal loss. It is a legal contract between two parties and is known as an insurance policy. The policy lists down all the conditions and possibilities of when this compensation will be made and how it will be made. In all transactions, insurance policy serves the purpose of a rule book.

Mostly there are two parties involved in this procedure. An insurance carrier, also known as an insurer, is the person or company that provides insurance. This party charges a premium to the person purchasing the insurance. The premium is the amount of money charged by the carrier. The person who pays the premium in order to purchase the policy is known as a policyholder or the insured. In this way, the risk of loss is transferred from one party to another through a legal format. The company gets a payment to sell that insurance contract and the policyholder gets an assurance that his or her losses will be taken care of in the future. The contract works for both the parties in a positive way.

Semi insurance allows the carrier to only pay half of the losses adhered by the policyholder. In many cases, such insurance is cheaper than usual but as it requires the insured to bear his losses too, it can become very expensive for him or her. Companies are usually at an advantage in such kinds of insurance, as it allows them only to bear half of the total losses. The burden of the rest of the losses is on the policyholder. The company does not care about those losses, as they are not part of the semi insurance contract.

Insurance companies are providing a large variety of insurance to the consumers. There is life insurance, vehicle, health, casualty, burial, property and gap insurance. All these insurances are sold through different marketing means and have different procedures, rules and policies linked to them. Risk management is made extremely easy for individuals through these different insurance plans. Companies allow the policyholder to pick and choose an insurance policy according to their required needs. It makes life easier for the policyholder by being able to choose a flexible insurance policy. Semi insurance is offered by many different companies in order to satisfy individuals' different needs about insurance plans and to allow them to pick a plan for which they only have to bear half of the losses.

5 Tips to Increase Referrals

There are different types of leads that an Insurance agent can get. I want to categorize them and then begin a discussion on referrals;

1) Cold leads - these leads are to people who have expressed no prior interest in your product and the agent has no prior knowledge that they will have an interest.

2) Warm leads - these leads are to people who may have an interest in your product but more importantly they have a relationship either with the agent or someone the agent knows.

3) Hot leads - these people have expressed an interest in the agent's products and will meet with him to discuss purchasing the product. these are the best leads to have.

Referrals come when someone we have done business with tells someone they know about our products. When we contact them the fact that there is a mutual connection between us allows the agent to give a presentation and possibly make a sale.

Referrals can make our lives so much easier. Not only are they more likely to be warm leads which are met with less resistance for new customers but they are much cheaper to come by than the leads you have to purchase. An agent who does most of his business by referrals will find that his cost to do business will be a lot less than an agent that has to rely on leads.

Here are 5 tips on how to increase your referral business;

A) Always ask for a referral - In every situation, whether you sell your product or not, always ask for a referral. Find out if people know someone who can benefit from what you have to offer.

B) Keep good records of all people you do business with and those you want to do business with - following up on all your contacts will help you to remember to ask for referrals. If a person doesn't become a client they can still be a good referral base.

C) Thank those who give you referrals at least once a year- Remember days that are important to people (birthdays, anniversaries, etc.) and they will remember you.

D) If a referral doesn't purchase a policy from you today, stay in touch; he may tomorrow - never take no to mean never. It just means not now.

E) Commit to building a source for new referrals - referrals are great and the longer you stay in this business, the easier they will make sales for you.

Looking for a Specialist

Speaking to contractors directly is by far the best way of finding out the ideology and needs of a modern limited company. From discussing the profession with many a sole-trader, it has become clear that good quality and cost effective accountancy is a must, and finding business support that meets the needs of a contractor is paramount in running a successful company.

Quoting individuals directly, it becomes clear just how important it is to trust an accountant, and be confident in their services. "I like the idea of knowing that the fees are fixed, giving me the confidence in a constant premium. It also feels important knowing what service I will get in return for those fees. A personal level of service is also a must, I like being treated as an individual company rather than just being treated as one of the herd."

It is unsurprising that limited company contractors wish to be considered as a legitimate business, after all, their working practises dictate that they must be a business in their own account, thus they should be treated like one when it matters.

Professionals who operate outside of the PAYE system are often looked upon as 'glorified employees' by those who misunderstand their position, or part of a 'tax evasive workforce' to those ignorant of sole-traders. Because of this, service providers such as banks, accountants and mortgage providers are often reluctant to invest or place trust in these individuals, reinforcing the importance of a good quality provider.

Speaking to others concerning contractor accountancy, a trend emerges of a need for specialist knowledge of the contracting industry, and of course that personal ever present, personal touch. "I want an accountant who covers everything: Tax, VAT, payroll, Companies House / HMRC correspondence / returns, advice on expenses etc. Having everything under one roof is a very attractive prospect, and is something I look for when choosing an accountant."

Having a 'specialist' contractor accountant is a term used quite lightly throughout the market, with bookkeepers and service providers claiming to be experts in the contracting field when in fact they may not be. As for things to look for when choosing a contractor accountant, tax, status and IR35 specialties are a must, as anyone claiming to be a contractor specific advisor should be well versed in all HMRC working guidelines.

As contractors really are businesses, having service providers that cater to their specific needs is very important in maintaining an effective company. From speaking to professionals directly, you can see a direct pattern emerging as to what makes a 'good contractor account', and it is important to understand this before making that choice yourself. Many service providers force the point that they are perfect for you, but contractors should beware that so called 'specialists' are not always as dedicated and knowledgeable as they claim. When choosing support for your business, always remember that training and knowledge of the contractor industry is far more important than false promises.

What Does My Health Insurance Cover?

Health insurance is a topic that is not only very polarizing, but is also scary because of the ever-changing environment and policies that are employed. Most people are not sure what is covered, at what rate, at any given office, until an event happens that needs attention. Barb recently found out that despite all the preparation and research that a person can put into understanding their exact situation, things can still go awry.

Barb and her husband Bill recently planned a vacation to Africa. In order to travel to this foreign land, they attended a travel clinic seminar, that they paid for out of their own pocket because they knew ahead of time that their health insurance did not cover such a visit, in order to acquire the best and most accurate information about the kind of immunizations, medications, and potential health risks that they would need to consider. The physician at the clinic was fantastic and spent quite a bit of time explaining what was at risk in their specific areas of travel, the different types of shots they should have and when they should have them before traveling, and the types of medication they should bring with them for daily use. Barb wrote everything down and called her member services number when she returned home to find out which medications and vaccinations would be covered when she and Bill went to her family physicians office. It turned out, she was told, all the necessary shots would be covered except one, which was not offered at any of her network clinics since it was only needed for travel. Barb and Bill went back to the travel clinic to obtain, and pay for, that particular shot.

The next step was when Barb made a joint appointment for her and Bill to go to their family clinic and obtain the rest of the vaccinations. Since these were all to be covered by their health insurance, the two of them saw no reason to pay for them out of their own pocket at the travel clinic. A couple months after the visit to the family health clinic, they received a statement in the mail staying that Bill owed 136 dollars for his appointment. Barb owed nothing. This made no sense, and so the phone calls began to clarify the bill. Four months later, the bill is still outstanding because Barb has spoken to multiple representatives from the member services department of her health insurance who have repeatedly stated that the services rendered are covered in full and after the bill is re-filed, there will be no charge. However the people at the family clinic have re-filed several times now, and the bill is continually returned that only Bill owes money for the visit.

It is truly confusing to try to figure out how two people at the same appointment, with the same insurance, the same services rendered, and the same preparation could have different amounts due. Health insurance is very tough to figure out!

What Does My Health Insurance Cover?

Don’t Get “Drone” for a Loss this Holiday Season

More than a million drones are expected to land under Christmas trees this year, according to the Federal Aviation Administration (FAA). Piloting a drone might be a dream for kids of all ages, but before you take flight, contact your Insurance Professional.

Recently, the FAA has mandated registration for most drones and has issued guidelines for drone hobbyists. But what happens in the event of unplanned equipment failure, or pilot error? (After all, most drone and model aircraft operators start out with little or no aviation experience.) Also, with some models tipping the scales at up to 55 pounds, rogue drones can pose a significant threat to people and property, which is why it’s always a smart call to add insurance to your pre-flight checklist.

Below are insurance coverages and how they are likely to apply. Keep in mind all claims are handled on a case-by-case basis, and there may be more exclusions and conditions that apply as drone technology evolves. Finally, don’t expect coverage if you’re operating your drone in the commission of illegal activities.

Homeowners and Renters Insurance

Drones are most likely covered under a homeowners insurance policy (subject to a deductible). Coverage also applies to renters insurance. According to the latest I.I.I. PulsePoints survey, only 40 percent of renters in the United States have this coverage, so it’s imperative that people who rent purchase this coverage before operating a drone, as their landlord’s insurance policy will not protect them.

Liability

The liability portion of your homeowners or renters policy may cover you against lawsuits for bodily injury or property damage that you or family members cause to other people with a drone. It may also cover privacy issues–for example if your drone inadvertently takes pictures or videotapes a neighbor who then sues you. It will not cover any intentional invasion of privacy.

No-fault medical coverage

Your policy may provide no-fault medical coverage if a friend or neighbor is accidentally injured by your drone. (Coverage levels vary, so check with your Insurance Professional.) But be aware that this coverage will not pay medical bills for your family members or pets if they are injured by your drone.

Theft or loss of a drone

While the cost of a drone can be as low as $40, the cost of more elaborate ones with UHD video recording, GPS navigation, etc., can soar higher than $2,000, so it’s important to review your policy or talk to your Insurance Professional to determine if your coverage is sufficient to replace the drone if it is stolen. (A deductible may also apply.)

Auto Insurance

If your drone crash-lands into your car, damage may be covered under your auto insurance if you purchased optional comprehensive insurance. (Comprehensive insurance covers damage to a car from fallen objects and other disasters, subject to a deductible).

Commercial Insurance

Damage or injuries caused by a drone used for commercial (i.e., business) purposes are not covered by a standard homeowners or renter’s insurance policy. If you are operating a drone for commercial purposes, contact your insurance broker to make sure that you have the appropriate types and amounts of insurance coverage.

Sure, the sky’s the limit for drone operators (well, below 400 feet); however, anyone operating a recreational drone without the right insurance risks exposing themselves to unlimited personal liability.

For more information on drone regulations and registration information, fly on over to the Federal Aviation Administration.

Asteroids, Meteors and Falling Satellites: Are They Covered By Insurance?

Forecasts of debris from satellites falling to earth regularly receive attention in the news media but the prospect of asteroid debris striking the planet, which occurred on February 15, 2013, in Russia, poses an equally compelling risk to life and property. While the likelihood of actually getting struck by a satellite, a meteor or an asteroid is extremely rare, the good news is that if one of these falling objects does hit you, your home, your car or your place of business, you would be you are financially protected by insurance.

 

Falling objects, including satellites, asteroids, meteors and space debris, are covered under standard homeowners and business insurance policies. There is coverage for the damage the falling object causes to the structure of the home or business, as well as to property or belongings damaged within the building.

 

If a satellite, meteor or asteroid falls on your car, coverage is provided under the optional comprehensive portion of an auto insurance policy. And if falling debris causes an auto accident, the liability portion of the policy would come into play.

 

In the tragic event that space debris were to strike a person, his or her injuries would be covered under health insurance and, in the event of a death, existing life insurance policies would kick in.

 

So, even when the sky seems to be falling, insurance can provide peace of mind.

Bicycle Safety and Insurance

Bicycling is increasingly popular, both as a sport and as a means of transportation. And bicycles can cost anywhere from several hundred dollars for a basic bike to thousands of dollars for specialized racing bikes. Whether you use your bicycle to commute to work or simply like to cycle around the block with your children, it is important to understand the rules of the road and protect your financial investment with the proper insurance.

Bicycles are covered under the personal property section of standard homeowners and renters insurance policies. This coverage will reimburse you, minus your deductible, if your bike is stolen or damaged in a fire, hurricane or other disaster listed in your policy.

If you are purchasing a new bike, keep the receipt and call your insurance agent or company representative immediately. If you own a particularly expensive bicycle, you may want to consider getting an endorsement that will provide additional coverage. Your insurance agent or company representative can review your coverage options with you.

There are two types of coverage for personal property:
Actual Cash Value – reimburses you for what the bicycle is actually worth given its age. A 10-year-old bicycle, for example, would be valued at the cost of a comparable bicycle minus 10 years depreciation.
Replacement Cost Coverage – reimburses you for what it would cost to replace your 10-year-old bicycle with one of like kind and quality at current cost. Replacement cost coverage costs about 10 percent more than actual cash value, but it is a good investment.
Homeowners and renters insurance policies also provide liability protection for harm you may cause to someone else or their property. If you injure someone in a bicycle accident and he or she decides to sue, you will be covered up to the limits of your policy. Your homeowners or renters insurance also includes no-fault medical coverage in the event you injure someone. This coverage usually ranges from $1,000 to $5,000.

To make filing a claim easier, the I.I.I. suggests the following:
Save your receipts
When you buy your bicycle you may also purchase expensive equipment to go with it, so make sure to save your receipts for everything. The cost of a helmet, patch kits, pumps, extra inner tubes and other essentials, not to mention that fancy new bike jersey, can add up quickly. If your bike and related items are stolen or destroyed, having receipts can help speed the claims process.
Add your bicycle and related items to your home inventory
Everyone should have an up-to-date home inventory of all their personal possessions. An inventory can help you purchase the correct amount of insurance and make the claims filing process easier if there is a loss. To help you create your inventory, the I.I.I. provides free, online software at KnowYourStuff.org.
Of course the best protection of all is to keep your bike safe; to help avoid theft, follow these simple rules:
Always lock up your bike, even if it is in your garage, an apartment stairwell, or a college dormitory.
Lock your bicycle to a fixed, immovable object like a parking meter or permanent bike rack. Be careful not to lock it to items that can be easily cut, broken or removed, and that the bike cannot be lifted over the top of the object to which it is locked.
Lock up your bicycle in a visible, well-lit area.
Consider using a U-lock and position the bike frame and wheels so that they take up as much of the open space within the U-portion of the lock as possible. The tighter the lock-up, the harder it is for a thief to use tools to attack the lock. Always position a U-lock so that the keyway is facing down towards the ground. Do not position the lock close to the ground as this makes it easier for a thief to break it.
Do not lock up your bicycle in the same location all the time. A thief may notice the pattern and target you.
Consider registering your bike with the National Bike Registry.
It is even more important to keep yourself and your family safe while you are riding. The National Highway Traffic Safety Administration suggests that cyclists follow these seven rules:
Protect Your Head
Never ride a bike without a properly fitted helmet.
Assure Bicycle Readiness
Ride a bike that fits you and check all parts of the bicycle to make sure they are secure and working well.
Learn and Follow the Rules of the Road
Bicycles are considered vehicles on the road; therefore riders must follow the same traffic laws as drivers of motor vehicles.
Act Like a Driver of a Motor Vehicle
Always ride with the flow of traffic, on the right side of the road, and as far to the right of the road as is practicable and safe.
Be Visible
Always assume you are not seen by others and take responsibility for making yourself visible to motorists, pedestrians and other cyclists.
“Drive with Care”
When you ride, consider yourself the driver of a vehicle and always keep safety in mind. Ride in the bike lane, if available. Take extra care when riding on a roadway. Courtesy and predictability are key to safe cycling.
Stay Focused. Stay Alert
Never wear headphones as they hinder your ability to hear traffic. Be aware of your surroundings and ride defensively.

Things to Know about Coverage for Jewelry and Other Valuables

Standard homeowners and renters insurance policies include some coverage for jewelry and other precious items such as watches and furs. Like other belongings, high value items are covered for losses caused by all the perils included in your policy such as fire, windstorm, theft and vandalism.

However, there are special limits of liability for certain items, meaning that the insurer will not pay more than the amount specified in the policy. One important limit is for the theft of jewelry. To keep coverage affordable, because jewelry can be easily stolen, standard policies have a relatively low limit for theft coverage, generally $1,500.

If you own valuable jewelry or other items that would be difficult to replace, there are two ways you can increase coverage: by raising the limit of liability, or by “scheduling” your individual pieces through the purchase of “floater” policies. Raising the limit of liability is the least expensive option in terms of insurance premium cost; however, there is generally a limit on the amount you can claim for the loss of any individual piece, say $2,000, when the overall limit is $5,000.

Scheduling each piece or item may cost more in premiums, but it offers broader protection because the floater covers losses of any type, including accidental losses—such as dropping your ring down the drain of the kitchen sink or leaving an expensive watch in a hotel room—that standard policies do not cover. Before purchasing a floater, the items covered must be professionally appraised. Your insurance company may be able to recommend a local appraisal firm.

What Is Umbrella Liability?

If you are ever sued, your standard homeowners or auto policy will provide you with some liability coverage, paying for judgements against you and your attorney's fees, up to a limit set in the policy. However, in our litigious society, you may want to have an extra layer of liability protection. That's what a personal umbrella liability policy provides.

An umbrella policy kicks in when you reach the limit on the underlying liability coverage in a homeowners, renters, condo or auto policy. It will also cover you for things such as libel and slander.

For about $150 to $300 per year you can buy a $1 million personal umbrella liability policy. The next million will cost about $75, and $50 for every million after that.

Because the personal umbrella policy goes into effect after the underlying coverage is exhausted, there are certain limits that usually must be met in order to purchase this coverage. Most insurers will want you to have about $250,000 of liability insurance on your auto policy and $300,000 of liability insurance on your homeowners policy before selling you an umbrella liability policy for $1 million of additional coverage.