PUBLIC ADJUSTERS (PAs)
Public adjusters specialize in first-party property claims. It is typical that insurers tend to adjust claims in ways that benefit the themselves (to minimize the payouts). The basis for loss adjustment in some complex property damage claims involves judgment and interpretation. Different judgement calls can make thousands of dollars of difference in recovery to the insured.
It is always a good idea to employ the services of an experienced Public Adjuster to make the judgments and interpretations that favor the insured, and to have a forceful advocate in its dispute with the insurer. While Public Adjusters are not supposed to practice law, they skate at its edges. Experienced Public Adjusters are good at interpretation of property insurance policies that they know the ins and outs where insureds can maximize their recovery.
The following are some functions or tasks that public adjusters can perform for clients:
- Assist in the gathering of photos, documents and evidence needed
- Assist in the completion of needed claim paperwork, often required by the policy
- Explain and interpret insurance provisions (policy)
- Coordinate and arrange for inspections of damaged property and loss location
- Negotiate with the insurance claims adjuster
- Advocate for the policyholder
- Remove or minimize the hassle and drama of dealing with the insurance company or its adjusters
INSURANCE COMPANY STAFF ADJUSTERS
Employees of an insurance company who are tasked with handling claims filed by policyholders. These adjusters that are employed by the insurance company and are on the insurer’s staff are often referred to as staff adjusters.
INDEPENDENT INSURANCE ADJUSTERS (IAs)
Independent adjusters are adjusters that work for firms that offer claims adjusting services to insurers for a fee, based on time and expense or a sliding scale. For some insurance companies, they fill the role of staff adjusters. Other carriers may use both staff, independent adjusters or CAT adjusters.
THIRD PARTY ADMINISTRATORS (TPAs)
TPAs are firms with Independent Adjusters that handle claims from insurers or from self-insured (corporate) clients. TPAs refer to large independent claims services providers that span a large geographic scope and may have hundreds or even thousands of employees spread over a large geographic area.
Others may be smaller “Mom & Pop” firms. They may range in size from single-person to independent adjusting firms with a handful of claims handlers to a few administrative staff.
Resources:
IA & TPA Firm
IA Firm
Finding a PA Firm
