Insurance Adjuster
This person works for an insurance company… the same company who will ultimately pay you the settlement amount. His loyalty is to the insurance company who pays him. It is in his employer’s best interest to settle the claim for the least amount possible. If that involves delaying the settlement, then it will be worth it to them.
Independent Adjuster
This person works for several insurance companies, usually as an independent contractor, or is “loaned” from one insurance company to another. His loyalty is to the insurance company who pays him. It is in his employer’s best interest to settle the claim for the least amount possible. If that involves delaying the settlement, then it will be worth it to them. In addition, his livelihood depends solely on making the many insurance companies he represents as happy as possible. While an insurance company may not fire their employee for a settlement that is too “friendly” to the insured, it would be easy to simply “not retain the services” of an independent. Thus, the priority is placed on pleasing the insurance
Public Adjuster
This person works for you, the insured! His or her loyalty is to the one who suffered the loss. It is in his interest to settle the claim as smoothly as possible. And since most fees paid to the Public Adjuster are based on a percentage of the settlement, clearly it is in his best interest to achieve as high a payout as possible. Which is, of course, in your best interest, too! Since the public adjuster represents you in the claim process, his professional skills and experience are used to deal with the insurance companies, so you can get on with your life.
“What about my insurance agent?”
In nearly all cases, the insurance agent, that good neighbor who sold you the insurance, is not an adjuster. Although they may “be there for you”, they seldom have any authority once a claim is filed. Their job ended when you signed the premium check. Sadly, in many cases, they are not even welcome by their own agency’s adjusters. If they are on the site, it’s to mask the severity of the loss. “The damage isn’t that bad”, they might say. This puts into your mind a lower settlement. Why? Simple. An insurance agent gets paid three ways:
- He gets paid sales commission when you buy insurance from him. Fair enough…
- He gets paid when you renew your policy. Makes sense…
- Here’s the tricky part… he gets paid a “loss ratio contingency bonus” based on the ratio of what he has sold versus what is paid out. The lower the loss, the higher the ratio… and the higher the bonus. So he has a vested interest in keeping your settlement as low as possible.
But it gets worse… If one of his insureds suffers a loss, and a claim is paid by the insurance company, that agent will not get a “loss ratio contingency bonus” until the insurance company recoups that loss from his premiums. Ouch! Do that math on that. If a loss is $500,000, he will not get his bonus until he collects $500,000 in premiums.
So now you understand why he might want to keep your settlement low. Insurance is necessary in this world, and it is a business. And like a good businessman, the agent looks out for the interests of his business… Unfortunately, at the time of a loss, that is direct opposition to your interests. He’s not on your side, is he?
So who is on your side?
When a claim is being adjusted, there is only one person who is qualified and licensed to handle your claim AND stand up for your interests, which include moving the claim along, and getting the amount to which you are entitled. That person is the Public Adjuster. And Allwest Adjusters have been standing on the side of the insured for over 28 years. They will stand with you… for without them, against the insurance company and their teams of hired professionals, you will stand alone.
In fairness…
Don’t get us wrong. The insurance adjuster and the independent adjuster are hard-working professionals, and we mean to imply no dishonesty at work here. It is simply that they are paid by the insurance companies, and as loyal employees of the insurance companies, they are looking out for the companies’ best interest. Think about that for just a second, and it all makes sense. On the other hand… Public Adjusters are loyal to you, the insured. That makes all the difference.
You need someone who will be loyal to you…
not the insurance company.
Call us at (253) 896-3700!
Why settle for less?