No Neutrality on Public Adjusters: Four Key Due Diligence Questions - Quinley On Claims News Insurance Claims Adjuster Property and Casualty Insurance Claims Adjuster,insurance newsletters,independent adjuster newsletters,claims adjuster newsletters,insurance adjuster newsletters,quinley, kevin quinley, ahmed, visibillity,Bernazzani, Newsletters,

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No Neutrality on Public Adjusters: Four Key Due Diligence Questions
November Risk Management Tip of the Month
By Kevin M. Quinley CPCU, ARM AIC, AIM, ARe

Dyanclaim for Claims Websites

Curried Indian food rarely evokes bland or neutral responses. Typically, people either love Indian food or loathe it – no in-between. Similarly, few risk and insurance professionals are indifferent on the topic of public adjusters. The phrase public adjuster often evokes strong passions on both sides of the fence, both pro and con.

This month we will neither endorse nor decry public adjusters, but only suggest that some risk managers and risk professionals do see them as a service provider who can occasionally assist in controlling the cost of risk. Most such control comes in the form of post-loss assistance on hefty property loss and/or business interruption claims. After such losses, which often are complex and involve elements of accounting, public adjusters can in some cases be a part of the vendor team that might add value to a risk manager’s attempts to recover fully from a loss under applicable insurance policies.

How would a risk manager choose between one public adjuster or another? One sound tip as in any vendor selection process is to check references. If the risk manager is approached by a public adjuster or contacts one about the possibility of engagement, here are four questions to pose. Request names of companies they have worked with in the past. Follow up on the leads.

    Questions to ask those references:
  • Were the customers satisfied with the results?
  • Were there any complaints?
  • Would they use the public adjuster again?
  • What would they do differently this time if they had it to do over again?

Another tip: ask your company's outside accounting firm to recommend a public adjusting company. If they pass muster with your auditors, who tend to be ultra-cautious by nature, they may be a safe bet. No checklist can guarantee a good choice. Having no process, procedure or checklist, though, increases the odds of a random or suspect choice.

After all, if you make a good choice and maximize your insurance recovery thereby, you can go out to a nice Indian restaurant and have a spicy curried dish to celebrate!

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Quinley On Claims Directory Page
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