What is a Public Adjuster?
A public adjuster is an insurance professional who represents the interests of the policyholder in settling a property insurance claim. Public adjusters, such as those from Goodman-Gable-Gould/Adjusters International (GGG/AI), have special training and expertise in appraising, preparing and negotiating property damage and business interruption losses. Types of disasters from which they help policyholders recover include fire, windstorm, flood, hail, structural collapse and more.
How is a Public Adjuster Compensated?
Most public adjusters are paid based on a small percentage of the total settlement. Such is normally the case with GGG/AI, whose fee is minimal in relation to the ultimate claim settlement. In the vast majority of cases, the difference our public adjusting services make in the amount of the claim settlement the policyholder receives more than offsets the fee.
How Else Does a Public Adjuster Make a Difference?
Following a disaster, filing and pursuing a complicated insurance claim is one of many monumental tasks a business or homeowner faces—and it is a process with which most are unfamiliar. On the other side of the fence sits the insurance company, with experts who adjust claims daily and who are always watching out for the company’s interests. A public insurance adjuster levels the playing field, putting a professional with similar knowledge, experience and expertise on the policyholder’s side.
Advocate for the Policyholder
Not to be confused with “company” or “independent” adjusters, who work for the insurance company, public adjusters work exclusively on behalf of the policyholder throughout every aspect of the claim process.
Services a Public Adjuster Provides
A competent public adjusting firm goes to work for the policyholder immediately, focusing on helping the policyholder achieve the most favorable claim settlement possible.
- Conducts a comprehensive review of the policy to identify all of the coverages that may be applicable to the claim;
- Assists the policyholder in complying with the policy’s requirements, which may include mitigating further damage and complying with time limitations;
- Undertakes a thorough review of the loss, detailing and substantiating every aspect of the claim, including the proper valuation of building damage, contents, business interruption and extra expense claims;
- Presents and supports an itemized claim package to the insurer;
- Serves as the policyholder’s advocate at all inspections and meetings with the insurance company;
- Works diligently not only to negotiate the best settlement possible, but to do so in the shortest possible time frame;
- Communicates with the policyholder every step of the way.
The earlier a public adjuster is brought into the process, the better the opportunities are for helping the policyholder obtain a more favorable claim settlement.
Public Adjusting in the News
It has been proven time and time again that public adjusters help maximize an insurance claim settlement. Read on for what the press has to say about public adjusters.
- When to Hire a Pro to Settle an Insurance Claim – CBS MoneyWatch
- Reading fine print is big biz for adjusting company – Atlanta Business Chronicle
- Update from the Gulf Coast: A policyholder’s perspective – Insurance Journal
- Insurance: Hiring a public adjuster – Bankrate.com