Frequently asked questions
You do not need your insurance company or the loss adjuster’s approval. It is a good idea, however, that they are made aware of our appointment as soon as possible to ensure there is no misunderstanding.
A loss adjuster is traditionally appointed by your insurance company to be its representative when a claim arises. The insurance company requires the loss adjuster to investigate the circumstances of the incident that gave rise to the loss, advise whether there is a third party at fault that could lead to a recovery action and confirm that the amount claimed is correct and within the terms and conditions of the policy. The loss adjuster will often get involved in the reinstatement of physical damage on behalf of the insurance company. Sometimes the insurance company will appoint a specialist business interruption adjuster in addition to the loss adjuster handling your material damage claims (e.g. building, stock, plant and contents claims).
Commercial Loss Management is appointed by you, the claimant. Many claimants recognise that they do not have the time or expertise to prepare their own claim and appreciate having an organisation like Commercial Loss Management representing them. This allows the business to be relieved of the time consuming requirements of preparing and settling its business interruption claim. Thereby ensuring the business can focus on the earliest return to normal trading. Commercial Loss Management’s main tasks are to:
- Quantify your business interruption losses.
- Submit the claim to the loss adjuster.
- Be involved through to the final settlement of your claim.
- Keep you informed from start to finish. Claims will be approved by you before being submitted to the loss adjuster.
Commercial Loss Management believe it is best to get representation as quickly as possible. If we are appointed early, we have the best opportunity of capturing important information immediately rather than later when the information may be harder to find or unavailable. Any potential problem areas can be addressed and resolved quickly.
Commercial Loss Management will ensure the insurance company or its loss adjusters are provided with the necessary financial and other relevant information quickly to allow progress payments to be processed as soon as possible to preserve your business’s cash flow.
Most Business Interruption policies include a separate item of cover for claim preparation costs, which will cover the Commercial Loss Management fee to prepare your claim. If there are any limitations these can be quickly established at the start.
Commercial Loss Management charges on the same basis as most professionals, which is on a time and cost basis. These are agreed before the commencement of the work and full details of our fee is provided to you and the insurer/ loss adjuster.