What is the difference between a Loss Adjuster and a Loss Assessor and why might they consult a Quantity Surveyor?

Loss Adjuster:

Loss adjusters are typically hired by insurance companies to assess and evaluate insurance claims.  Their main job is to investigate the claim, inspect the damage, gather evidence, and determine the extent of the insurer’s liability. They aim to ensure the claim is fair, accurate, and within the policy terms. They work to protect the insurer’s interests by ensuring that the payout is appropriate based on the damage and coverage. These can include verifying details of the claim, interviewing witnesses, reviewing policy terms, and negotiating settlements with the policyholder.

Loss Assessor:

Loss assessors are usually hired by the policyholder to help them make and manage their claim. Their main job is to represent the interests of the policyholder, helping them get the maximum possible settlement.  They aim to protect the policyholder’s interests, helping to prepare the claim, submit it, and negotiate the payout with the insurance company. Loss assessors help with documenting losses, submitting the claim, negotiating with the insurer, and ensuring the policyholder is fairly compensated for the loss.

A quantity surveyor can assist a loss adjuster / loss assessor, especially in cases involving property damage, construction, or repair.  Quantity surveyors are experts in the financial management of construction projects and can help with:

• Project management: If repairs or reconstruction are needed, a quantity surveyor can also help oversee the project to ensure it stays within budget and is completed as per specifications.

• Cost estimation: They can accurately calculate the cost of repairs or rebuilding following damage to a property.

• Assessment of damage: They can help assess the scope of the damage and suggest appropriate remedies.

• Valuation of losses: They assist in valuing building or structural losses to ensure the figures used in insurance claims are precise.

In summary, a quantity surveyor can provide technical expertise and accurate cost assessments that would assist both a loss adjuster/  a loss assessor and the insured party in resolving a claim involving property damage.