Difference Between Company, Independent and Public Adjuster

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Difference Between Company, Independent and
Public Adjuster
When a person has an insurance loss their
insurance company will assign an adjuster to the
handle the claim. Insurance departments in
(almost) all states license three different kind
of adjusters company, independent, and public.
It is important to understand the difference
between these adjusters when handling your
claim. This is a confusing concept for many
people because in initial contact with the
insurance company the insurance company
representative will state that they are sending
out your adjuster. However, what they actually
mean is their adjuster who will be adjusting
your claim.
What is a Company Adjuster? A company adjuster
means the insurance adjusters who are employees
of an insurance company. They represent the
interest of the insurance company and are paid
by the insurance company. They will not charge
you a fee. What is an Independent Adjuster? An
independent adjuster means the insurance
adjusters who are hired on a
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contract basis by an insurance company to
represent the insurance companys interest in
the settlement of the claim. They are paid by
your insurance company. They will not charge you
a fee. What is a Public Adjuster? A public
adjuster means the insurance adjusters who do
not work for any insurance company. They work
for the insured to assist in the preparation,
presentation and settlement of the claim. The
insured hires them by signing a contract
agreeing to pay them a fee or commission based on
a percentage of the settlement, or other method
of compensation. The insured is not required to
hire a public adjuster to help the insured meet
his or her obligations under the policy, but has
the right to do so The public adjuster is not a
representative or employee of the insurer and
the salary, fee, commission or other
consideration is the obligation of the insured,
not the insurer. The biggest difference between
a company adjuster and an independent adjuster
is that an independent adjuster works on a
contract basis. Independent adjusters are
typically used in catastrophe circumstances or
for smaller insurance companies that do not have
local offices. While they are hired on a contract
basis they do work for the insurance company and
they work on their behalf. If an insurance
company hires an independent adjuster to adjust
the claim for them and you do not hire a public
adjuster you are representing yourself on the
claim just as you would if it was a company
adjuster. The central difference between a
company and independent adjuster and a public
adjuster is that the insured hires a public
adjuster directly. The company and independent
adjuster is hired by the insurance company and
they are paid by the insurance company. The
public adjuster is hired and paid by the insured
and therefore the public adjuster represents the
insureds interest whereas the company and
independent adjuster represent the interest of
the insurance carrier. If you only have a
company or independent adjuster on your claim you
need to be heavily involved in your claim to
make sure you are representing yourself on your
claim. Alternatively, you can hire
a public adjuster for Arizona and
Oklahoma to handle the claim to represent your
interest.