FAQ

After incurring a loss, re-establishing normalcy can be time-consuming. Claim preparation that complies with your policy requirements is a full-time job, even for experienced professionals. Compass Adjusting experts build a claim package that works to fulfill the burden obligation of your policy provisions. Public adjusters fully document a policyholder’s claim, reliving them of the cumbersome and time-consuming process of negotiating and dealing with the insurance companies. The policyholder can then focus their time recapturing normalcy for both their business and personal lives.

Public adjusters work exclusively for the policyholder. When property loss occurs, the first step is to review the policy and establish what the contract terms cover and what the limitations and exclusions are. The second step is to submit a claim and to provide proof of damages. This process can be overwhelming. Compass Adjusters go in-depth to review your policy and discover how to hold insurance providers accountable for the coverage they provide. Compass Adjusters prepare a comprehensive and thorough claim package that ensures you a fair and equitable settlement.

Immediately. It is common for individuals to compromise their position when submitting a claim and waiting to hire Compass Adjusters. If retained after a commitment to a partial settlement, there is irreparable harm created for your equitable return. Initially bringing on experts from Compass Adjusters will have a sizable impact on the equitable outcome for your claim.

A public adjuster should have expertise and experience in your type of claim and should employ its own staff of appraisers, adjusters, engineers, and estimators. The public adjuster should also be steeped in professionalism and have integrity in business.

Claims are not always straightforward and rely on differences of opinion. Usually, there are disagreements when discussing what is covered under your policy and what is omitted. Common topics that arise are the extent of damages, obligatory restorations, product depreciation and a market pricing that changes frequently. When adjusting the claim yourself, proving a fair and equitable return falls on you, the policyholder.

Insurance agents are trained for the purpose of sales and to sell an insurance policy. They are not trained to adjust or prepare claims, which takes specialized knowledge. Furthermore, insurance agents do not necessarily have an interest in assuring that the policyholder receives a comprehensive return for all damages. And finally, if the insurance agent is not individualized to the policyholder, they may be unfamiliar with the in-depth nuisances of an individualized policy. When claims are filed, insurance companies will even rely on their own hired adjusters and not the agents.

When something unfortunate happens to your property, filing a claim can be overwhelming. This can be especially true when trying to understand what documentation you need to submit. The following documentation will assist a public adjuster to indemnify property owners fully and fairly. The more from this list you have, the easier it will be for Compass Adjusters to ensure your policy is working for you.

• A detailed cost estimate to replace the unit and/or repair damages to the building
• Detailed account of all inventory. This can include furniture, technology, fixtures, equipment, and stock
• Co-insurance requirements for any insurable value appraisal.
• Identification and complete evaluation of insurable interest that relate to the improvements and corrections
• Physical depreciation timeline for the entire property
• Salvage disposal determination
• An analysis of all income loss to business interruption

A percentage from the settlement is how Compass Adjusters are paid. Past clients have found that our services are absorbed by a settlement that is financially greater due to the result of Compass Adjusters’ involvement. The fees are a small percentage in relation to a much larger claim settlement you would receive after hiring a public adjuster. The fee should be seen as an initial investment that has substantial returns. Besides a larger settlement, policyholders obtain peace of mind, more time to focus on their business and personal life, and less frustration and anxiety during the entire process.

After suffering a loss, it is typical for policyholders to rely on their insurance company to offer them a fair settlement before contacting an expert to review the claim. Doing so is the equivalent of being in court and hiring a lawyer after the judge has sentenced you.

Insurance companies employ their own experts to ultimately represent their own interests. It is not to your advantage to wait for an insurance company to decide what an equitable and fair return should be. The following reasons outline why:

• An adjuster hired by your insurance company will make an offer only after obtaining the estimates and supporting information. The adjuster will determine the value of your claim only after these are submitted. The insurance company adjuster cannot know the amount of your claim until the loss is adjusted. Each policy requires you to fully prove your loss to the insurance company in order to receive a settlement. Many people do not realize that you only have one opportunity to submit and prove your claim.  It is critical and for your benefit that your claim is thorough and accurate, while also complying with your policy conditions. The foundation for all claim negotiations is based on what you submit.
• Preparing your claim and gathering all necessary documentation to prove your loss will be at the expense of your time and money. Time spent on claim preparation could be damaging for your business and personal life. Only after all the information is properly prepared, will it be submitted an adjuster. The insurance company’s adjuster will then review and audit all the information you present, make adjustments, and eventually make a settlement offer. From the time of loss to the initial offer, several weeks or months can go by. The first offer is dependent upon the circumstances of the claim and the details of your policy.
• After receiving an offer, you then decide to accept or reject said offer. Never accept an offer that “sounds fair.” Never guess the amount of the loss sustained. Always provide substantiating documentation, otherwise you are left vulnerable to settling the claim for an amount considerably less than to one that you are entitled to.
• To reject the insurance company’s offer, you must have solid evidence that proves that the insurance company’s offer is incorrect. The insurance company’s offer is based on a subjective review of the claim. This includes estimation from hired experts such as accountants, architects, engineers, consultants, and etc. It is your mission to prove the adjuster and all the hired experts wrong by submitting enough and accurate supporting evidence that will both overturn their decision and put the claim back on the negotiating table. Typically, this is not easy and requires the policyholder to divert a considerable amount of time and resources to this critical research.
• Weeks or months will go by after your claim. As time passes, it becomes more difficult to accurately prove and represent the encompassing physical loss. Evidence of the damage is typically altered over time and an attempt must be made to recreate and re-establish evidence for your claim. This proves to be difficult as time passes and some information may not still be available. Furthermore, the postponement of a fully functioning business is costly for you and there is lost interest on your insurance proceeds. The more time that passes, the more difficult it is to re-establish your property or business. This can be a burden on you and your family.
• Highly specialized adjusters represent the interests of their employer, the insurance companies. As mentioned before, representing yourself during a claim is the equivalent of representing yourself without a lawyer. The responsibility to prepare, present, and negotiate your claim will be considerable time, expense, and effort when attempting to fairly recover your money from those who have extensive experience in adjusting insurance claims.
• The larger the claim, the longer it will take to settle. Larger claims do not settle on first offers. Initial offers should lead to negotiation. After receiving an offer, you need to ask yourself if you are in a position to properly and exhaustively analyze the equity of an offer. A few items to consider when negotiating a settlement for a claim are: Policy exclusions, co-insurance, repairable versus total loss, due diligence and dispatch, and depreciation. Like in a court of law, what is said during negotiations is critical. Once negotiations begin, what is said, not said, and all measures of evidence could jeopardize your position if not presented tactfully and thoughtfully.
• It is commonly known that the conclusions of appraisals vary and depend on many different factors. Whether it is for property claims or business interruption claims, many different conclusions and amounts are produced based on the number of experts involved; experts such as, adjusters, architects, accountants, engineers, contractors, etc. Going up against an insurance company without fair representation from your own adjuster can put you at a disadvantage. It is ultimately up to you to protect your financial interests.