by gb298888 » Wed Mar 05, 2008 12:49 pm
How are independent adjusters paid? Hired by insurance co. It is a injury claim. Are they paid on how fast and low they settle the claim? Who accepts or deny the claim? What do the insurance co adjuster do and what do the independent adjuster do? Who reviews the evidence and supporting documents? Will the adjuster get paid more for settling claim quick? What authority/decisions do the independent have and make?
Posted: Wed Mar 05, 2008 01:54 pm Post Subject:
Good morning gb298888
How are independent adjusters paid? Hired by insurance co. It is a injury claim
They are different, some are paid a commission (usually though on property damage claims) Most however are paid either hourly, or by the claim, or salaried, I've known some independents that are paid a 40 hour week, some (as I said) a commission, (I've only personally known commissioned independents that handled physcial damage only).Who accepts or deny the claim?
The supervising adjuster (the actual insurance company) have final say on everything....What do the insurance co adjuster do and what do the independent adjuster do?
The ins company adjuster makes all the decisions, re: liablity, coverage etc....but their decisions many times are based on the information provided by the independent.Who reviews the evidence and supporting documents?
The insurance company adjuster (in all cases I'm aware of) has final say on everything regarding the claim, however, the indpendent is a vital part of this, getting the requested information to the ins company adjuster....Will the adjuster get paid more for settling claim quick?
I don't know about that...tcope was an independent and he will likely come by with much greater insight, I don't know about any 'bonus' etc....not that it couldn't happen, but I've just never heard of it...What authority/decisions do the independent have and make?
All the dealings I've had with independents (and there have been many over the years) when I'd hire one, they were given an 'assignment' telling them what I wanted done...such as complete estimate of damage on the vehicle, get scene photos, and recorded statements from the drivers and witnesses, get all med auths signed, and maybe if a minor accident give them the authority to attempt an injury settlement, always with the amount or range stated...As the insurance adjuster I would be the one issueing the drafts in payment for all claims payments, as well as the fee to the independent adjusting company.....Posted: Thu Mar 06, 2008 07:04 am Post Subject:
You may wish to take a look at the interesting thread below.
http://www.ampminsure.org/fraud/about3875.html
Hope you'll find some useful information there.
Posted: Thu Mar 06, 2008 08:34 am Post Subject:
Some of the independent adjusters are paid on hourly basis, whereas some may earn a percentage of the claims handled. If the claimant hire the independent adjuster he/she may also have to bear the traveling expenses of the adjuster.
Posted: Fri Mar 07, 2008 04:47 am Post Subject:
What Lori wrote is just about everything. Myself, I was an independent and handled both 1st and 3rd party claims. I was an employee with an independent firm with a yearly salary. I did have a chance to make a bonus, but it was not tied to how fast or how cheap I settled claims.... it was tied to how much I billed insurance companies (yearly) for my service. My company was paid by insurance companies based on either a fee schedule (mainly property claims). Some were flat fees some were based on the amount of the loss... the larger the loss the larger the fee from my company.
3rd party claims or in your case an auto accident was billed on an agreed hourly rate. This rate would have been set well before your claim. Most independent firms have a set hourly rate which they will change (lower) if they see or are promised that they will get enough claims.
I only had checks for one insurance company that my company did work for, but even in that case it was always up to the "desk adjuster" to give the authority to settle the claim. I would also agree that the independent can play a large part in the settlement or the way the claim goes. I gave the insurance company my opinion based on facts, investigation, case law in the area. So your adjuster can slant it anyway they want, but normally an independent does not have an interest in the claim either way, except for fee scheduled property claims as discussed above.
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