Navigating an insurance claim can be tough, especially when your insurer starts to use words you don’t understand. We’ve put together a list of 8 insurance-related terms you need to know to ensure you get a fair and full settlement for your claim.

8 Insurance Jargon You Need To Know

1. Loss Assessor

A loss assessor is someone the insured homeowner or commercial property owner has the right to appoint. This levels the playing field and the property owner then has someone who will work in their interests throughout the property claim negotiations. Sometimes, a loss assessor can confusingly be called a public loss adjuster. Even if they are, their role is the same – to represent the insured policyholder in the claim and achieve a full and fair settlement.

2. Loss Adjuster

This is someone who is appointed by the insurer. When an insured person makes a claim, their job is to go out to see the insured and to inspect the property damage. They then act on behalf of the insurer within the claim. The most important thing to note here is that they are NOT impartial. It is in their interests to ‘adjust’ the claim downwards, and minimise the amount that needs to be paid out.

Find out more about the difference between a loss assessor and a loss adjuster here.

3. Limit

The insurer’s maximum liability under an insurance, which may be expressed ‘per accident’, ‘per event’, ‘per occurrence’, ‘per annum’, etc

4. New For Old

Where insurers agree to pay the cost of property lost or destroyed without deduction for depreciation.

5. Insurable Value

The amount to be paid out by the insurer (assuming full insurance) in the event of total loss or destruction of the item insured.

6. Financial Ombudsman Service

A bureau established by major insurance companies to oversee the interests of policyholders whose complaints remain unsolved through normal company channels of communication.

7. Sum Insured

The maximum amount payable in the event of a claim under contract of insurance.

8. Salvage

The maximum amount payable in the event of a claim under contract of insurance.

How Property Claim Assist Can Help

When you’re in the middle of an insurance claim, you don’t have the time or energy to worry about the difference between a loss assessor and a loss adjuster – or which one you need to receive the settlement you deserve. Likewise you do not have time to worry about the endless jargon that your insurer may use to intimidate you into accepting an unfair claim.

Find the answers you need so you can get back on your feet with the support of Property Claim Assist. Call our team today on 0333 577 2720 or gain more information at www.propertyclaimassist.co.uk

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Reviews from previous policyholders that have appointed Property Claim Assist to manage their claim.

We pride ourselves on managing your property insurance claim, ensuring that we take the weight off your shoulders, with a stress free process.

“Thank goodness I had these guys by my side”

After a traumatic accidental house fire I was a little lost on how to deal with the insurance and the claim. I reached out to these guys and thank god I did! Simon and everyone else at Property Claim Assist were invaluable and I honestly don’t know if I could have got through it all without them. Handling a big and complex insurance claim is very stressful and complicated. The guys at PCA explained how everything worked and guided me through it all and took up a lot of slack and a lot of the work. Thank goodness I had these guys to depend on.

Paul, Fire Insurance Claim
“Professional Handling of the Claim while I was Overseas”
Professional, timely, efficient and effective handling of a massive Escape of Water Claim in a Grade II listed cottage. Gary knows the process, has the contacts and gets things done. I was having to deal with this loss while overseas, so having the Property Claim Assist interfacing with the insurance company, surveyor and contractors was a godsend. Would not have had such a fabulous remediation without Property Claim Assist.

Dr Ford, Fire Insurance Claim, Fire Insurance Claim

“Amazing from start to finish”

Where do I start…Property Claim Assist took our case on when no one else would. They have been brilliant from day 1. We were fighting a loosing battle with the insurance company. They were 100% professional and adept from start to finish. They have been patient and empathetic and got the job done. We will be forever grateful to PCA. The experience has been life changing in many ways but we are in a massively better off position than we were before we contacted them. I cannot recommend PC Assist highly enough.

Alison, Property Insurance Claim, Fire Insurance Claim