When it comes to evaluating a claimed loss for insurance purposes, it's important that you are able to validate the claims made by the insured. Sometimes, those claims have uncertainties, questions, or other concerns. Since it's in your company's best interest to ensure that anything paid out for damages is legitimate and that you only pay out what is absolutely necessary, you might want to turn to an insurance damage expert for support. Here's a look at what you can expect from an expert if you retain their services.
Comprehensive Loss Claim Assessment
An insurance damage expert will start by evaluating the claim in depth. They will assess all of the statements, compare them to the provided evidence, and review any expert evaluations to determine whether or not the evidence provided supports the narrative of the claim. These professionals are trained to assess all of the conditions and other relevant information to help you determine how much, if anything, you should offer in settlement.
Alternative Loss Theory Establishment
When the information provided allows for it, an insurance damage expert may provide you with alternative theories related to the cause of the loss. These theories are important because they could point to causes that aren't covered.
For example, sometimes losses can occur due to economic situations, poor decisions made by the insured, product quality issues unrelated to your policy coverage, and even structural changes or changes in technology that could lead to problems.
Sometimes, reputation and past behavior can set a precedent for preventing claim settlement. Your insurance damage expert can help you evaluate that history and any other evidentiary documentation that can lead to alternative explanations for the loss or call the credibility of the claimant's statement into question.
Admissibility Of Insurance Damages Expert Assessments
If it comes to a court hearing and you call an insurance damage expert, you'll want to be sure that any information they provide is admissible in court. Make sure you work with a professional with a documented history of expert witness experience. This eliminates the need to justify their expert status in court. Additionally, explain that this evidence needs to be preserved for court acceptance so that the expert knows how to document their findings.
These are just a few of the things that you should know when it comes to dealing with an insurance damage expert. Don't settle claims that may prove fraudulent. Instead, reach out to an expert who can help your company protect its financial interests.