Term Of The Day – Public Adjuster
A Public Adjuster represents the insureds rather than the carrier during claims processing. In this way, insureds can be assured of their rights to insurance proceeds. They are normally paid on a percentage of the adjusted loss, or hourly, or on a per case basis.
The workers comp public adjuster term denotes the cutting edge of this line of insurance. If one looks for this type of adjuster under a WC heading, they will find nothing.
I think of a public -type adjuster for workers comp as performing these tasks:
- Reviewing all or a sample set of claims to insure the performance of a certain carrier’s claims staff
- Making sure the reserves are set properly. See reserve explanation here.
- Checking with the client to make sure they are satisfied with current carrier and address any problems
- Request updates from adjusters (email only) on the larger files and all files within a year of opening
- Monitor all large claims to enhance loss control over a certain set of claims
- Reporting findings to designated employer on a monthly basis
Public adjuster guides appear all over the internet for Property and Casualty claims – think large property losses. In the future, workers comp claims staffs will hear from some type of public adjuster on open claims.
A workers comp consultant could be viewed as this type of adjuster.
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