What is a Loss Adjuster?
What is a Loss Adjuster?
A loss adjuster is a qualified professional holding the certification of a "Registered Loss Adjuster." They are entrusted by insurance companies and other entities to conduct assessment services fairly and impartially from a neutral standpoint.
Main Assessment Services and Roles
1.Loss Assessment
- After incidents such as fire, water damage, typhoons, or earthquakes, a loss adjuster evaluates the amount of damage to property at the request of insurance companies or other entities. This assessment supports insurance companies in determining payments for insurance claims or mutual aid benefits.
- The primary task is to calculate the repair costs necessary to restore the property to its pre-loss condition. Additionally, the insurable value is also assessed.
2.Valuation Assessment
- When an insurance company underwrites an insurance policy, a loss adjuster examines insured properties such as buildings, factories, and plant facilities to determine the appropriate insurable value and insured amount.
3.Accident Cause Investigation
- A loss adjuster may investigate the cause of an accident to determine whether it falls within the scope of coverage under the insurance policy.
- Insurable value refers to the assessed value of the insured interest (the value of the insured property). In general insurance, the principle of indemnity prohibits financial gain from insurance. As a result, the insurable value serves as the maximum limit for insurance payouts by the insurance company.
- Insured amount refers to the contract amount set in an insurance policy. It represents the maximum limit of insurance payouts in the event of an insured incident and is determined through an agreement between the policyholder and the insurance company.
（The above explanation is based on information from the General Insurance Association of Japan website.）
Main Classes of Assessment
1.Fire Insurance
- Standard Fire Insurance, Comprehensive Movables Insurance, Machinery Insurance, etc.
2.Construction Insurance
- Erection Insurance, Construction Insurance, Civil Engineering Insurance, etc.
3.Liability Insurance
- Facility Owner (Administrator) Liability Insurance, Product Liability Insurance, Contractor’s Liability Insurance, Automobile Property Damage Liability Insurance, etc.
4.Business Interruption Insurance
- Business Interruption Insurance, Store Business Suspension Insurance, etc
5.Earthquake Insurance
- Earthquake Insurance, etc.