Major Loss & Complex Claims
Here at ClaimRite, handling Major Loss claims is our specialist subject.
Whether it be a residential house fire, commercial building damage, or a business that has suffered a large stock loss and ongoing Business Interruption, we have over 2 decades’ experience and expertise in this field.
Most Insurers generally consider a ‘Major Loss’ to be one that exceeds £50,000 in value. This may seem like a large figure, but you would be surprised at how quickly this threshold is met, once a property has suffered any significant fire, smoke, flood, or escape of water damage – especially in today’s inflationary market.
What needs to be considered is not just the immediate damage caused by say, the fire itself, but that most or all of property will likely require reinstatement works due to the subsequent smoke and water damage, as will the contents or stock, and this is before we add into the equation the costs of alternative accommodation or loss of rent for the entire duration of the claim, which regularly falls into the 6-12 month period, and sometimes even longer.
The same usually applies to water damage, where there is a high moisture environment inside the property for some time after the incident itself, usually causing further damage to spread, and Mould spores to thrive.
So, bearing in mind the above, we can say that if your property or business has suffered a significant amount of smoke, water, or other damage, you are likely to be in or near the ‘Major Loss’ category.
If this is the case, you would then have to ask yourself, would you ever enter into any financial transaction of this size without first taking on board professional advice and appointing representation, especially if this was at no cost to you? For example, would you by a £50,000 vehicle or piece of equipment without first doing some research and speaking to the experts?
The Major Loss category of claims is mainly dealt with by a small group of regionalised loss adjusters who are appointed by Insurers to handle these cases on their behalf. Over the last 20 years, we have developed close and robust working relationships with these loss adjusters. We focus on our staff being respected members of this small claims community, normally ex-loss adjusters, from the same community. This means that things usually run a lot smoother when it comes to obtaining decisions and authorisation from your Insurer, to repair your property, or settle your claim.
The single most important part of dealing with significantly sized insurance claims is having the correct parties involved from the outset, such as mitigation contractors and Chartered Surveyors. Again, over the last two decades, we have built up a network of insurance-specific suppliers, focussing on only those who are accepted and respected within the small insurance claims community.
Any party or supplier we introduce into your claim will likely be personally known to the insurance company’s appointed loss adjuster, and have other previous or current projects ongoing with them. This working relationship will again, usually only make for better outcomes.
ClaimRite and our associated suppliers are frequently the missing ‘cog’ that keeps the wheels of the claim moving, where sometimes it may run onto uneven ground or even derail, without the glue of those working relationships to draw upon.
Major Loss claims invariably require the need for specialist involvement, over a myriad of issues. These can include:
- Chartered Surveyors.
- Structural Engineers
- Building Control
- Conservation Officers
- Stone Masons
- Specialist Restoration Contractors
- Jewellers, Antique, and Art Valuers
- Specialist Roofers and Scaffolders
- Drainage Experts
- Interior Designers
- Accountants and Forensic Accountants
- Forensic Investigators
- The list goes on.
When you appoint ClaimRite to represent you over your claim, you are automatically gaining access to any specialist contractors that are required, and our advice as to when they are required.
Our in-depth knowledge of Policy coverage means that, in the main, all of these costs are covered by your Insurer. However, we would never involve a contractor to carry out works on your case until their costs had been agreed, and this ensures that you do not get left with a bill.
We see it as essential that you instruct representation from the very outset of your claim, on Day One, or as soon after as possible. However, sometimes people do not know about our service, and their claim can run into problems or difficulties further down the line, when trying to deal with their Insurers themselves, as laymen. This can happen for hundreds of different reasons, and you would only have to look online to see examples of horror stories in this regard.
Once your claim runs into problems, it is usually a very difficult and lengthy process to resolve this. Again, this is why we see it as essential for you to appoint representation from Day One, so that the ship can be steered in the right direction from the outset. Remember – this is your home or business, and lives can be affected in severe ways.
However, another speciality of ClaimRite is to get involved with claims that are not on the ‘right track’ or indeed have run into problems. Again, drawing on our many years of experience, insider knowledge of the claims industry, and sometimes personal connections with the loss adjuster. We can advise you of the parameters of the problem, and the likelihood and shape of the potential outcomes, so that again, you have peace of mind that you are acting with the knowledge of a professional on your side.
Once you make an initial enquiry, we can discuss your entire case at full length, free of charge, with no obligation to you, regardless of how long it takes. You will then be given the time and space to make your own informed decision, with no pressure, time constraints, or sales calls. You are our main priority, whether we are instructed or not.
So, if you have suffered a significant loss to your property or business, do not hesitate, contact us on 01792 957 812 or email: firstname.lastname@example.org