It is important that Claims Inspectors protect themselves with Errors and Omissions coverage. Claims Inspectors, or Claims Adjusters as they are also called, provide independent damage evaluations, usually for insurance companies usually following an accident or crime. These reports can be for real or personal property. Not only will they be used for insurance claims, they are critical for tax or other financial statements and loss adjustments. ClaimsInspectors might also be needed as a result of legal action.
An inspector has to carefully consider a variety of factors like replacement cost, market value, actual cash value (depreciation), and functional value when determining their estimates. In the course of their work Claims Inspectors have to review the property, interview the claimants and prepare detailed reports. Making a mistake or leaving something out can lead to professional and legal repercussions. If you are a Claims Inspector or Claims Adjustor wisely looking to protect your business with a low cost Errors and Omissions policy, you could do no better than E&O Coverage with ACE Financial Group Ltd.
Claims Inspectors have much to consider when determining monetary damage for their client. The damage may be to homes, cars or other personal property. The causes of damage vary widely. It can be anywhere from an extreme weather event to a traffic accident. With every inspection there are many opportunities for error. The inspectors must travel to the accident or damaged property, estimate the value of the damage and collect statements from anyone involved. There are risks to miscalculating the condition of the property and recording the circumstances. Even when there is an experienced, professional inspector on the job, it’s possible to make mistakes.
A Claims Inspector can feel pressure from an insurance company or claimant to meet a deadline or report the damage at a certain value. Even if the evaluation is accurate, you will still have to spend money to defend yourself if the insurance company or claimant suspects you made an error. That is why Errors and Omissions coverage is needed for all Claim Inspectors. Purchasing errors and omission coverage from ACE Financial will give you peace of mind. ACE Financial offers quick and convenient Instant Quotes to get you covered fast. ACE Financial is the only company in the industry to offer a “Lowest Rate In The Industry, Guaranteed” program! We are committed to beat any competitor’s rate by at least 10%, every time! Just click on the "Instant Quote" link below to use our quick and easy online quote and application process.