Catastrophes like that of Japan change the world.
There is no way to put a price on 25,000 casualties in Japan. But, the economic losses can be mitigated through insurance. In cases like this insurance companies have a time deadline as to when they should respond and begin providing payment to cover losses. Company insurance adjusters will not be numerous enough to get the work done in a timely fashion, so hundreds, perhaps thousands of independent insurance adjusters will be sent, to investigate and file reports.
The report a field adjuster makes is binding upon the insurance companies. Companies such as Professional Adjuster Catastrophe Team (PACT http://www.benboothe.com ) can place a value upon the property to determine the amount the insurance company will pay and do it professionally and quickly. In some cases, when companies or business interests are not happy with the insurance adjustment amount, an independent PUBLIC adjuster can be hired, to study the claim in more detail.
"In many cases this results in higher adjustment claims" said Drew Spurlock, businessman in Arkansas. If the Insurance company adjuster and the Public adjuster cannot agree on a final price of the adjustment, then an appraiser is hired, and a referee arbitrates the final settlement to avoid going to court.
Ben Boothe, (benboothe.com) for example has experience as a banker, a certified appraiser, an independent adjuster and an environmental consultant. As Derick Wallman with CLAIMS PAGES, a national publication for insurance companies and adjusters said: “An insurance adjuster who also has an appraisal license and environmental credentials has broader experience and credibility.” “The key” says Boothe , President of PACT, “Is to assure that the legal and ethical requirements to replace the property value in accordance with the purpose of the policy, so that the victims of catastrophe, have some sense of fair and reasonable recovery.”
In some cases, a flood, storm, hurricane, tidal wave, or nuclear disaster, the primary hope for economic recovery comes with insurance settlements, that capitalize new construction and building. After Katrina, there was a boom of new construction, and business actually expanded for 18 to 24 months afterward, and this boom was largely financed by the insurance companies.
Keys for successful insurance adjustments:
Know that there are several kinds of adjusters and valuations:
1.Company in house adjusters (work for the insurance company on salary)
2.Independent adjusters (work as contract labor for the insurance companies)
3.Public adjusters (work for the client, to negotiate a better settlement for the client from insurance companies)
4.Appraisers ( will be important if there is a dispute as their testimony can make or break you) Some companies offer independent, all lines adjusting, for insurance companies, but also have the credentials and experience to do Public adjusting, and appraisals.