from a recovery perspective as it is best
to get involved early in the claims process to gather and protect critical information and evidence. Best case scenario
would be for both the claim adjuster
and the subrogation adjuster to develop
a strategic relationship which will not
only keep the customer happy but will
preserve the carrier’s right to a successful recovery, should one exist.
These five basic practices can assist an
insurer in capturing more of their paid
claims dollars:
1Keep an eye out for recovery — While every company looks to mitigate their exposure to be sure
only what is owed is paid, mitigating
exposure can also mean conducting or
directing field scene investigations with
an eye towards subrogation — whether
the company is utilizing staff adjusters
or has engaged an independent adjusting company to do so. The field adjuster
has the best opportunity to ask questions
and document third-party potential.
When a significant home- owner property loss occurs, the adjuster is keenly aware of the insureds’ desire to return to their home
quickly after the reconstruction. It is also
in the best interest of the carrier for the
claim to move along in an expeditious
manner in order to provide high levels of
customer service and control costs such
as additional living expenses.
Losses involving large commercial
properties are often very complex, and the
adjuster must be well versed in a variety
of perils including building fires, explo-
sions, collapses, water damage, mold, and
equipment and machinery malfunction.
Often, commercial properties involve
tenant issues and exposures in addition
to the insured’s real property loss. Again,
the adjuster is trained to handle the claim
in a professional and expeditious manner
to satisfy the policyholder and minimize
the claim for business interruption.
Most subrogation professionals will
agree property losses can pose unique
challenges for a successful recovery. Very
often, expeditious claims handling can
have a negative impact on a subrogation
opportunity if the adjuster is moving
quickly to bring the loss to a conclusion
and forgetting about potential recovery
opportunities. A good practice would
be for the property adjuster to place a
subrogation indicator on any file having
even the remotest subrogation potential.
The adjuster should alert the subrogation department to jump into the claim
5 Practical Property
Recovery Tips
By Donna Geraghty