Commercial Loss Recovery Insurance FAQ

What happens if I need to make a claim?

A claims process can be stressful. Let’s face it, in the aftermath of a disaster such as a fire or flood you’re not likely to know exactly what process to follow.

First up, ring your insurer or broker before doing anything else. They’ll take you through the next steps and offer advice. It’s likely that, in the event of a major claim, you’ll need to consider bringing in a loss adjuster to help you prepare to present your claim and negotiate a settlement with your insurer.

What is a loss adjuster?

A loss adjuster assesses the amount of money you should be paid after you have put in an insurance claim. In order to make an assessment, a loss adjuster will visit your premises after your claim has been made. They’ll help decide what will be covered by your insurance policy, and what won’t be. Loss adjusters will ascertain that the amount you’re claiming for is reasonable and valid. They’ll then negotiate the settlement with you.

Who appoints a loss adjuster?

Many policyholders will choose to appoint a loss assessor, particularly if an insurer has instructed a loss adjuster to work for them. In this scenario, both the assessor and adjuster would decide on a settlement. Policyholders often find comfort in appointing their own loss assessor as they are deemed to be more impartially than adjusters appointed by an insurer (despite all loss adjusters being required to work independently to settle the claim fairly).

Of course, loss adjusters can be expensive. Our customers can take out additional Commercial Loss Recovery so they have the benefit of having their own loss adjuster appointed at no extra cost.

What is Commercial Loss Recovery Insurance?

Commercial Loss Recovery will cover the costs of an independent loss adjuster to help you negotiate and settle a claim. This is invaluable if the ‘what if’ becomes a reality and you need to make a complex claim.

What happens if a loss adjuster is unavailable?

If something unexpected such as a flood has affected your business, chances are it’s affected other people too. In scenarios like this loss adjusters are in high demand.

Because Romero Insurance Brokers has a dedicated claims handling team, we report claims through to insurers promptly. This gives you the best chance of getting a loss adjuster appointed swiftly. However, for peace of mind we do recommend taking out our Loss Recovery product to ensure you always have an expert adjuster on-site as quickly as possible. They’ll be able to advise on any immediate actions to take and provide clarity on the whole process.

Who does Romero work with?

We’ve teamed up with MGA Qlaims Insurance to support our commercial property claims.

Within hours, a dedicated loss adjuster will review commercial property claims of over £5,000. The claim will then be settled on the client’s behalf. The whole process is designed to be much faster and effective. This will ultimately get our customers’ claims paid quicker.

As Qlaims Insurance will act independently of your insurance company, you can be sure your loss adjuster is completely on your side. They’ll work hard to negotiate the fairest settlement possible.

Another bonus of Loss Recovery is your appointed expert adjuster will be able to help you arrange quotes to start to build your business back up.

The team here at Romero, and our customers themselves, will be able to track each claim’s progress through online portal QlaimsTrak. This gives customers additional peace of mind that their claim is being dealt with. This will demystify timescales and offer total transparency.

We’re absolutely dedicated to providing the best service for our customers – from arranging the best insurance cover right through to helping settle a claim. In our experience, customers need us most when they’re going through a claim. We want to do everything we can to make this process as smooth as possible for our customers.

To chat to our team about your Loss Recovery Insurance, get in touch or follow us on social media for updates.

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