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Loss Assessors: The Law

Morgan Clark were the first firm of Loss Assessors to be authorised by the Financial Conduct Authority. We met all the criteria laid down as soon as the regulation scheme was launched in 2005.

Loss Assessors work on behalf of policyholders when they need to make an insurance claim. By law, a Loss Assessor must be ‘Authorised’ by the Financial Conduct Authority (FCA). This means they have met the stringent standards required to manage an insurance claim on behalf of a policyholder.

Before you appoint a Loss Assessor, you should ensure that they are a fully-regulated company listed by the FCA as ‘authorised’. If they are not, then it is possible that your insurance company will refuse to deal with them.

Checking this is very easy. Simply visit the FCA register and enter the name of the loss assessing firm in the box provided:

  • If you enter the name of many other loss assessing firms, you will see that they are listed as ‘Appointed Representative’ of another organisation. This means they do not comply with FCA regulations and they are operating under the umbrella of another company’s FCA registration. This can be an insurance broker or other financial services company who may not be completely independent and this may be detrimental to the outcome of your claim.
  • If you enter the name of the loss assessing firm and you cannot find their registration details, this means they do not have FCA authority and your insurer will refuse to deal with them. As a result, they will not legally be able to prepare and negotiate settlement of your claim.
  • While checking whether the firm is authorised, you should also look at how long it is since this was granted. Morgan Clark was the first major Loss Assessor to be authorised in 2005.

In short, your only protection if you decide to use a Loss Assessor is to ensure they are a fully authorised company. A company’s membership of a trade body is no guarantee of quality and offers you no protection.

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Popular Questions

How much will this cost?-

In the majority of cases we are able to represent our clients without charging a fee at all. Read how we are able to offer our services free of charge by clicking here.

Doesn’t my insurance company manage my claim?+

While many insurance companies will support you in the initial weeks of your claim, their only responsibility is to ensure costs are covered to restore your property and replace damaged contents, stock, machinery etc. (if applicable). As your claim progresses, you will be left with the most stressful and time consuming day-to-day elements to organise and oversee alone if you do not appoint a Loss Assessor.

What’s the difference between a Loss Assessor and a Loss Adjuster?+

Loss Assessors and Loss Adjusters are both insurance claim professionals, but there is one key difference in their role during the insurance claim process; a Loss Assessor is appointed by and works exclusively for the policyholder, while a Loss Adjuster is appointed and paid by the insurance company. Loss Adjusters are expected to remain independent. Read more about the difference between Loss Assessors and Loss Adjusters here.

What will my insurance company think if I appoint a Loss Assessor?+

There is no reason why your insurance company or Loss Adjuster should discourage you from appointing your own Loss Assessor. If your Loss Adjuster is trying to dissuade you from using our services, you should question why they are against the idea of you being equally represented. After all, a Loss Assessor can only help a policyholder claim for what is legally within their insurance contract. Click here to read more about Loss Adjusters.

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Despite all the assurances from both my broker and insurer that they had made me the best possible offer, you were still able to secure a settlement that was more than double the figures they had originally proposed. I had no idea bringing you on board would make such a big difference to the settlement.

I won’t hesitate to call you. Thanks again for the great service.

Lord Alan Sugar

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