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An insurance appraiser estimates the cost or the value of insured items mainly in the auto industry when losses or damages occur. Staff appraisers are employed by insurance companies and earn a salary. There are independent appraisers who are hired by clients and insurance companies and earn commissions. They go to the site and inspect damaged vehicles after an accident or other damages and also homes and properties to estimate the cost of repairs or the value to be compensated to the policyholder. They use insurance software to calculate the value and download the standard insurance forms in the field where they usually work. They pass this information to adjusters who settle the claims submitted by policyholders.

Insurance appraisers have the relevant knowledge and experience for estimating the value of any damaged asset or property and the cost of repairs using fair value. They set the salvage value in case of total loss. They also write detailed reports of their inspection which are used during settlement of claims or litigation.

There are various insurable risks which include fire, theft, weather damages, floods, earthquake, boiler or marine. The policyholder buys the type of insurance which covers the risks which threaten him with losses and damages. When a loss occurs he makes legal claims against the insurance company so he can be compensated. The auto insurance covers losses and damages to the car due to theft, fire and damages. This also covers injuries to the driver, passengers and injured pedestrians when there is traffic road accident.

Insurance companies charge premiums which are paid by the policyholders for accepting the insurable risks contained in the insurance policy. The amount of coverage in the policy is the amount to be paid to the insurer or beneficiaries in case of a loss.  The insurance company indemnifies the insured against losses covered in the policy. The policyholder is paid compensation as agreed upon in the insurance policy which sets the insurable risks clearly with exclusions.

Insurance appraisers are legally bound to act fairly and honestly. They also have the legal right to pursue recoveries from third parties who caused the loss which may be beyond the control of the policyholder. Staff appraisers seek agreement with the automobile repair shop on the cost of repairs. An independent appraiser may be hired to do another appraisal in order to avoid any disagreements with the auto repair shop. Appraisers prepare report forms which show the repair cost or cost estimates and recommend the amount to be paid by the insurance company to the claimant.

Insurance appraisers value homes and other properties and provide the insurance adjusters with the values.  They have the relevant experience of making damage estimates. Some companies conduct in-house training programs. Appraisers work most times in the field but others have regular working hours. They are paid attractive salaries and commissions. They should review the cost of repairs with the necessary auto repair shop and determine the extent of damage in order to avoid disagreements.

Last modified onWednesday, 03 April 2013 05:51
More in this category: « Risk Management

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