Hiring Professionals to document your insurance claim may not cost you a dime!

Every month, your insurer dips into your bank account to withdraw your premium. It happens like clockwork, never missing a beat.

Then one day, you find yourself in the unfortunate position of having suffered a major loss. The panic sets in as you realize the overwhelming task that lies ahead. It’s common knowledge that insurers happily take your money, but when the tables are turned, the flow of funds back to you in the form of a claim payment will not happen with the ease of the auto-withdrawal.

As a professional with several decades of experience advocating on behalf of policyholders, I can tell you that you will have to fight for every cent.

In the case of commercial, business, and farm policies, you may be in a better position than you first thought. In fact, your policy may cover the costs for you to hire professionals to document your losses. Most commercial, business, and farm policies will have some form of Professional Fee coverage buried within the wordings or extensions.

But don’t expect your insurer to inform you of this; they leave you to sort through the complex language and fine print of their policy. As most policyholders are unaware of this benefit buried in the fine print, your insurer will happily calculate what they owe on their own if you let them. Utilizing your Professional Fee coverage will not only relieve a large portion claim related stress, it very likely will net you a more favourable settlement. The best part is, if your policy contains such coverage, there may be no cost to you.

Letting your insurance company calculate your loss would be akin to letting Revenue Canada tell you how much tax you owe. Anyone foolish enough to allow that to happen would quickly realize the opposing objectives at play in such a dynamic. Let’s be honest, insurance companies are in the business of keeping shareholders happy, not policyholders.

Paying out claims means less money dropping to the bottom line and so their objective is simple; pay as little as possible. By not presenting a professionally documented claim, you are giving them exactly what they need to do just that.

An experienced claims professional will almost always enhance your recovery. Insurers have endless resources that include lawyers, adjusters, engineers, accountants, and on and on. Hiring your own experts will level the playing field. Even without professional fee coverage, a policyholder stands to benefit from hiring their own professional representation, especially for a large loss.

There is a lot at stake and you only get one kick at the can. Yes, the cost of professionals can seem high, but when the stakes are high, the cost of not having professional representation is often higher. A wise colleague of mine often said, “the cheaper the lawyer, the longer the sentence”! Think about that if you ever find yourself in the unfortunate position of having suffered a large property loss!

Whether you have professional fee coverage or not, you would be wise to hire a public adjuster or claims consultant to assist you if you are facing a large property loss. In summary, the main benefits are:

• hiring a professional will relieve much of the stress in dealing with your insurer

• your public adjuster or consultant will very likely enhance your recovery

• under certain policies, it will cost you nothing to hire your own professionals

• your advocate will level the playing field and ensure you meet your obligations under the insurance contract and Insurance Act

The benefits extend well beyond these few. Insurance claims are not ideal projects for DIY; there is too much at stake in the David vs Goliath dynamic.