No Strings Attached: Three Ways a Non-Vested Company Benefits Claim Resolution

Resolving a claim to the satisfaction of all parties involved can be tricky business, especially with larger or more complex files, where multiple stakeholders may have competing interests.

If there exists an affiliation with adjustment, restoration, construction or engineering services, the claim unintentionally may be settled to the advantage of an individual party, rather than according to the facts presented by the case. This poses a real concern amongst Canadian property insurance industry executives, as a recent survey showed 72% believe it’s important their property appraisal and consulting service provider has an unbiased position.

Using a non-vested company like SPECS can have clear benefits:

Promote multi-stakeholder collaboration
If all parties involved in a claim have different interests, it can affect levels of trust and, consequently, how they work together. An impartial company can act as mediator to help navigate the situation. Take the case of a girder collapse during a bridge rebuild project. There were numerous stakeholders, including a municipal body, contractor, sub-contractor, and the insurance company. Issues with the policy allowance and the sharing of information were generating more delays and increasing repair costs, while also making it difficult to get a complete picture of the claim. When SPECS stepped in, an unbiased perspective was backed by open communications and a transparent approach to build relationships and trust, allowing the team to acquire the documentation needed to move the claim forward. By sharing methodology, SPECS kept everyone involved and working together towards the common goal of a fair settlement.

Optimal results
A non-vested position allows for an objective review of the facts. The results can then be used to reach the optimal outcome for the claim as a whole—not what works to the advantage of individual organizations that may be working at cross purposes. Understandably, contracting and restoration companies focus on profit. Insurance companies aim for fair payouts that do not go beyond what is required to return insured parties to pre-loss conditions. Finally, the client wants a speedy timeline that stays within the policy allowance. Our goal is to minimize costs and delays, while ensuring a quality job. At the end of the day, expenses and timelines should be what is necessary to properly complete the work .

Confidence in outcome
When a third party consulting firm is brought on board to help settle a claim, it lends immediate “no strings attached” credibility and ensures no stakeholders are favoured in the final claim resolution. Which reduces the risks of the claim being disputed. The contractor knows they are getting compensated fairly, the insurance company recognizes that the indemnity spend is controlled, and the insured can be confident the job will be completed properly with minimal delays.  In addition, by selecting an impartial consultant with claim-relevant subject matter expertise, it instills stakeholders with greater confidence that the file can be deftly handled. A non-vested company with extensive experience can identify many concerns, bring neutrality to the process, and navigate the ensuing negotiations between all stakeholders with diplomay.  The level of clarity and transparency achieved offers immediate reassurance to the insured.

Not all claims are straightforward—particularly when conflicts of interest between stakeholders are present. Choosing a non-vested appraisal and consulting service provider not only facilitates collaboration, but achieves results that are acknowledged to be the best for the business and the problem itself.

Need Assistance Now?

Contact Our Experts