How we are paid for the professional expertise we provide to you our client.
Loss Assessing Services
We will be remunerated for the Loss Assessing services we offer you our client, as follows:
By fee earned by us for the work we undertake on your behalf carrying out the operation of Insurance Claims Assessment & Mediation.
What is a Fee?
- A fee is a payment for Professional Services and Expertise
- Our initial task is to establish whether your loss is covered by your Insurance Policy. In the event that it is, you have the option to appoint us to act on your behalf to assess quantify and negotiate your Insurance Claim with the “Loss Adjuster” appointed by your Insurance Company.
- Our fees for this service are generally 10% including VAT of the Net Settlement from the Insurer, regardless of whether Retention* is applied by the Insurer unless otherwise agreed.
See below for 2 examples of how typical payments are made following the settlement of claim:
Example A
Claim Settlement from Insurer: €4,250
Less policy excess: €250
Claim Payable from Insurer: €4,000
Our Gross Fee inclusive of VAT @ 23%;
€4,000 x 10% = €400.00
Total Fee Payable: €400
Example B
Claim Settlement from Insurer: €10,150
Less policy excess: €150
Claim Payable from Insurer: €10,000
Less Insurer Retention @30% €3,000
Total Claim Payable from Insurer: €7,000
Our Gross Fee inclusive of VAT @ 23%;
€10,000 x 10% = €1,000
Total Fee Payable €1,000
*VAT on fees is calculated at the prevailing rate currently 23%. We reserve the right to amend our fee structure should the complexity of the service require a higher fee. We will confirm and agree this fee with you prior to any increase being applied.
Other types of payment/remuneration;
We do not earn any non-monetary benefits.
Retention: The portion of your insurance claim settlement that your insurance company will hold back from your ‘Initial Payment’. This can be released once all works allowed for in your claim are completed (and photographs provided clearly illustrating same) & you provide paperwork (valid vat invoices, receipts etc.) to demonstrate that you have expended the full amount of your settlement. [NOTE: Retention % typically varies between 20 – 30% but can be higher in certain circumstances]