Typical claims handled include hull and machinery damages (particular and general average), collision liability, salvage, towers liability, loss of hire/earnings, business interruption, shipbuilding and guarantee risks, ship repairers’ liabilities, piracy and complex cargo claims.
How does average adjusting work?
As a flexible service, average adjusting can easily be tailored to meet the needs of the organization ranging from brief consultations to comprehensive claims management and adjustment programs. In complex casualty situations, or draft adjustment finalization, average adjusters can attend ‘on site’ where necessary, to provide advice in terms of policy coverage, and co-ordinate with underwriters with a view to ensuring that the maximum recovery of funds allowable under the policies is achieved.
Adjusters can engage with underwriters or attending surveyors to establish and maintain correspondence to limit any disruption throughout the claims process through the various markets. This may include establishing the cause of loss with appointed professional experts to ensure coverage is established as early as possible.
Obtaining documents and information required for advance payments from underwriters to the client, salvors or repair facilities can minimize the negative impact on the cash flow that could otherwise arise from a major claim. Typically, when all costs and documentation have been provided, an electronic short-form draft adjustment will be produced prior to release to underwriters for discussion and approval by the client.