Average adjusters are independent individuals in the industry. They are mainly responsible for investigating the compensation claims arising from average loss, deciding whether the loss is covered under the insurance policy, and setting the amount the insurer has to pay as compensation. The complexity of loss investigation varies from case to case. For some cases, average adjusters may have to conduct extensive research on the time lost, as well as the maintenance fees and methods involved.
Introduction
Marine insurance is of considerable importance to vessel operation. All vessels and cargoes should be insured to cover physical losses and damages as well as liabilities. Marine insurance is generally classified into two types, namely hull and machinery insurance and cargo insurance. These two types of insurance insure respectively loss or damage to the hull and machinery of vessels and cargoes on board.
The marine insurance industry is comprised of insurance brokers, insurance companies (including mutual insurance associations), reinsurance companies and adjusters.
Major Duties
Entry requirements
As a start, one may work as a trainee and gradually accumulating the relevant professional knowledge. Legal and technical knowledge as well as accounting skills are conducive to the career development of average adjusters. Most average adjusters possess qualifications in the fields of engineering, science or business.