• Opinion: Time is money – loss assessors and risk management

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    Unexpected events can crop up out of the blue at any time, which often can compromise an assistant’s schedule and time management – this is where a loss assessor can help. Alex Balcombe, director at Harris Balcombe, reveals why every PA should have one at the top of their emergency contact list.

    It’s not unusual for ultra-high net worth individuals to have a raft of staff at their disposal, but time is a precious resource that can’t be controlled with any amount of money or employed executive assistants. With an excess of responsibilities and demands to meet, these individuals never seem to have enough of it.

    When it comes to dealing with the unexpected like fire, flood or property damage, however, even the wealthiest among us are left to deal with the chaos of the aftermath. If unprepared, this can throw a spanner in the works of a carefully planned schedule causing massive disruption to business, home life and even investments. Turning to a trusted insurance broker may seem the obvious choice as a first port of call in these situations, but with a little forward planning, high net worth individuals may find a loss assessor is the best collaborator to put at the top of their executive assistant’s emergency contacts list.

    The role of a loss assessor
    Even the most experienced PA is likely to be unaware of the role of a loss assessor, but as truly independent consultants, loss assessors have the knowledge, experience and networks to advocate for their clients and to ensure the best possible settlement of an insurance claim. They take the stress and work away from the individual or business and work with all parties – from insurance brokers, investors and companies to contractors and builders – to ensure the recovery and rebuilding of their assets in the shortest amount of time possible.

    “Even the most experienced PA is likely to be unaware of the role of a loss assessor, but as truly independent consultants, loss assessors have the knowledge, experience and networks to advocate for their clients and to ensure the best possible settlement of an insurance claim.”

    If consulted in advance of a disaster, loss assessors can also help advise their clients on how to best insure all of their valuable assets, so if the unexpected does occur, the claim can be handled with minimal disruption to business and everyday life.

    Risk management is everything
    After a disaster occurs is never the best time to be researching who to work with or making big decisions about what to do, especially without all the facts or knowledge in place.

    Ultra-high net worth individuals – or anyone who’s assets may be threatened by the unexpected – should mitigate risk by implementing a clear disaster recovery plan and opening lines of communications with the appropriate parties well in advance of any incidents. At the end of the day, assets need to be protected; a serious issue could compromise and devalue a business or individuals’ position if it’s not handled appropriately.

    A loss assessor’s role is to guide and facilitate the process, using their expertise to make the claims process as painless as possible in the wake of a disaster. While they cannot guarantee the outcome of their services when it comes to the value of a claim, investing a few hours with them as part of any risk management planning exercises will help to ensure that if and when the unexpected does occur that assets are well protected, interruptions are minimised and things will be back up and running as quickly as possible; saving that most precious of all resources – time.

  • AUTHOR

    Jade Burke

    Jade Burke, Editor for PA Life

    All stories by: Jade Burke