Theft, Money and Fidelity Loss Adjustment

Overview

This course describes the skills and knowledge that loss adjusters require to provide appropriate advice and services when loss adjusting theft, money and fidelity claims. First, it discusses a range of policies that cover these types of losses and outlines the range of policy features, terms and conditions they often have. The course then explains the key points to be considered when investigating and verifying these claims, as well as techniques for estimating the extent of loss, including how to do a stock reconcilation. It finishes by considering the loss mitigation and recovery options that may be available for these types of losses.

Suitability

This course is suitable for:-

• Underwriters
• Claims Teams
• Loss Adjusters
• Investigators
• Risk Managers
• Business Development teams

Learning Outcomes

On completion of this course, you will be able to effectively: -

• Collect information, establish facts and identify options for loss mitigation for theft, money and fidelity claims 
• Analyse facts and determine liability and extent of loss 
• Determine options for recovery 
• Communicate with required parties. 

Day One

Theft, money and fidelity policies 

• Overview of theft, money and fidelity losses 
• The impact of loss 
• Typical cover provided under home, business pack and industrial special risks policies, including conditions, exclusions, limits of liabilty and basis of settlement.

Specific policies and claims 

• Typical cover under policies that focus specifically on burglary, money and fidelity 
• Claims triggers 
• The role of the loss adjuster for theft, money and fidelity claims
• Specialist services that may be required.

Day Two

Investigation and verification 

• The purpose of investigations 
• Fraud indicators 
• Examining the policy holder, policy and previous losses 
• Examining buildings, including building security features and other security measures 
• Areas to investigate for commercial lines claims, including business operations, accounting procedures and stock handling controls 
• Specific issues for investigating fidelity claims 
• Police investigations 
• Other types of documentation and evidence to consider 
• Evaluating losses.

Stock reconciliations, loss mitigation and recovery 

• How to complete a stock reconciliation after a theft 
• Loss mitigation options 
• Salvage 
• Considerations if stolen goods are subsequently located 
• Prospects for recovery via restitution and actions against negligent third parties.