Loss Expense

Insurance claims have certain handling expenses, such as legal or independent adjuster fees, that are paid by an insurance company in settling a claim. Some of these expenses can be specifically assigned to the claim in question and some are overall company expenses.

These specific expenses are usually declared to the agent or broker when the claim is closed. Most brokers or agents will advise the client of the closing of the claim and the outcome - total loss paid out.

If a loss has been determined to be your fault it will likely affect your rating with the insurance company. There are certain circumstances where the loss can be paid back to the company. Talk to your broker about whether or not this option is open to you.