Define: Average Adjuster

Average Adjuster:

Noun

1. A professional who assesses and calculates the extent of loss or damage to a vessel, cargo, or property, and determines the proportionate liability of each party involved in a marine insurance claim.

2. An expert in maritime law and insurance policies, responsible for evaluating the average clause in insurance contracts and ensuring fair and equitable distribution of costs among the parties involved in a marine incident.

3. A specialist who investigates and analyzes the circumstances surrounding a marine accident or incident, including collisions, groundings, fires, and salvage operations, in order to determine the average or general average contribution required from each party.

4. A mediator between the insured, insurers, and other interested parties, who negotiates and settles claims related to marine insurance, ensuring compliance with international conventions, industry standards, and legal requirements.

Note: Average adjusters are typically appointed by insurance companies or shipowners to provide impartial and expert advice in resolving complex marine insurance claims. They play a crucial role in facilitating the fair and efficient settlement of disputes and ensuring the smooth operation of the maritime insurance industry.