Check that you are following the correct claims procedure.
Notifying your insurer of a loss does not automatically mean you can undertake repairs, or buy replacement items, or remove any remains or damaged goods. You may be removing the evidence.
Agree everything with your insurer first.
Quick and full Settlement
Keep detailed documentation of all information needed to support your claim.
1. Keeping accurate records of what you own makes it easier to assess the scale of your losses.
2. Your claim may be rejected if you have not kept records of fire and security inspections, maintenance logs, or health and safety procedures.
Ideally, keep duplicate records off site.
Do not cause delays in settling the claim.
1. If you are asked for three estimates, do so.
2. Reply to all correspondence quickly.
3. If you are unsure of what information to provide, ask your insurer or broker for advice. Do not wait for the insurance company to contact you.
Get expert help to argue your case. Support your claim with evidence.
1. Insurance brokers and advisers may chase up claims free of charge. And they have experience of dealing with insurance companies on a daily basis.
2. For larger or more complex claims, consider using your own expert loss assessor to manage the claim and any negotiation on your behalf.
This will usually cost you less percentage of the claim payment, but this should be offset by the increased speed and value of the settlement. It will also leave you free to concentrate on rebuilding your business.
1. Consider appointing a solicitor to assist with the preparation of any witness statements.
2. If your insurer appoints a forensic scientist to determine the cause and site of a fire, consider appointing one yourself.
Good contingency plans make the settlement process less urgent
This can strengthen your negotiating position.
For example, keep back-ups of all computer records.
If your equipment fails or your computers are stolen, you can hire computers and keep your business running.
Ask for interim payments if the claim is taking a long time to settle, or the loss is putting a financial strain on your business.
Most insurers will accept interim claims and agree to make interim payments, however they are not offered automatically.
A structured settlement is a financial or insurance arrangement whereby a claimant agrees to resolve a personal injury tort claim by receiving periodic payments on an agreed schedule rather than as a lump sum. Structured settlements were first utilized in Canada after a settlement for children affected by Thalidomide.
Once the claim is settled
An insurance claim may have repercussions for the way you do business.
1. Establish how you can prevent further losses in the future.
2. Your insurance company may undertake a post-loss survey to re-evaluate the risks your business faces.
It will then recommend ways to reduce future potential losses.
Your insurer may impose additional policy terms and conditions.
1. For example, if your shop windows have been broken more than once, your insurer may insist on metal grilles or special glass to lessen the risk of further claims.
Check that your local authority will give approval, Or your insurer may insist on better security equipment after a burglary.
An insurance claim can push up future insurance costs.
1. As well as a possible increase in your premiums, your insurer or adviser may insist on a higher policy excess
A poor claims record can lead to your insurer refusing to renew your policy.
Managing your claim: sink for Professional advice
When you make a claim, your insurance broker or adviser should help you complete the claim form, telling you what you can claim for and chasing up the progress of your claim. Although this service is free, depend on the organizations, your relationship with your insurer, broker or adviser is a commercial one, so you should be provided with on-going support and advice. Because you will rely on this service, ensure that your insurance adviser or broker is on top of the situation:
1. Agree the time of your next meeting or telephone call. You will then know how long you need to wait and when to start chasing up your claim.
2. Agree a timescale, so you know when the claim will be settled.
3. Ask to be kept regularly informed of the progress of your claim.
If there is undue delay, ask for a meeting with your contact and either the loss adjuster or a representative of the insurer. Consult your Insurance business support organisation for more details
However, Juvenile life insurance is permanent life insurance that insures the life of a minor. It is a financial planning tool that provides a tax advantaged savings vehicle with potential for a lifetime of benefits. Juvenile life insurance, or child life insurance, is usually purchased to protect a family against the sudden and unexpected costs of a funeral and burial with much lower face values.
In the United States, an annuity is a contractually executed, where the insured usually, an individual pays a life insurance company a lump-sum premium at the start of the contract. That money is to be paid back to the insured in fixed, incremental amounts, over some future period (predetermined by the insured, also Universal life insurance (often shortened to UL) is a type of permanent life insurance, primarily in the United States of America. Under the terms of the policy, the excess of premium payments above the current cost of insurance is credited to the cash value of the policy.
Universal life insurance (often shortened to UL) is a type of permanent life insurance, primarily in the United States of America. Under the terms of the policy, the excess of premium payments above the current cost of insurance is credited to the cash value of the policy.
Dada Suraju Adefolami, a professor of Finance, School of Business Administration. UNEM University, Costa Rica, is a Finance / management Consultant and Certified Forensic Accountant. You can reach him via: [email protected]: 08052043855
Leave a Reply