Claims Management Questions & Answers

 

At JLT, we understand that the ultimate test of any insurance solution is the quality of service we provide when a loss occurs. We place great emphasis on our claims service and have a claims team co-located with our broking and account management resources to facilitate claims settlement.

The team answer a series of frequently asked questions. Contact us if you would like to discuss any of these questions and answers in more detail.

WHAT HAPPENS IF...

When faced with a real claim event, many unexpected circumstances outside of your control can arise which prolong the impact to your business. You should work through realistic claim scenarios with your broker and their claim consultants to stress test your business interruption coverage, and check your maximum indemnity period is sufficient for your risk.

Work with your insurance broker to put in place a claims protocol with your insurers. This should set out an agreed process for the insurers to deal with your claim, including payments on account.

Work with your insurance broker and their claim consultants to develop a major loss plan before a claim occurs which will deliver against your objectives. Make sure your policy has claim preparation coverage so you can appoint the additional resources that you will need after the loss.

You will need to be satisfied that the settlement offer is sufficient to cover all the costs and losses that you have suffered. Ask your insurance broker and their claims consultants to evaluate the claim and advise on whether the proposed settlement fully reflects the coverage provided by the policy.

The process of preparing a large claim is time consuming and needs specialist expertise. You should appoint your own claims experts to represent your interests, and help you prepare the claim. If your policy includes claim preparation coverage, these costs will be paid by insurers as a valid part of the claim.

The best claims outcomes involve a mix of pre-loss planning and post-loss claims expertise. Regarding pre-loss, we recommend that you develop some realistic loss scenarios, and work together with your insurance broker, claim advisers and insurer to stress test your coverage, and the claim process insurers will go through. In terms of post-loss, make sure you have the specialist claims resources necessary to help optimise your settlement in place.

In most cases an interim payment can be agreed with the insurer to assist with immediate losses and claim costs; your insurance broker and claims consultant can assist with this process.

Your insurance policy will still respond, although your payment may be reduced to reflect the current value of the property at the time of loss rather than the cost to renew it.

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