Preparing for an insurance claim.
As always, it is important to be familiar with your policy and our job is to help make your policy clear to you and to make sure you have the right coverage for your situation. A basic understanding of the four main areas of a typical insurance policy is the first step in understanding and preparing for the claims process; they are the declaration page, the insuring agreement, exclusions, and conditions.
The Declaration page:
Is usually the first part of an insurance policy. It identifies who is an insured, what risks or property are covered, the policy limits, and the policy period.
The Insuring Agreement:
Summarizes the major promises of the insurance company, as well as stating what is covered. In the Insuring Agreement the insurer agrees to do certain things such as paying losses for covered perils, providing certain services, or agreeing to defend the insured in a liability lawsuit.
Take coverage away from the Insuring Agreement, three major types are excluded perils or causes of loss, excluded losses, and excluded property.
Are provisions inserted in the policy that qualify or place limitations on the insurer’s promise to pay or perform; if the policy conditions are not met the insurer can deny the claim.
Determining liability for an accident or injury can be complicated, but often rests on whether someone was careless or negligent. It is easy enough to say that the person or business that caused an accident must pay the injuries. But before you get to that point, it must be determined who was legally at fault. Most accidents happen because someone was careless. The basic rule is: If one person involved in an accident was less careful than another, the less careful one must pay for at least a portion of the damages suffered by the more careful one. We have created a practical guide that can help you familiarize yourself with insurance policy basics, and of what you can expect from a claims process. It’s all in our “The Claims Process 101” and it’s available to download for free.
By: Niklas Almström, Insurance Advisors