Prepare Yourself For A Claim

Preparing for an insurance claim.

People meeting in a business casual setting at a round table.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.

The Exclusions:

Take coverage away from the Insuring Agreement, three major types are excluded perils or causes of loss, excluded losses, and excluded property.

The Conditions:

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


What to Expect When Following A Loss

We know that at times insurance policies can be seen as complicated and difficult to understand.

Even if you are somewhat familiar with the policy prior to a loss occurring, it can be still be confusing. Lack of policy knowledge prior to a loss can make the process more challenging. If you are involved in an accident but don’t know the basics of the claims process then this can result in delays initiating the claim and this can hinder the ability of the insurance company to fully investigate the accident. This can also make it difficult for them to accurately assess the situation. As an insurance agency we know that part of our responsibility to you, the policyholder is to educate you and to help you make the policies and the claims process as stress-free as possible. Because of that we are offering the “5 Steps To Prepare Yourself For A Claim.” This tip sheet gives you important insights into your policy and outlines some of the critical steps to take in the event of a loss to make the claim process easier for you and the insurance company.

By: Niklas Almström, Insurance Advisors, Inc.

Insurance claims process tip sheet.