Major Loss
Guidance for Risk Managers
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The process of settling a large loss can present many challenges for Insureds. This guide includes a selection of articles which offer insights into some of the issues that may arise. It provides clear and practical advice for use when managing a major or complex claim. It uses real life examples of losses we have worked on to illustrate some of the issues faced by our clients and how we overcame them.
The guide focuses on the following:
- Major Losses - Guidance for Clients
- Business Interruption - After the Deluge...
- Show me the Evidence - Substantiating a Claim
- When Everyone Wins in Claims Preparation
- Cause for Concern
- Claims Payment: The True Aim of Contract Certainty?
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6 Golden Rules to Substantiating a Claim
1. Plan how you will deal with a loss before it happens
2. Stress test your policy and procedures - understand what your obligations are under the policy and the type of evidence you will need
3. Establish a claims protocol to streamline the process and agree it with your insurers
4. Appoint a senior board-level sponsor with access to operational teams and information
5. Nominate or appoint someone to review all of the information before it is submitted to the loss adjuster to ensure it does not prejudice your claim
6. Do not be afraid to call in external experts to supplement your in-house resources
