However you define a major loss, you will face challenging demands when your business has to cope with getting back on its feet at the same time as managing the forensic process involved in settling your insurance claim.
Few businesses have the time or resources to manage a large insurance claim. As a result, many find their final settlement falls well short of their expectation, because of provisions in their insurance policy that they weren't aware of or clauses they didn't fully understand.
The unfamiliarity and complexity of the claims process often leads to long delays. These, in turn, can affect cash flow and increase cost. Worse still, minor misunderstandings can escalate into drawn-out legal disputes.
At Echelon we live and breathe major loss. Our skills lie in intervening whenever and wherever you need us. And you can rely on us to smooth the way to a successful and swift outcome.
The six golden rules of tackling a complex insurance claim
Plan how you will deal with an insurance claim before it happens
Stress test your insurance policy and procedures. Understand what your obligations are under the policy and the type of evidence and information you will need
Establish a claims protocol to streamline the process and agree it with your insurers
Appoint a senior, board level sponsor with access to operational teams and information
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 insurance claim
- Don’t be afraid to call in external insurance claims consultants like us to support you.