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5 Principles for Navigating Complex Property/Casualty Claims
Source:
insurancejournal.com
- Jun 22, 2016
Property/casualty losses arising from construction defects, earthquakes, hurricanes, floods, fires, industrial accidents, tornadoes or any number of other perils can strike at almost any time. When they do, the impacts to a business can be crippling, and managing the operational, financial and insurance recoveries can be a complex and often-daunting undertaking for any organization. Policyholders can position themselves for an efficient and successful insurance claim process by adhering to the following five guiding principles.
Be Prepared
Much of the groundwork for a successful claim outcome is established well before a loss occurs. The single most important step an organization can take to prepare for a loss is to have an insurance program in place that is aligned with its exposures and risk transfer objectives. Issues are likely to arise when there is a disconnect between the two. Sourcing appropriate insurance coverages is often easier said than done because business interests, risks and insurance products are constantly evolving, making it a challenge to keep everything in balance.
Enlisting the help of a knowledgeable insurance broker with relevant industry experience is a must, but even the best of brokers will only be able to secure coverage to address the exposures that he or she understands. Organizations that invest in the insurance placement process by soliciting input from across the organization (legal, finance, procurement and supply chain, for example) are equipped to identify the potential risk and exposures. Armed with a more complete understanding the potential exposure, a broker will be in a better position to recommend coverage options that satisfy the organization’s needs.
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Category: General Business
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