Are you involved in an event that is likely to have legal and financial consequences? Luckily you have carriers liability insurance. However, like many others, you may also make some mistakes while filing carriers liability insurance claims. This article lists some of the common mistakes that you must avoid.
Not reading the policy
To have adequate protection for your business, you must know what your insurance policy covers and what it does not. You must read the entire contract. If you are unable to understand the meaning of a clause in the policy document, ask the carrier insurance broker or agent to explain. Understand your obligations before filing a claim.
Not notifying the insurer
If you are involved in a loss or accident that is covered by your policy, call your insurer immediately. You can preserve fresh evidence which makes it easy to adjust the claim. Your insurer will be suspicious about the severity of the damage or injury if there is a delayed response from your side.
If you read the carriers liability insurance policy document, you will find that timely notice is a condition in the contract. Not meeting this condition is a breach and as a result, the insurer may even deny the coverage if you are not reporting a loss on time.
Poor documentation
Your insurer will ask for detailed information at the time of claim settlement. Not keeping good record keeping is not in your best interests. Read the policy conditions to learn about the important information your insurer will ask for. In addition to providing information about the loss, you also need to submit a proof of loss. Therefore, maintain a written record and also record some videos and photos. Document your communication with the insurer.
Not cooperating with the insurer
The insurer will conduct an investigation before claim settlement. You must cooperate during the investigation. In case you don’t, the insurer may deny the coverage. Therefore, provide every piece of information and document requested by the insurer.
Not retaining the property
Whether you are filing carriers liability insurance claim, car insurance claim, home insurance claim, or any other insurance claim, don’t abandon the damaged property or good. The insurer needs to conduct an inspection. Don’t destroy any evidence.
Not calling the police
You may have to file a police complaint after the accident. Not doing so can be a serious mistake. In the case of theft, vandalism and other similar events, you need to contact the police. A written police complaint is a proof of loss or accident. It is a document that contains facts that can be very useful in the claim settlement.
Out-of-pocket third party claim payments
In case a third party is involved in the event, you may do some settlements on your own instead of filing a claim. Don’t do that. Involve your insurer.
Question the calculations of the insurer. Make sure that you get realistic estimates. Some people simply sit back and wait after filing a claim. Don’t forget to track your claim.
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