Claims Handling

Fire Hazard! Number Of Failing Appliances On The Rise

Fire Hazard! Number Of Failing Appliances On The Rise

White goods appliances - mainly washing machines and tumble dryers - account for as many as 60 house fires a week in the UK alone according to Which? The number of fires has increased each year for five years. Which? wants the authorities to tackle the issue of fire damaged properties due to appliance failure

I just had a Fire or a Flood and I need to Claim, What should I do?

I just had a Fire or a Flood and I need to Claim, What should I do?

I just had a Fire or a Flood and I need to Claim, What should I do? The very first thing you need to do is to engage a Loss Assessor. It is your responsibility to mitigate any damage and prevent it from spreading. Insurance Loss Assessors have vast experience in Insurance Claims Management 

Characteristics of fire and smoke and fire damage insurance claims

Characteristics of fire and smoke and fire damage insurance claims

The Dangers of Smoke Residue The fire triangle- Fuel, Oxygen and Heat. In laboratory conditions these 3 elements balanced result in complete combustion. In the real world of Fire insurance claims , the unequal balance of the 3 elements result in smoke residue (soot) being produced to some degree.

Cyber Liability Insurance Claim

Cyber Liability Insurance Claim

Cyber Crime A relatively recent number of claims are appearing and in ever increasing numbers relating to cybercrime. Information technology is prevalent in both our personal and working environments, and we rely on the use of computers and the web to store data every single day.

Navigating Insurance Claims After Hurricane Irma

Navigating Insurance Claims After Hurricane Irma

According to the Association Of British Insurers, claims that need to be covered by UK based underwriters from Hurricane Irma could be as much as £10 to £20 billion. It is also estimated that only 12 percent of homeowners affected have adequate flood damage and storm damage insurance.

What Is Business interruption?

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Business Interruption is largely missed by most policyholders if you don’t ask for it to be on your insurance policy. That’s usually due to business owners believing that other insurances such as buildings and contents policies will take care of everything if their operations are interrupted by events such as Burglary Damage, Impact Damage, fire insurance claims, building insurance claims. Those policies will usually put the damage right, but they make no allowance for the resulting financial loss to your business. For all businesses, the lack of business interruption cover can often lead to a business termination! There are many causes of business interruption. No one ever expects these disasters to occur to their business so when they do they usually expect other policies to cover all of their losses.

Let’s talk about an example where a pipe burst in a business. Yes the stock and plant or machinery can be replaced, as can computers or other materials. However a soaking wet building could need a few months to dry out. We have seen some badly flooded buildings take more than six months to be usable again. Imagine if the equipment has a long order lead time – some bespoke machinery can sometimes take just as long to replace. If you cannot trade in the interim, you will lose income, use all your reserves up and possibly run out of money. You may lose experienced staff as well as valuable customers. Customers are fickle they will go down the road if you are unable to meet their needs.

Business Interruption Insurance covers financial losses that are a direct consequence of a fire or flood. Remember that it will assist with elements such as loss of profit, loss of rental and additional staff costs. Business interruption looks forwards not backwards so quite often a BI claim runs for several years as the financial loss to a business continues long after it reopens. You may also have other costs such as marketing and advertising that are needed to get customers back on board. These are all taken into account with Business Interruption. A good Loss Assessor will be able to help calculate this. Remember Loss assessors work for you and Loss adjusters represent the insurance company. Any claim where there is BI will usually need the assistance of an insurance claim management company or specialist.

Insurance claims management is an art. A Loss Assessor is an Independent entity hired and paid by the insured (policy holder) to negotiate, prepare & present an insurance claim with the insurance company and loss adjuster (insurance company). The Loss Assessor receives a fee that is usually a percentage of the claim amount received by the insured but on average gets a policy holder far more than they would do themselves. According to the Times, engaging a Loss Assessor gets you about 30 – 40% more than you could on your own merits. At the end of the day you are entitled to what the policy caters for, even though this is often not what insurers offer you.

Making An Insurance Claim: Loss Assessor

Making An Insurance Claim: Loss Assessor

If this is your first time making an Insurance Claim. You might not be sure where to start, or the process of starting an Insurance Claim might seem very daunting. It is always good to know what options you have available so the Insurance Claim can run more smoothly without any problems.

The Importance of Independent Professionals when making a Claim

The Importance of Independent Professionals when making a Claim

Are you having problems with your Insurance Claim When you inform your insurance company that you need to make a claim the first thing they will do is appoint a loss adjuster from their panel to protect their interests. What is a Loss Adjuster? 

Making An Insurance Claim: Important Tips & Tricks

Making An Insurance Claim: Important Tips & Tricks

Having to experience an incident such as water, fire or theft damage can be extremely frightening. On top of that, you begin to worry about the long daunting process of making an Insurance claim. By following this list, you would have a better understanding of how an insurance claim is handled.

WannaCry Ransomware push Cyber Insurance Claims

WannaCry Ransomware push Cyber Insurance Claims

Ransomware: WannaCry Ransomware are particularly nasty viruses that infect computers over the network and lock your personal data. Afterwards they demand a ransom fee to unlock all your data usually by the cryptocurrency "bitcoin". The biggest Ransomware attack just occurred in the begging of this month.