Insurance Claims Management

Insurance Claims, What should I do? FAQ

Insurance Claims, What should I do? FAQ

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 

A Short guide to flood recovery

A Short guide to flood recovery

Recent storms have made us more aware of the effects that heavy can have on our communities. Making good damage to your home after flooding is tough. It doesn’t have to be too difficult with the right assistance. Maybe you reside in a high-risk flood area. The following will help you in the event of a flooding incident

Characteristics of fires

Characteristics of fires

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.

Insurance Complaints On the Rise!

Insurance Complaints On the Rise!

According to a leading Insurance claims management company, about 2 in 10 of the claims they are assigned to end up with a complaint. These are valid claims that Insurers have accepted they will pay who have failed to meet with the policyholders expectations.

Why Business Needs Public liability Insurance

Why Business Needs Public liability Insurance

If you choose to own your own business, and you have the public coming onto your property or you are involved in a repair type service where you either destroy or fix clients property, then one thing that you will need is public liability insurance.

Poor Penalised for Insurance Claims

Poor Penalised for Insurance Claims

25% of people in the UK have no arrangements for contents Insurance cover and most do not have any savings to replace fire damaged items or flooded elements of their home. A high proportion of these were people who rent, especially those in council homes or housing association properties.

Longer Nights Mean Increase In Break-ins

Longer Nights Mean Increase In Break-ins

Theft Insurance Claims As the clocks go back for daylight saving, the darker evenings will mean a sharp increase in burglaries and theft related crime. A major Insurer has reported that last year Theft Insurance claims notified to them at this time of year saw an increase of over a third.

Top Reasons An Insurance Claim Is Rejected

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If you have had an insurance claim that has been rejected (also known as repudiation) by your Insurance company, it may often feel like all hope is lost. Here we try to address some of the problems which can cause an insurance claim to be rejected and what you can do to avoid this.

Rejected Building Insurance Claims

Having the correct insurance policy

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Most rejected insurance claims and policies we see are under insured. The value of reinstating your property is not what the market value is. Remember that about 30% of the rebuild is in the ground. Add to that legal, professional and local authority fees and you can see that the sum you have covered in the policy gradually eroding.

Make sure your home is not undervalued as this is the most an insurer will pay out. In some cases an insurer may even return your premium and cancel the policy as you have grossly misrepresented their risk. Remember it’s your responsibility not the insurance company to obtain accurate values for reinstatement.

Rejected because Lack of Maintenance

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Another reason insurers reject property insurance claims is if the loss or damage was the result of “gradual deterioration” or a lack of “maintenance”, you will not be covered. Things such as failed damp proof course and some rot are examples of this.

Poor design and faulty workmanship. In this instance you will not be covered. If you believe the cause to be as a result of negligence by a contractor then you may be wise to seek legal advice regarding a claim against the supplier or installer. Your building insurer is likely to reject (repudiate) any claim in this regard.

EXCESSIVE Holidays

Beware of taking long holidays. If you leave a property Unoccupied  for 30 consecutive days or more without advising your insurer, they could have grounds to repudiate a claim. This is especially true for fire claim damage and water damage.

Material value changes

Material change in the risk – insurers must be informed of any “material increase” in the value of the risk they are covering. For instance, with home prices and building costs escalating so quickly, the replacement value of homes has increased. Any alterations to your property will likely increase the value and there could be risk of damage during construction. If this happens, seek the advice of an insurance claims management company.

Rejected Contents Insurance Claim

Non-compliance with security requirements – make sure you are familiar with policy conditions and endorsements. Should you fail to comply with your policy conditions on minimum security, your claim could be rejected.

You must have what’s known as an “insurable interest” in the property, in other words a financial interest in insuring the asset. If you only part own it or not at all then you will find insurers will reduce proportionally or even refuse to pay at all.

Disclosing all details

Check that you have provided all details in the policy form as correct and accurately as possible to your best k knowledge. Insurance companies will try to reject claims on the basis inaccurate provided information.

How Oakleafe Claims Can help

Loss Assessors Oakleafe Claims offer a mid term survey to identify material changes and problem areas in a policy that needs the policyholders attention. Key to this are the warranties and conditions that are the spine of any cover.

Rejected Insurance Claims (Repudiation):

The term repudiation in Insurance claims management refers to the rejection by Insurers to pay a claim. They will relate this rejection to a specific reason such as non-adherence to a warranty or condition in your contract of insurance.

It is always advisable to seek the help of a claims management company in this instance. Sometimes it can be easily turned around with the production of information in the right manner which has been misinterpreted by the Loss adjuster.

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.

Importance of Independent Insurance Professionals

Importance of Independent Insurance Professionals

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? 

7 Things to do when Making An Insurance Claim

7 Things to do when Making An Insurance Claim

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.