Insurance claims are a tricky business; complicated processes, jargon-filled documents and confused conversations, so what is the one sure secret for success? It is simpler than you might think. The secret to understanding the process, getting to grips with terms and conditions and achieving the settlement you deserve lies in one core factor: knowledge.
When you have the knowledge of the where’s and wherefores of insurance claims, they are less complicated, less stressful, and more likely to give you the results you’re entitled to. Understanding insurance claims takes time and expertise, and no doubt you have got other important business to take care of. So, we have put together a short brief to equip you with more knowledge about insurance claims, so at last you possess the secret to all insurance claims.
The insurance claim process can seem like a huge daunting process for anyone who has not filed a claim before. Even then, every incident that requires a claim can differ depending on the circumstances of your claim and the insurer who provides your policy. Making a claim with your insurer is about you contacting your insurer with the expectation that they’ll respond with assistance. After all, the whole reason you pay for insurance is so that if the worst happens, you are covered. There is an agreement in place between yourself and your insurer, which outlines exactly how your insurer will assist you if you suffer damage or loss to your property. Keep in mind that your first contact with your insurance company about the incident you have suffered, is an official notification to them that you’ve suffered a loss, that they’re contractually obliged to assist you with.
With this is mind there is an expectation from you; get exact about what those expectations are. Read your policy documents and all the associated terms and conditions. Are you covered for the circumstances in which you find yourself? How much are you covered for? Are there limits? Is there an excess to pay, and if so, how much? If contractors are required, do these have to be vetted by your insurer? Are there any clauses which might prevent a payout? Be sure of what your expectations are from your insurer from the start. This puts you on good footing when you begin the claims process; you’ll feel assured about how your insurer should be assisting you and can stay focused on making sure they do.
Once you are clear on your expectations, be sure to fulfil all the essential criteria to keep your side of the agreement. Not only will this help to accomplish a smooth claim process but will also benefit your claims payout. Be aware of dates and timelines you need to adhere to in accordance with your policy agreement and respond in time. Make detailed notes of all the circumstances related to your claim; the background information surrounding the incident such as exactly what happened and when. Take plenty of photographs, collect receipts of items and gather it all into an organised file for easy access. If necessary, be sure to contact police as soon as possible after the incident. Keep the incident number provided in a safe place as this will be essential for your claim.
According to the British Insurance Brokers’ Association (BIBA) there are nearly 100 technical terms insurance companies use. These look confusing and downright overwhelming. But understanding the ones contained within your policy documents is essential for ensuring success with your insurance claim. Take a close look at your policy agreement, and the terms and conditions; highlight any unfamiliar terms or clauses you need to understand further. Take the time to research the jargon so you can grasp what they really mean for you and your claim. If time is not easy to find in your day, contact a Loss Assessor such as Oakleafe Claims for advice on what the terms mean; loss assessors are independent insurance experts who can easily offer professional guidance.
Likewise, most insurance policies contain clauses. A kind of ‘get out of jail’ card for the insurance company. The clauses mean that if you have not kept up with any or specific aspects of your insurance agreement, your insurer does not have to cover your claim. These usually cover things like, ‘change of details’ such as name or address, ‘payment arrears’ such as a missed or late payment, and the ‘average clause’ applied if you are found to be under insured. Thoroughly assess your insurance cover to determine which of these clauses could apply to you, and make sure you do not give your insurer an easy get out.
Similarly, conditions are likely to be stipulated both within your policy documents and claims documents. Once you file a claim, your insurer will ask you to provide specific details by certain dates. If you fail to follow the conditions laid out by them, you will likely invalidate your claim. As frustrating as this may be, keeping cut off dates will help to move your claim along in the right direction. It is also helpful to know that your insurer has conditions that they have to uphold too. As a financial service provider, they have regulations they have to abide by, and you would be wise to educate yourself on what these are and how to keep your insurance provider accountable.
As a policyholder you have rights too and knowing what these are provides you with firm ground from which to manage your insurance claim. By understanding the claims process and hidden terms and clauses we hope your insurance claim proceeds without delay or dispute. However, if you find yourself disagreeing with your insurers’ conduct, it is good to know where to go and how to proceed.
Since 2013 the regulation of insurers and re-insurers in the UK has been carried out by the Prudential Regulation Authority (PRA) for prudential purposes, and the Financial Conduct Authority (FCA) for conduct purposes. Be sure to check out the latest information on your rights and how to complain. If you find yourself short of time and resources to access this information independently, seek professional insurance advice from a reputable company such as Oakleafe Claims, we will happily talk you through your position and the necessary next steps.
With the right knowledge you can successfully manage your claim and receive your full entitlement in good time. By figuring out the claims process, terms and conditions, and your policyholder rights; you can steer your insurance claim in the right direction. The last piece of the puzzle is keeping your insurance claim on track, armed with all the aforementioned information.
Always stay organised and clear about your claim. Keep all the relevant documents associated with your claim organised in chronological order in a safe place, whether that be in a lever-arch file or a digital file. Make copies of all correspondence. Make detailed notes of all telephone conversations. This will keep you in control of your claim; fast-track the process and assist you if a dispute arises.
Be vigilant about chasing your insurer, especially if they fail to make the right arrangements and process your claim efficiently. Make it clear you know your rights and you understand the claims process, including the details hidden within your policy agreement. Always hold them accountable. Offer clear, concise details relating to the facts of your claim only; keep in mind the seriousness of your claim and maintain a professional relationship with your insurer throughout the claims process. All in all, stay mindful of your goal; an insurance award that covers all costs associated with your loss or damage as soon as is practical.
Insurance claims are complex. Very few policyholders have knowledge about what is involved until they have to undergo the process. By which time you have little chance to get to grips with all the small print, and simply wish to get your life back in order. The secret to insurance claims however is quite straightforward, knowledge. Knowledge about expectations on both sides of the claims process; the terms, conditions and clauses cleverly hidden in the small print. Knowledge about your rights when they matter most, and how best to manage the overall claim. This knowledge is invaluable but takes time and effort to come by. However, there are independent professionals such as loss assessors at Oakleafe Claims who are more than happy to guide and assist you through every stage of your claim.
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