Importance Of Claim Documentation
In August 2005 a major fire occurred at a manufacturing plant. Substantial property damage to buildings, contents and stock was sustained and a significant Business Interruption loss ensued.
Claim Solutions Pty Ltd was appointed to prepare the Business Interruption loss.
A maximum Indemnity Period of 12 months was insured and the Business Interruption claim was settled shortly after the maximum indemnity period expired.
The property damage claim continued as the building which was completely razed had not been rebuilt.
Although our involvement in the claim was finalised we recently received a telephone call from the Insured advising that a component of the stock claim was in dispute as sufficient supporting documentation could not be located. The Insured asked us if we might have the required information.
Although it was some four years after our appointment we located the relevant documents and provided them to the loss adjuster. This allowed this aspect of the claim to be resolved and a further payment to be made to the Insured.
This experience highlights:
- It is important to maintain complete, indexed files in relation to a claim as supporting documents may be required many years after a loss occurs.
- It is important to appoint a claim consultant in relation to both the Property Damage and Business Interruption aspect of a loss. It was fortunate we had the documents which allowed the disputed element of the claim to be paid as we were not appointed to prepare the property loss.
We prepare insurance claims and would welcome the opportunity of discussing claims which you may be experiencing.
Author
Claim Solutions Pty Ltd
Insurance Policy
Country: - Australia
Policy Description: - All
Insurer: - All
External Links
|
