Claim Preparation - Benefits Of Appointing A Claim Preparer
A Claim Preparer can offer many benefits to an Insured. Some of these include: -
Experience – An Insured rarely, if ever, experiences a loss requiring an insurance claim to be lodged. While this is fortunate it prevents an Insured from acquiring a familiarity with the terms and conditions of an insurance policy and the claim process. Not so, with a Claim Preparer. A Claim Preparer is constantly exposed to insurance policies, their interpretation and application and can provide this experience to an Insured. They can guide an Insured through the actions which need to be taken, the documentation requirements and liaise with loss adjusters and insurers.
Efficiency – It takes time to prepare an insurance claim. The insurancy policy needs to be understood, losses sustained and costs incurred need to be identified. Documentation must be gathered and submitted in a format consistent with the insurance policy. This work can be conducted by a Claim Preparer allowing management to devote more time to loss minimisation and ongoing business activities.
Loss Minisation – Should a loss occur it is important to immediatly implement all actions to minimise its impact. If all actions to minimise the loss are not taken the insurance claim may be compromised. A Claim Preparer is regularly exposed to businesses in crisis and has a wealth of experience in loss minimisation.
Continuity - Some losses can take in excess of 12 months or more to resolve. An Insured may allocate a staff member to be responsible for the claim however he/she may not be employed for the full term of the claim. Appointment of a Claim Preparer brings continuity to the claim.
Familiarity – A Claim Preparer often has established relationships with loss adjusters, insurers and brokers which assists the claim process.
Conclusion – If you don’t have the expertise it is important to find someone who does.
See Also: - Choosing a Claim Preparer
Author
Published with permission of Claim Solutions Pty Ltd
Insurance Policy
Country: - Australia
Policy Description: - Various
Insurer: - Various
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