The way that data is presented to insurers is key to recovering your claim.
The quality of the information you provide will determine the insurance claim outcome. It needs to be accurate and justifiable in order to maintain your credibility with insurers and their experts. You will be asked for a great deal of documentation and detailed evidence to support your claim and you will be expected to provide this promptly. Failure to do so may limit your insurance claim recovery.
Does your policy contain a Claims Preparation Costs clause?
A claims preparation clause will extend a policy to provide insurance cover for costs incurred in the preparation and submission of a major insurance claim. Major or complex claims e.g. business interruption claims, always involve detailed forensic investigation and analysis by insurers who appoint loss adjusters, engineers, accountants and on occasion, lawyers, to act on their behalf. To conduct such investigations, extensive information requirements can be made of an insured who must, of course, comply with policy conditions in relation to notifying and substantiating any claim submission.
The appointment of an independent claim’s expert provides the insured with forensic support and advice on claims submission and strategy, but not the delivery and negotiation activities carried out by the broker. In essence the insured’s own expert helping them to expedite their claim, as opposed to the loss adjuster who is appointed to act for insurers. Appointing an expert who understands the working practices and information requirements of the insurance market, and who can apply this knowledge on behalf of the insured to deliver an effective and expedited claims settlement process, is therefore of obvious potential value.
The use of claims preparation clauses is becoming more widespread and we would strongly advise you raise the issue with your insurers to make sure you have one included in your policies.