You take the time and money to identify what you need to
insure, what company you wish to protect, reading and understanding the various
policies that cover you and your possessions. Isn't the importance of telling
your agent or insurance company about a loss obvious? Surprisingly, no, it isn't.
The Notification Obligation
Fulfilling the coverage promise of an insurance policy
is all about communication. An insurer makes a promise to protect you against
certain types of loss, but it can't follow-through unless it knows about a loss.
Prompt notification is so important that it is a formal policy provision and
your failing to meet its requirements could result in you losing the protection
you paid for.
Depending upon the policy, items having to do with notification
may be under a separate policy part or spread among several areas. However,
a policy typically requires you to do the following:
Contact the agent or insurer as quickly
as practical - the practical requirement replaced
the previous use of "possible," since some companies unreasonably
denied coverage because notification was not instantaneous. The difference between
words may seem minor, but it gives you some consideration for circumstances
that could affect how quickly you contact your agent or insurer about a loss.
Identify Yourself
- Perhaps one day your insurer will be able to recognize your voice over the
phone and immediately pull up your file. Until then, be prepared to at least
tell your insurer your full name (or, if different, the name the insurance policy
is under) and the policy number.
Give adequate details
- What, When Where, Why and How. It's important that the insurer has enough
information to take proper action, including giving you instructions on how
to have your loss handled. This information forms the basis of opening a claim
file, assigning the loss to a claims person and beginning investigation of the
claim.
Give the insurer copies of any communications
regarding a loss or possible loss (such as a threat of a lawsuit)
- You should not guess about whether a legal notice or request to be paid for
damages is important, even when an actual lawsuit has yet to be filed. Send
a copy of the information to your insurer and let them decide.
Prompt Notification helps Everyone
Complete and quick communication about losses gives you
the best chance to get needed coverage and gives your insurer an opportunity
to handle a possible claim efficiently. It also allows the insurer to control
issues that could let lawsuits get out of control, such as the ability to offer
payment for medical expenses or to contact and question witnesses.
Don't hesitate! Contact your agent or insurer and get your
loss handled.
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COPYRIGHT: Insurance Publishing Plus, Inc., 2001
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