When unforeseen incidents occur at a property, prompt and accurate claim reporting is essential to initiate the insurance process and expedite the resolution of damages. As a property owner, understanding their role in the claim reporting process, alongside the responsibilities of their insurance broker, can help streamline communication and ensure a seamless claims experience. In this article, we'll explore the collaborative effort between property owners and brokers in navigating the claim reporting journey.
The Property Owner's Responsibility:
As the steward of their property, property owners play a pivotal role in the claim reporting process. Their responsibilities include:
Timely Reporting: Promptly notify the insurance broker or provider of any incidents or losses that occur on the property. Delays in reporting can hinder the claims handling process and may result in complications during the assessment and settlement stages. Important Note: Identify the person who found the loss and gather contact information for any witnesses.
Documentation: Gather and document relevant information about the loss, including dates, times, and descriptions of the incident, as well as any supporting evidence such as photos or videos. Thorough documentation ensures that the claim is accurately assessed and processed by the insurance provider.
Protect & Preserve: Take proactive measures to safeguard the property from further damage. This may involve boarding up areas that pose safety risks or covering exposed areas with tarps. These protective actions help mitigate additional losses and demonstrate diligence in protecting the property's integrity. Important Note: In cases of Fire: preserve the point of origin to allow proper inspection.
Save Items: Refrain from discarding any items related to the incident before they can be inspected by the adjuster. Preserving these items ensures that all relevant evidence is available for assessment and can contribute to a more accurate claim evaluation.
Communication: Maintain open and transparent communication with the insurance broker, claims team, and carrier throughout the claims process. Keep them informed of any developments or changes, and promptly respond to any requests for additional information or documentation.
The Broker's Responsibility:
An insurance broker serves as an advocate and liaison with the insurance carrier. Their responsibilities include:
Confirm Date of Loss: Verify and confirm the date of loss to ensure accurate reporting and timely processing of the claim.
Facilitate Communication: Gather contact information of the property owner / insured and share with the insurance carrier. Brokers play a pivotal role in facilitating connections and ensuring that all parties involved have access to the information and support they need for a smooth resolution.
Coverage & Claims Guidance: Provide guidance and support to property owners in understanding their insurance coverage, including the claims reporting process and any policy limitations or exclusions.
Immediate Claims Reporting: Assist property owners in completing the necessary claim reporting documentation and submitting it to the insurance carrier in a timely manner. Brokers act as intermediaries between property owners and insurers, ensuring that all communication is clear and accurate.
To Report a Claim, contact CAG ASAP
Business Hours: 9:00 AM - 5:00 PM PST
Phone: 818-638-8534
Fax: 818-638-8530
Email: claims@claimsadjustgrp.com
After Hours/Holidays: 818-645-1079
Collaboration between both parties is Key:
Effective collaboration between property owners and brokers is essential for navigating the claim reporting process successfully. By working together proactively and transparently, property owners can ensure that their claims are handled efficiently and that they receive the support and guidance they need to recover from unforeseen incidents.
Late loss reporting can significantly increase the cost of claims by delaying opportunities for prompt investigation, subrogation recovery from a responsible third party and timely payments. By reporting claims early, our claims team can better ensure that claims are resolved timely and cost effectively. Higher claim costs can potentially increase premiums for insureds.
At CIBA Insurance Services, we are committed to providing exceptional support to our customers during the claims process. Our in-house teams, including the Claims Adjusting Group (CAG) and CP Law Group, are dedicated to guiding you through every step. With CAG Property adjusters boasting an average of over 20 years of industry experience and consistently high audit scores between 90% to 100%, you can trust that you're in capable hands. Count on us for a seamless and reliable experience.
Visit our Website to download a copy of our easy to follow guide on Reporting Property Claims and other great resources for property owners.
Legal Disclaimer: This is general information and is not intended to be a comprehensive guide and does not constitute a guarantee. We encourage landlords, business owners, and property owners to talk to professionals and review their local laws and ordinances for the most current information.