Don't look now, but best practices are the rage.

Every insurance company, third-party claims administrator and independent adjusting company seems to embrace best practices to differentiate themselves from competitors. Marketing factors spur the trend too, as companies tout their own best practices to separate themselves from other firms. "Those other guys have their claim practices? Well, we have … best practices!"

One downside: Clients will hold you to those best practices. Failure to meet best practices may trigger liability claims for negligent claim-handling, breach of implied contract, and even bad faith. When you set the bar high and fail to clear it, consequences flow and — some may be bad-faith suits.

Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader

Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
  • Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Agency Management
Commercial Lines
Corporate Risk
Education & Training
Personal Lines