Search
 

5 secrets to managing property and Business Interruption claims

Most claim issues revolve around differences of opinion between policyholders and insurers.

By Stephen C. Moseley | Updated on April 08, 2016

The road to resolving property and business interruption claims can be a rough one for a company’s risk manager, chief financial officer and in-house counsel.

While insurance companies deal with the nuances of insurance claims on a daily basis, policyholders typically don’t consider the insurance claim process until they experience a loss. Therefore, it can be a struggle when confronted with the inevitable issues that arise such as:

  • Coverage: The insurer contends that the policy doesn’t cover what the policyholder thinks it covers.
  • Engineering: The insurer thinks that repairs can be done cheaper and/or quicker than the policyholder thinks.
  • Quantification: The insurer thinks that the claim overstates the actual loss sustained by the policyholder.

Let’s look at some aspects of the claim process and how policyholders can make it more efficient, avoid disputes and increase the chances of reaching a reasonable settlement:

Want to continue reading?
Become a Free
PropertyCasualty360 Digital Reader.

INCLUDED IN A DIGITAL MEMBERSHIP:

  • All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
  • Educational webcasts, resources from industry leaders, and informative newsletters.
  • Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.

Already have an account?

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.

Recommended Stories

PropertyCasualty360

Join PropertyCasualty360

Don’t miss crucial news and insights you need to make informed decisions for your P&C insurance business. Join PropertyCasualty360.com now!

  • Unlimited access to PropertyCasualty360.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including BenefitsPRO.com, ThinkAdvisor.com and Law.com
  • Exclusive discounts on PropertyCasualty360, National Underwriter, Claims and ALM events

Already have an account? Sign In Now
Join PropertyCasualty360

Copyright © 2024 ALM Global, LLC. All Rights Reserved.