"Staking Your Claim.."

CLAIMS TALK!- Click the above picture for a discussion on the opportunity we have as Risk Advisors to fulfill the promise we make to our clients on the front end of our work.

Growing up in an 'insurance household' brings memories that a majority of young people likely don't experience. A few examples would include:

·    Remembering dad's cell phone ringing off the hook immediately following a hail storm or tornado warning.

·    Discussion at the Thanksgiving dinner table between a grandfather and uncle around an insurance company getting out of a certain line of business.

·    The pure look of shock/concern when you'd tell a teacher that what you want to be when you grow up was an independent insurance agent (most of the other kids picked boring jobs like President of the United States or Professional Athlete). This example is always my favorite to share (smile).

One of those events recently played out again, although the role was reversed. Our kids (too young to notice a difference) were around as I received texts and phone calls during and following the large hail storm that came through North Liberty, IA a couple weekends back. In reflecting on that event, I realized that as risk and insurance professionals, we often discuss coverage with clients on the front end. But we rarely get the opportunity to talk through the actual claims process when those events come up. So, below are 4 things to consider when you think you may have a claim:

1) Timely Notification

Most insurance contracts will have a condition that requires 'timely notification' of claims. If you think you have sustained a loss or have a potential liability event on the horizon, call your insurance provider and start a dialogue on what the proper next steps are.

2) Review Your Policy

Your agent or company likely sent you a big thick envelope (or email) at the beginning of your policy period (or renewal) with all the fun legal wording that makes up an insurance contract. And while the reading may make your eyes heavy and increase your drowsiness, it is certainly worth reviewing when potential claims arise to confirm coverage exists. Your agent can help walk you through how to read the contract and even do a review with you to find potential coverage.

3) Documentation

Take pictures. Record video. Show your temporary repairs (you are allowed to make temporary repairs to your property to mitigate further damage, FYI). Provide estimates/receipts. File reports. Document as much as you can!

Those who best document their potential claims are the most likely to get properly indemnified from their insurance company.

?4) Communication

Keep an open line of communication with the company and your agent during the claims process. Providing information quickly will only enhance your likelihood of getting your claim closed out in a fair and timely manner.

Also know that communication is not just an obligation on your end, but something you should expect from the company/agent you work with. If you are not getting that from a company we have you with, or your current agent, let's have a conversation about that and make sure we are correcting that error.

Thanks for reading!

If you are interested in learning more about how we are helping current clients solve their unique challenges, let’s catch up in a way that you are comfortable with (email, phone conference, virtual meeting, or socially distant gathering).

You can simply reply to this message with an email to [email protected]. Or, feel welcome to give me a call at (563)503-1959.