MAJorLoSS CheCkLiST


external expertsasrequired,to managethe claim processand determine/implementthe claims strategy.


1


2 3


Your insurers will appointa loss adjuster


Organise thesystematic collection of informationas


it becomes available (rather than fishing throughhistoric files at the end of the claim!).


Fullyengageinsurers andtheir representatives.


Seek thelossadjuster’s agreementonkey decisions suchasreinstatementmethods, mitigation expenses, timelines etc.;atthe timethosedecisions


This is a good reason always to check yourpolicy in advance andmakesureyouunderstandthe terms and conditions.


-getitright! The onus is on you to fully document and evidence your claim.The quality of claim presentationand supporting documentation is critical to asuccessful settlement. Providing inaccurate or incorrect supporting documents candamageyourcredibility,lead to uncomfortable questioning and potentially damage thevalue of thesettlement. So it is vitalthatyou have adequateproceduresin placetoensurethe accurate collationofcosts anda suitable format forpresentingthe details to the loss adjuster.


with the loSSadjuSter Whilenoone wouldsuggest that youinvite thelossadjusterout to dinner,orevengo as farastoprovide himorher with more informationthantheyhaverequested,itis importanttoestablish andmaintain agood working relationship. The loss adjuster acts on behalf of insurers butifyou canpersuade themof themeritsofyourcase, inmost cases they will convince the Insurer. Keep the lines of communication with the


loss adjuster open throughout thelifeofthe claim andagree aprocessfor providingclaims informationand theidentification of potential policy cover issues.


Flat Living Winter 2011 Builda relationShip Supportingdocumentation


prepare best/worst case cost estimates


are taken, ensuring that they are facedwiththe samerealitiesand uncertainties as you(thisdenies themaccess to hindsight!).


4


Prepare best/worst case cost estimates as soon as


feasible.Ballpark figures with plenty of contingenciesare better than nothing.


Ensure you hold the loss adjuster to account


- leave no roomfor vagaries, assumptions or ambiguity. If you don’t understand something that the adjuster has asked for, ask themto explain it to you.


gather Support Keep thebrokerinformedofdevelopments andsecuretheir support.Agood broker will be able to give advice on any number of issues, includingpolicycover,the appointmentof experts, thepresentationofdocumentation and the overall claims process. They will also be able to provide supportwithnegotiationswith insurers and the loss adjuster should you run


developmentsand secure their support


into difficulties during thelifeofthe claim. In theevent ofamajor loss it is always


worth giving consideration to the appointment of a professional claims consultant,who will act as theRMC’s in- house resource, preparing and presenting the claim to thelossadjusterunder therelevant headsofpolicycover.The appointmentof aclaimsconsultantcan reduce theoverall lifecycleofthe claim andmaximisethe policy cover,while freeing-upmuch needed resource


Keep thebroker informedof


Whenmanaging amajorlossgive considerationto the following points


Establishaproject managementteam, co-opting


parties and assess the impact of arecovery action on existing contractualrelationships.


5 6 7


Ensurethatcritical dates andtimelimits forthe


notificationand/orpresentationof claimsare identified andcomplied with.


Ensure that all documentationispassedto


loss adjusters is accurate. 8


Communicateany problems with suppliers, timetables,


work schedulesetc to theloss adjuster immediately they become apparent -soyou include themin the problemsolving process.


SourceJLTSpecialty and Echelon ClaimsConsultantsLimited


within theRMC.Beaware howeverthata commercial policy will not cover the cost of usingaclaimsconsultantasstandard-this is generallyanadditionalcover negotiated by the broker at the client’s request.


claimSprocedure? An insurancepolicywillcontain abasic claims notification procedure,which will set outwhatinformation theinsurers expecttoreceive in theevent of aclaim. It is unlikelyhowever,thisprocedure will providemuchguidanceinthe eventofa major loss. You should ensure that you have a robust


andup-to-dateclaimsprocedure to follow in theevent of bothsmallerclaimsand the less frequent larger losses.Thisshoulddetail thefirst pointofcontact as well as including contactdetails foryourbrokerand/orinsurer. Your broker should be able to assist with


drafting aclaimsprocedure that provides emergencycontact detailsfor thelossadjuster if the loss occurs outside of office hours and gives advice on immediate action to take following a loss.●


DylanAllenis a property claims specialist and a partner with theEuropeanRealEstateDivisionofinsurance broker JLT Specialty Tel 020 7528 4000 www.jltgroup.com/real-estate-insurance-broker


JLTSpecialty hasrecently launched an online quote andbindsystemfor propertyowners insurancewhichis availabletobothRMC’s andPMA’s.You canfindoutmore aboutthe systemby visiting theirwebsite - www.landlordsinsurance.jltspecialty.com


59 doyouhave a


Reviewthepotential forrecovery fromthird


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