While it is good to have a construction all risk insurance policy to get coverage for all risks during construction, it is essential to know the claim process as well to make the optimum use of the policy. Here, are a few tips which you should follow if you want to enjoy hassle-free claim settlement under construction all risk insurance policy:
1.Ensure Timely Intimation
To get coverage under construction all risk insurance, make sure that either you or anyone on your behalf inform the insurer about the loss as soon as possible. You can download the claim form from the insurer’s website, and in the absence of the online option, you need to personally visit the insurer’s office to get the claim form. If you have taken the insurance policy from corporate insurance advisor like SecureNow, you would only need to notify your insurance advisor who would inform the insurer on your behalf and take care of the rest of the process.
2.Be Honest
Honesty is the best policy when it comes to filing a claim under construction all risk insurance policy. While filling the policy application form, stay away from withholding any essential detail, which could otherwise lead to claim rejection. After filling all details, cross verifies to ensure there is no room for errors. Remember, the smallest fact or error in your construction all risk insurance form can lead to rejection of the policy.
3.Know All About the Exclusions
While a construction all risk insurance policy offers comprehensive coverage against various risks, there are certain events which are not covered under the policy. It is essential to have the knowledge of these events, i.e., ‘exclusions’, to avoid a situation where you approach the insurer who refuse to settle your claim because it falls under the exclusion head.
4.Keep Documents Handy
Keep your construction all risk insurance policy and other claim-related documents organised, safe and always at your disposal. While making a claim, submit all the documents in advance as last-minute paperwork can pose serious problems and delay your claim. If any documents go missing while the insurer is completing your claim process, you would require submitting them which may delay the claim process. Being fully aware of all the documents would ensure a stress-free claim settlement process.
5.MAKE SURE THAT YOUR POLICY is in FORCE
If you do not pay your insurance premiums on time, your coverage might cease to exist. Therefore, make sure that you pay all your premiums on time to keep your policy in the active state.
6.Click Photos
Once you are sure that everyone involved in the misfortune is safe and healthy, its time to click photos of the damages and the overall condition. Depending on the severity of your claim, your photos can work in your favour. However, be thorough as possible without being insensitive to other parties. Photo documentation becomes crucial to file a claim and get it settled by the insurer. These photos give the proper account of the loss or damage and also help in making the correct assessment of loss or damage.
Read more: Ten Scenarios Claim Gets Rejected Under Contractors Risk Policy
7.Site Visit
Along with clicking the photos, it is essential to take all steps to ensure no further loss or damage happened. Once the loss has happened on the construction site, make sure that you do not interfere and thus, take adequate steps to ensure the condition doesn’t deteriorate further. Just because you have a construction all risk insurance policy, it doesn’t mean you can act carelessly. It is necessary to take all the steps to secure your construction site not only before the loss but also after the loss has happened.
A Recap of Hassle-Free Insurance Claim
Documentation, knowing the claim threshold, honesty are some of the hallmarks of hassle-free construction all risk insurance policy claim settlement. If you diligently follow the above points, you will be able to ease your claim settlement process.
A Final Word
Insurance is based on the principle of utmost truth and good faith. It is a faith which insurance companies have on their policyholders that all the disclosures made by them are true. Just it is necessary for insurance companies to quicken the entire process and give all the necessary support to the policyholder, it is the duty of the insured as well, to be honest in his/her declarations. Many times, rejections could be easily avoided if one assiduously follows the policy guidelines and regulations.
For ensuring a hassle-free construction all risk insurance claim settlement, know your rights, follow all the regulations and take adequate precautions. It would certainly not give insurance companies a reason to refuse the claim.
About The Author
Pankaj
MBA Insurance and Risk
With seven years of expertise in the insurance sector, Pankaj is a seasoned authority in Construction All Risk (CAR) insurance. As a dedicated contributor to SecureNow’s blog and article platform, they adeptly unpack the intricacies of CAR policies. He is deeply committed to empowering construction professionals with comprehensive insights into risk mitigation and coverage nuances. Their proficiency in navigating insurance landscapes ensures readers receive current and actionable guidance. Pankaj‘s passion for fostering understanding and resilience within the construction industry has firmly established them as a trusted source of knowledge and support.
