Property and Casualty Insurance: Claim Process
The claim process for Property and Casualty Insurance starts with the occurrence of any event. However, it may be a car accident or a house on fire, or a security violation.
1. Notify the loss:
Firstly, the insured person should notify the loss insurance company as soon as possible.
2. A report with the Police:
In case of burglary or theft, a case should be filed with the nearest police station ad the report should be kept safe as evidence.
3. Collection of evidence for filing claim:
The insured person should collect evidence and take pictures as many as he could before starting any repair work. This helps the surveyor or claim assessor to assess the damage.
4. Claim to the third party insurance:
If the third party caused the damage, they should send a claim to the third party for reimbursement as well as, notified to the insurance company.
5. Claim against repairs and replacement of the property:
Before, going ahead with any repairs or replacement of the damaged property, the insurance company should be notified with estimated quotations for the same.
6. Assessment of the damages under property & casualty insurance:
Appointed a surveyor or a claims adjustor to estimate the damages by doing a survey of the damaged property to estimate the total loss.
7. Final preparation of the claim documents:
To speed up the overall claim process and for the estimation of the claims accurately, it is recommended that the insured person prepare the following documents:
- Notice of loss sent to the insurance company.
- Report of an accident with pictures.
- The cost of the damages/loss with all the relevant documents like invoices, purchase bills of machinery, etc.
- A copy of the police report if filed any report.
- Claim note sent to other parties if required.
Navigating the claim process for Property and Casualty Insurance is crucial for a smooth and satisfactory resolution. Stay informed and protected with our comprehensive guide.
Read More: Who should buy Property and Casualty Insurance?
Case: Claim process for Property & Casualty Insurance
Mr. Ketan Shah is a business owner, who owns a garment outlet. Owing to the risk of the loss of stock due to theft, fire, or any other reasons, he bought insurance for his shop including the stock from an insurance company.
One fine day, a flood came into the whole city, due to continuous rain and the water entered Ketan’s shop as well. Also, destroyed all the stock lying on the lower two shelves and even damaged the property.
Ketan was relieved that he has property insurance coverage and that his losses will be compensated. He reported the loss to the insurance company, took pictures of the loss before clearing the damaged stock, and appointed the claim assessor to process the claim. He then got a quotation of the cost of repairs that needed to be done immediately to continue the business and notified the insurance company before the start of any repair work.
The claim assessor visited the site to collect all the evidence required to estimate the losses of Mr. Ketan Shah. In the meantime, Mr. Ketan also collected all the documents relating to the claims process such as notice of loss to the insurance company, purchase bills of stock, loss report with pictures, etc. This helped the assessor immensely in his estimation of the loss.
Therefore, the insurance company approved Mr. Ketan’s claim and compensated him for all his losses.
