Part 5 - Claims Procedure Guide - Professional Risks Insurance

Information about Part 5 - Claims Procedure Guide - Professional Risks Insurance

Published on July 14, 2014

Author: optimuminsurance

Source: authorstream.com

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INSURANCE CLAIMS PROCEDURE GUIDE PROFFESSIONAL RISK INSURANCE: INSURANCE CLAIMS PROCEDURE GUIDE PROFFESSIONAL RISK INSURANCE Professional Risk Insurance Claims ‘Claims Made Policies’: Claims Made Contract Policies The following policies are generally issued on a 'claims made contract': Professional Indemnity Insurance Directors & Officers Liability/ Management Liability Insurance Employment Practices Liability Insurance Fidelity Insurance   This means that the policy will respond to claims first made against you and reported to the insurer during the period of insurance, specified in the policy schedule. You should notify in writing any circumstances that you become aware of during the period of insurance, which could give rise to a future or potential claim, as soon as practical, within the period of insurance. Failure to notify claims may breach the terms and conditions your policy coverage . Professional Risk Insurance Claims ‘Claims Made Policies’ Professional Risk Insurance Claims ‘Claims Made Policies’: What to Do It is important that NO admission of liability is made by you to any third party. The third party demand can be either verbal or written demands (under most policies some) substantiating any damages claimed. When making a claim, the documents outlined below should be sent to your insurer or insurance broker immediately: Copy of letter of demand from third party. Completed claim form. Report of incident signed by manager and/or employees involved. Your insurer will determine whether any further investigation is needed. They will negotiate settlement or otherwise with the third party on your behalf. Any further demands or communication received should be directed to your insurer or insurance broker prior to responding. Professional Risk Insurance Claims ‘Claims Made Policies’ Professional Risk Insurance Claims ‘Claims Made Policies’ Checklist: Checklist of information and items that you will need when making a Professional Risks Insurance claim. Professional Risk Insurance Claims ‘Claims Made Policies’ Checklist Description Check Policy number   Insured name (as per policy)   Risk address   GST details (ABN & ITC)   Date you first become aware of such claim or circumstance   If the first intimation of a claim was in writing, please attach a copy. If No, please provide a “first person” account   Detail the nature of the claim or circumstance that may give rise to a claim.   If your contract/retainer for services evidenced in writing, provide a copy to your insurer.   Details of when you performed the work out of which the claim arises or may arise.   Provide any additional background information that may assist in our understanding of this matter   Provide your opinion on the amount claimed or best estimate of the claim or potential claim   Third party claimants or potential claimants details: Name Company Name Address Contact Number Details of allegation(s) Supporting documentation ( eg . written demands, correspondence)   Witness details (if applicable) Name Company Name Address Contact Number   Police details (if applicable)   About Optimum Insurance Services: Optimum Insurance Services are Insurance Advisers based in Australia currently servicing clients in Asia Pacific Markets. As a corporate authorised representative of Insurance Advisernet, we provide a wide range of general insurance products and services. Our experience, knowledge and access to insurance markets and other resources enable us to provide a diverse range of insurance and risk management services to businesses, associations and individuals. About Optimum Insurance Services Phone  +61 1300 739 861 Fax +61 1300 732 225 Hours   9.00am to 5.00pm (EST) Monday – Friday Email [email protected] Website www.optimuminsurance.com.au Contact Us http://www.linkedin.com/company/optimum-insurance http://www.facebook.com/OptimumInsurance http://www.youtube.com/user/OptimumInsurance https://twitter.com/#!/Optimum_Online http://www.optimuminsurance.com.au/Blog.aspx https://plus.google.com/u/0/100198722059770097421/about#100198722059770097421/about Connect with us on Social Media Disclaimer: Disclaimer Presentation Disclaimer –– “ This material contains general information only and may not suit your particular circumstances. To decide if a policy is right for you please carefully read the relevant Product Disclosure Statement (PDS) and/or Policy wording. A copy of the PDS or policy wording is available by contacting our office on 1300 739 861;”   Disclosure Statement – “ Optimum Insurance Services Pty Ltd is a Corporate Authorised Representative of Insurance Advisernet Australia Pty Ltd (Car No. 291220), Australian Financial Services Licence No 240549, ABN 15 003 886 687.”

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