There is no point paying for insurance where you are not confident that it will ever pay claims. Many businesses think that they don’t care about claims as they often affect a third party and not the company however, we have seen in recent times insurance offers from non-rated insurers or overseas insurers that have gone into liquidation and left the Contractor without any cover.
Don’t forget that the claim is against you and your business not the insurer. The fact that the insurer no longer existing doesn’t mean the claimant doesn’t have a right to claim – they just sue the contractor or its individual directors directly. So buying cheap insurance is just a false economy
Third Party Claims
Details of ‘who’ to contact will be outlined in your insurance policy. As soon as you get a notification either contact the number shown or contact us. Either way, the claim will be notified to your insurer and qualified claims handlers will start to look at the case. Under no circumstances should you try to engage with the third party or their solicitors. Any interaction may prejudice your insurers ability to handle the claim so ensure that all correspondence is forwarded as soon as it is received and you agree to work closely with the claims team to help provide them with the background information they need to sort out the claim at the least cost to your insurer and ultimately your future insurance premiums.
When you suffer a loss, you need to act fast. Make sure you minimise the loss and contact the claims number in your policy as quickly as possible. Make sure you keep all your receipts or evidence of value somewhere secure either in a fireproof safe, away from the premises or better still in the cloud. In the event it’s a piece of plant or machinery being damaged or stolen it is often best to seek to replace the item rather than stop work or enter into expensive hire costs. Don’t; forget that any lost items will be replaced by something of the same condition or value so searching the internet for similar items will give you a guide on what the going rate is for your lost item.
When you have a motor accident, its important to collect as much information as possible. Collect details of any other party involved. Take photos of any damage of your van and the other vehicles or property involved. Take photos of the position of the cars or any road markings that may assist with confirming your story. Where there any witnesses – ask them to help you build up a picture of what happened. You have a duty to minimise the loss, so if you have another vehicle you could use whilst yours is off the road then use it. We have heard awful stories where people have taken expensive replacement hire vehicles where they were not essential and the courts refused to allow them as an expense leaving the claimant holding the bill.