As insurance becomes tougher to obtain generally, insurers are requiring increasing amounts of information about claims. Having this information to hand relies on good housekeeping – as does minimising the risks in the first place.
Ultimately, it’s important for businesses to do their housekeeping, and have the right things in place so if they need to make a claim it’s as straightforward as possible:
- financial records – are they up-to-date and clear?
- sums insured – are they right and reflect the value of risk?
- risk management – have you done everything an insurer has asked, and can you prove it?
- Insurers requesting increased levels of information when assessing claims
- La Niña weather front means increased chances of weather-related claims – businesses need to prepare
- Good housekeeping in terms of maintenance and record-keeping essential
Head of Claims Adam Squire
A results focused leader with extensive experience of the insurance market, Adam Squire is experienced in the design and execution of strategy, with a record of improving customer experiences and profitability while managing costs effectively.
Access and read the claims article in full: page 13 in the latest Business Insurance & Risk Market update compiled by our experts and industry sector specialists.
Gallagher provides insurance, risk management and benefits consulting services for clients in response to both known and unknown risk exposures. When providing analysis and recommendations regarding potential insurance coverage, potential claims and/or operational strategy in response to national emergencies (including health crises), we do so from an insurance and/or risk management perspective, and offer broad information about risk mitigation, loss control strategy and potential claim exposures. We have prepared this commentary and other news alerts for general information purposes only and the material is not intended to be, nor should it be interpreted as, legal or client-specific risk management advice. General insurance descriptions contained herein do not include complete insurance policy definitions, terms and/or conditions, and should not be relied on for coverage interpretation. The information may not include current governmental or insurance developments, is provided without knowledge of the individual recipient’s industry or specific business or coverage circumstances, and in no way reflects or promises to provide insurance coverage outcomes that only insurance carriers’ control.
Insurance brokerage and related services to be provided by Arthur J. Gallagher & Co (Aus) Limited (ABN 34 005 543 920). Australian Financial Services License (AFSL) No. 238312