This post is a follow up to our article on Your Personal Journey Through an Insurance Claim (read here), have a read of this post if you have not already.
1. Certain documents need to be produced:
a) Garda File set up and letter to the insurers confirming the insured is not implicated in the investigation.
b) Forensic Report.
c) Loss adjusters Preliminary Report advising insurers on liability.
2. Decision on liability by the Insurance Company claims department – Assuming all the above is in place.
3. Once liability is accepted the claim process may proceed with possible release of first money.
4. Surveys of the loss scene and details of claim are prepared by Loss Assessors. Financial Information on all aspects of the claim are gathered for buildings, contents, stock, machinery fixtures and fittings, computer equipment, money, jewellery and/or goods damaged or stolen.
5. Formal claim is prepared, signed and submitted to the Insurance Company on behalf of the insured.
6. Negotiations commence with Loss Adjusters and Insurance Company. Meetings may take place on site with the various experts. There will be cross checking of information and further details may be required.
7. The Insurance Company may decide to negotiate settlement and pay cash or they may undertake reinstatement work themselves.
8. Stage payments may now be paid at the discretion of the Insurance Company as works proceed. If so, cheques will be issued in the name of the insured and other interested parties e.g. A Bank or Property Management Company. More on this issue here
9. Insured may now start to clean up the site or prepare for reinstatement works or repairs. Time line here is generally 6 months onwards, depending on planning permission and other requirements being in place.
10. Agreements are reached with Insurance Company for all sections of claim. Acceptance documentation is issued and signed, and final reports are produced before settlement cheques are issued.
Note our suggested timeline obviously depends on the complexity of the claim and the size of the loss. The main point being that insures are slowing down the claims process considerably in the present market.