Presentation of a Claim

Presentation of a Claim

Presentation of a Claim

23 Nov 2022

In our line of business, we view claims every day. Claims are viewed in a negative way, understandably. However, there are ways we can make claims more appealing to Underwriters.

In terms of General Liability, rate increases will likely continue to moderate in 2022, but widespread rate cuts are unlikely. Alongside this, we are still in a hardened PI market. So, how can we limit these increases or aid the moderation of them if you have a settled or active claim?

Some ways we can highlight the positives taken from a claim:

  1. Health & Safety Amendments

If the insured can demonstrate a clear understanding of where there was a gap in their health & safety and close this ‘gap’, underwriters will view this in a positive manor.

  1. In depth understanding of the events of the claim

Likewise, if the insured can display clear knowledge on what they know went wrong & how they can stop this happening again, this will support them. Underwriters need to see clear acknowledgement of a claim and actions taken to fix this.

  1. Provide reserve figures where possible

Obtaining figures from the current insurer allows all parties to see where the claim currently sits, which usually displays the extent of the claim from the holding insurers perspective. With event information alongside this, a clear image of what has happened and is now happening can be made.

  1. Other details to stop reoccurrence

Aside from H&S, you may have things such as registers, spot checks & extra procedures put in place to aid the business. Any information that may be relevant is usually relevant.

Summary

As humans we all make mistakes and, in some cases, these lead to claims. It is from these claims that we develop a greater understanding of the correct way to operate and by this, I mean that if a company has a claim, they then need to put the correct procedures and checks in place so this doesn’t happen again or at least mitigates the chance of a similar loss. Doing so & demonstrating this will certainly assist in putting an Underwriters mind at ease in terms of the risk they are reviewing.

In terms of General Liability, rate increases will likely continue to moderate in 2022, but widespread rate cuts are unlikely. Alongside this, we are still in a hardened PI market. So, how can we limit these increases or aid the moderation of them if you have a settled or active claim?

Some ways we can highlight the positives taken from a claim:

  1. Health & Safety Amendments

If the insured can demonstrate a clear understanding of where there was a gap in their health & safety and close this ‘gap’, underwriters will view this in a positive manor.

  1. In depth understanding of the events of the claim

Likewise, if the insured can display clear knowledge on what they know went wrong & how they can stop this happening again, this will support them. Underwriters need to see clear acknowledgement of a claim and actions taken to fix this.

  1. Provide reserve figures where possible

Obtaining figures from the current insurer allows all parties to see where the claim currently sits, which usually displays the extent of the claim from the holding insurers perspective. With event information alongside this, a clear image of what has happened and is now happening can be made.

  1. Other details to stop reoccurrence

Aside from H&S, you may have things such as registers, spot checks & extra procedures put in place to aid the business. Any information that may be relevant is usually relevant.

Summary

As humans we all make mistakes and, in some cases, these lead to claims. It is from these claims that we develop a greater understanding of the correct way to operate and by this, I mean that if a company has a claim, they then need to put the correct procedures and checks in place so this doesn’t happen again or at least mitigates the chance of a similar loss. Doing so & demonstrating this will certainly assist in putting an Underwriters mind at ease in terms of the risk they are reviewing.

Global Headquarters

Servca Group

Dukes House

32-38 Dukes Place

5th Floor

London, EC3A 7LP

United Kingdom


+44 (0) 207 2250000

info@servca.com


Broker at Lloyd’s SLM1389

European Office

Servca Europe

Dragonara Business Centre

Dragonara Road

5th Floor

St Julian’s, STJ 3141

Republic of Malta


+356 (20) 341690

eu@servca.com


Broker at Lloyd’s (Brussels) SLM1883

Canadian Office

Servca Canada Insurance Group Inc
40 King Street West
Suite 2100
Toronto
M5H 3C2
Canada


+1 (647) 846 5555

canada@servca.com


Non-regulated servicing company

Northern Ireland

Servca Northern Ireland
River House Belfast

48-60 High Street

Belfast

BT1 2BE



+44 (0) 2895582000

ni@servca.com


Broker at Lloyd’s SLM1389

© 2024 Servca


Servca Group Ltd is a private limited company registered in England and Wales; Registered Number: 7727494; Registered Office: Dukes House, 32-38 Dukes Place, 5th Floor, London, EC3A 7LP, United Kingdom. Authorised and regulated by the Financial Conduct Authority. Servca European Insurance Brokers Ltd (a private limited company incorporated in Malta and enrolled to act as an insurance broker); Tower Business Centre, Level 3, Tower Street, Swatar, BKR, 4013, Republic of Malta. UK branch office is registered in England and Wales, authorised and regulated by the Financial Conduct Authority. Servca Canada Insurance Group Inc, a private limited company incorporated at 40 King Street West, Suite 2100, Toronto, M5H 3C2, Canada. Servca group of companies are owned and operated by Servca Group Holdings Ltd, a private limited company registered in England & Wales.

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Cookies

Global Headquarters

Servca Group

Dukes House

32-38 Dukes Place

5th Floor

London, EC3A 7LP

United Kingdom


+44 (0) 207 2250000

info@servca.com


Broker at Lloyd’s SLM1389

European Office

Servca Europe

Dragonara Business Centre

Dragonara Road

5th Floor

St Julian’s, STJ 3141

Republic of Malta


+356 (20) 341690

eu@servca.com


Broker at Lloyd’s (Brussels) SLM1883

Canadian Office

Servca Canada Insurance Group Inc
40 King Street West
Suite 2100
Toronto
M5H 3C2
Canada


+1 (647) 846 5555

canada@servca.com


Non-regulated servicing company

Northern Ireland

Servca Northern Ireland
River House Belfast

48-60 High Street

Belfast

BT1 2BE



+44 (0) 2895582000

ni@servca.com


Broker at Lloyd’s SLM1389

© 2024 Servca


Servca Group Ltd is a private limited company registered in England and Wales; Registered Number: 7727494; Registered Office: Dukes House, 32-38 Dukes Place, 5th Floor, London, EC3A 7LP, United Kingdom. Authorised and regulated by the Financial Conduct Authority. Servca European Insurance Brokers Ltd (a private limited company incorporated in Malta and enrolled to act as an insurance broker); Tower Business Centre, Level 3, Tower Street, Swatar, BKR, 4013, Republic of Malta. UK branch office is registered in England and Wales, authorised and regulated by the Financial Conduct Authority. Servca Canada Insurance Group Inc, a private limited company incorporated at 40 King Street West, Suite 2100, Toronto, M5H 3C2, Canada. Servca group of companies are owned and operated by Servca Group Holdings Ltd, a private limited company registered in England & Wales.

Privacy Policy

Cookies

Global Headquarters

Servca Group

Dukes House

32-38 Dukes Place

5th Floor

London, EC3A 7LP

United Kingdom


+44 (0) 207 2250000

info@servca.com


Broker at Lloyd’s SLM1389

European Office

Servca Europe

Dragonara Business Centre

Dragonara Road

5th Floor

St Julian’s, STJ 3141

Republic of Malta


+356 (20) 341690

eu@servca.com


Broker at Lloyd’s (Brussels) SLM1883

Canadian Office

Servca Canada Insurance Group Inc
40 King Street West
Suite 2100
Toronto
M5H 3C2
Canada


+1 (647) 846 5555

canada@servca.com


Non-regulated servicing company

Northern Ireland

Servca Northern Ireland
River House Belfast

48-60 High Street

Belfast

BT1 2BE


+44 (0) 2895582000

ni@servca.com


Broker at Lloyd’s SLM1389

© 2024 Servca


Servca Group Ltd is a private limited company registered in England and Wales; Registered Number: 7727494; Registered Office: Dukes House, 32-38 Dukes Place, 5th Floor, London, EC3A 7LP, United Kingdom. Authorised and regulated by the Financial Conduct Authority. Servca European Insurance Brokers Ltd (a private limited company incorporated in Malta and enrolled to act as an insurance broker); Tower Business Centre, Level 3, Tower Street, Swatar, BKR, 4013, Republic of Malta. UK branch office is registered in England and Wales, authorised and regulated by the Financial Conduct Authority. Servca Canada Insurance Group Inc, a private limited company incorporated at 40 King Street West, Suite 2100, Toronto, M5H 3C2, Canada. Servca group of companies are owned and operated by Servca Group Holdings Ltd, a private limited company registered in England & Wales.

Privacy Policy

Cookies