The claim notification process is an important aspect of securing protection for an organisation and its management. An insurance policy is often purchased with the hope that its coverage will never need to be relied upon. However, for many organisations, it is likely to be only a matter of time before a claim arises requiring notification to an insurer.
In this article, we will explore the claim notification process in the context of the following coverages:
- Directors and officers liability insurance
- Employment practices insurance
- Management liability insurance
- D&O insurance for nonprofits
You may also find that similar concepts apply to a broad range of financial lines insurances, such as professional indemnity insurance, cyber insurance, and even crime insurance to a certain extent. Keep in mind, however, that each policy is strictly interpreted according to its own terms and conditions.
Contents
1 Claim notification: A definition
2 The significance of a claims made policy
3 Why should any circumstance also be notified?
4 How to make a claim notification
5 Coordinating a claim response
6 What is a reservation of rights letter?
7 How to navigate a late notification
8 The claim settlement process
9 Claim notification: An example
10 Conclusion
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