Claim settlement is the reason why an organisation and its management ultimately purchases insurance. It describes the process that is required to bring a claim to its conclusion. Many of the costs incurred along the way are likely to be covered, however, some may not. In either situation, it is helpful to understand what can be expected.
In this article, we will explore the claim settlement process in the context of the following coverages:
- Directors and officers liability insurance
- Employment practices liability 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 settlement: A definition
2 Making a claim notification
3 Coordinating a claim response
4 Navigating the claim settlement process
5 How is an insured’s loss settled by an insurer?
6 Sharing the costs of a claim
7 Prioritising payments and recoveries
8 Under what circumstances will an insurer reserve its rights?
9 Dealing with claim declinature and dispute resolution
10 Claim settlement: An example
11 Conclusion
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