Choosing The Right Remedy When Making A Property Claim
June, 2005 – You have been paying the premiums and now you have a loss. Understanding your responsibilities will ensure your rights will be protected under the insurance policy.
Things you need to know when a property loss occurs…
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Incident Reports: Have a procedure to make sure you get the facts and circumstances about the loss right away while the information is fresh. Include:
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Date, Time, Location, External / Internal Conditions
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Police Reports, Eye Witnesses
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Staff reports
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Insurer Notification: Timing is critical as circumstances change quickly that could prejudice the position of the Insurer. You are required to give notice as soon as practicable. If you want the loss covered, report it. Late reporting could affect your recovery.
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Proof of Loss Form: This statement is your sworn documentary declaration for property lost or damaged and their values.
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When Loss Payable: The loss is payable within 60 days after completion of the Proof of Loss.
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Replacement: If the Insurer elects to replace, repair or rebuild, they must give you notice within 30 days after you submit your Proof of Loss and the Insurer must commence within 45 days.
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Professional Fees: Your policy can cover the costs for professional services (engineers, accountants) to substantiate your claim.
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Valuation Disputes: You are not required to accept first offers to settle, but can counter offer. If an agreement cannot be reached, the policy provides for a fair and equitable resolution through appraisal and mediation.
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Action Against Insurer: The last resort. You can make a legal claim against the insurer within 1 year after the loss or damage occurred.
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Ambiguous wordings always favour you!
The IFG prescription for the pain; working closely with you and on your behalf through the entire claims process. It’s a proven cure for a prompt and satisfactory resolution.
Insurers Financial Group.
The Insurers Financial Group (IFG) was founded on four core values – integrity, respect, innovation and action – and they have served us well. A large part of our success can be attributed to our continuing commitment to client satisfaction. Whether it’s as simple as insuring your home and automobile, or as complicated as specialized business insurance, or estate planning, we have the experience and expertise to customize a program to meet your needs. We’re proud to be building IFG on solid foundations. See for yourself what we have to offer. Check out our web site at http://www.ifgcanada.com
