Claims are on the rise due to the deluge of recent weather-related catastrophes in Texas. Here are some helpful reminders on how to avoid E&O exposures when handling these claims.
- Never confirm or deny the existence of coverage provided by the policy — that is the duty of the insurance carrier.
- Advise the client what to expect during the claims settlement process and any duties they are required to perform.
- Review policy provisions of all policies where coverage may exist, including excess and umbrella policies.
- Report claims to the carrier on the same day they are received.
- Maintain claims handling procedures in the agency internal procedures manual.
- Implement a suspense system to follow-up during the claims settlement process including documentation of each contact with the client and the carrier.
- Follow-up until claims are resolved.
Do you have E&O-related questions involving claims handling (or other topics)? If so, please contact me, at 800.880.7428.