why is the timely reporting of claims important? annual membership meeting september 15, 2011
TRANSCRIPT
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Why is the Timely Reporting of Claims Important?
Annual Membership MeetingSeptember 15, 2011
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Claim Reporting is not always black and white.
• What are the different types of claims? • Should an incident be reported?• What are the advantages of a quick
response?• What are the consequences of late
reported claims?
This outline is designed to help you know when and how to respond to a potential claim.
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Why is this Important?
St. Paul Insurance Company showed a 78% cost increase for late reported liability claims.
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Types of Claims Property and Liability
Property claims are physical and easiest to identify. However, damage caused by malfunction, disrepair, vandalism, and other forces could be at play. Don’t delay.
Liability claims are often more complicated to identify and process. The following slides will show some examples.
73% of all Property Claim
Dollars are weather related
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Timely Reporting of Claims
Boys basketball game Player goes for a
loose ball Significant injury to
mouth & teeth Notice of loss
received 7 ½ months later
Substantial defense costs will now be incurred to defend suit
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Timely Reporting of Claims
Student falls down stairs and has head injury
EMS called and student transported
Claim reported 9 months later
Parents have engaged an attorney and are looking for damages.
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Default judgments
Reservation of rights letter
Evidence is destroyed
Claimants represented by counsel
Increased expense costs
Consequences of Late Reported Claims
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Advantages of a Quick Response
Keep the injured party from seeking legal counsel
Provide injured parties with appropriate information to ease emotional stress
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Should an Incident be Reported?
Contact your agent
Take advantage of the Legal Help Desk
Call SORSA Executive Director
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Thank You!Thank You!