Claim Reporting
As a full-service agency, our team of experts is here for you when a claim arises. We have excellent, long-standing relationships with our carriers and will act as your advocate throughout the process.
It is essential for you to understand your specific coverage before making a claim. Be sure to review your policy thoroughly. We’re here to answer any questions you may have.
A claim typically includes a demand for money or services received by the insured arising out of an alleged wrongful act and, depending upon policy wording, could include a verbal or written communication, a lawsuit, a mediation proceeding or a tolling agreement.
A circumstance is when you become aware of a matter that could reasonably be expected to give rise to a claim. For an insurance broker, an example of a circumstance would be if coverage is denied on a policy you placed for one of your clients or if you failed to place coverage for an exposure your client expected to have in place, and then they suffer an event that leads to their financial harm.
The policy wording typically states that the insured is responsible for notifying the carrier; however, upon the insured’s request, as your insurance broker, we can notice on your behalf.
Timing depends on if it is a claim or a circumstance. Common wording for a claim notice includes “as soon as practicable but no later than the automatic extended reporting period” (if you have one in your policy). Beware, however, as some policies have strict deadlines for notification and may require notification within 15 to 30 days from when any individual in your organization becomes aware of the matter, including the mail clerk.
Circumstances are not typically bound to such strict guidelines; however, if you don’t want to risk a matter being denied, make sure you provide notice of anything you are aware of prior to the policy expiration, as it could then be eligible for consideration in the subsequent policy period.
P.O. Box 351
Pasadena, CA 91102
© Callahan Risk & Insurance Services, Inc.