What is an Insurance Claim?
If you are fortunate, you may never have to make a claim against your insurance. However, when things do go wrong and you are involved in an unexpected accident, disaster or other loss that is covered by your insurance policy, you can make a claim with your insurer., with the assistance and direction from your Insurance Broker.
The policy you buy is a promise of assistance when things go wrong, provided you fall within the policy’s terms and conditions. You need to lodge a claim to activate the insurer’s response. If your claim is accepted (and almost all are), the insurer will fulfil the promise it made in the policy. This is commonly through repairing or replacing damaged property or items, covering legal fees, or through a payment.
General Insurers pay out an average of $135.9 million in claims to policyholders each working day. They only decline 3.6% of claims*. In 2017-18, insurers approved 3,361,016 claims from policyholders**.
When you make a claim on an insurance policy, you are formally notifying the insurance company that you have suffered a loss or damage that you believe is covered by the policy and you are requesting action.
The insurer will review your claim and see if the event or circumstances are risks covered by the policy.
You will need to provide proof it is a genuine claim and the insurer will need to be certain the claim satisfies the terms and conditions of your insurance policy. If your claim is accepted, the replacement or repair of your property or any payment by the insurer is called the benefit or payout. The insurer will work out the value of the claim and provide the appropriate benefit specified in your insurance contract.
What is Insurance Claim Management?
When you’ve got customers, staff and a business to get back on track after an unexpected setback, you can leave the insurance claim to the experts. We can take care of the process and help you get the best possible outcome by working closely with you and the insurance company and any third-party valuers, repairers or specialists. We can also keep you informed every step of the way.
Our advice doesn’t stop once we’ve arranged your insurance policy. We can give you advice throughout the claims process, and can advocate on your behalf with insurance companies, for no extra charge. This frees you up to focus on running your business – while we work to get your claim sorted as quickly and as favourably as possible.
With a Steadfast insurance broker, you’ve got an expert you can trust on your team, who can manage the claims process on your behalf, allowing you to focus on what really matters. We can follow your claim from start to finish; we don’t just lodge and forget.
We understand how important it is for you to have a positive claims outcome. As a Steadfast insurance broker, we leverage the support of our network so that you’ve got the added benefit of a large organisation who can help if an issue arises. We can support you to manage your claim and champion it at the highest level with insurers if there happens to be an issue.
What is an Insurance Excess or Deductible?
Many policies include an excess. This is the amount you have to pay if you decide to make a claim on your policy. It’s a way of you accepting a small portion of the risk yourself.
The amount of the excess is specified in your policy.
How does it work? If your home is damaged in a storm, the cost of repairing the damage might be $4000. If you had a $600 excess, you’d pay the first $600 and the insurer would pay the remainder.
Not every type of policy has the same kind and level of excess, and excesses don’t all apply in the same situations. Your insurer may have different types of excesses, and some policies may have more than one applicable excess.
Hunter Broking Group – Your Personal Claims Advocate!
Hunter Broking Group are Brisbane based, claims focused insurance brokers. Claims are the most important part of insurance; It’s what you pay for and when things go wrong, you want to ensure you’re back on your feet as soon as possible. It’s not until you have to report a claim or a loss that you find out how important your insurance really is. Hunter Broking Group pride themselves on having a local presence with a national strength. Our analytical claims approach and extensive experience allows most of our clients to feel comfort and peace of mind, further leading to lasting relationships and referrals. Our brokerage takes claims very seriously and are there for your every step of the way. Your designated advisor will guide you through entire process to ensure your claim is dealt with quickly and appropriately, ensuring you receive your full entitlement. We also offer our services in the event of a complex case, and act as your advocate in discussions with the insurer if there are issues in dispute. The claims process is a stressful and difficult time, so we are here to help you through it and assist in any way possible.