Late Notice: Misinformation, Mistake or Missed Opportunity?
White Paper Summary
Insurance carriers understand that reputations are built upon the promise to pay claims. Experience has taught us that working collaboratively with insureds – with proactive and open dialogue during the entire claims-handling process – is the best way for insureds to efficiently and effectively resolve a claim.
Ideally, this collaboration should begin as soon as the claim is made, or at least, as soon as it is identified/discovered. Why the need for prompt reporting? Once a claim is made against an insured, every day that passes without the insurer being placed on notice potentially means more costs to the insurer, and even more likely, increased costs to the insured. These costs can be quite high. Thankfully, they can also be avoided or mitigated.
To learn more about Allied World please visit their website.