chapter 8 Flashcards
If the brokerage has been paid by brokerage or commission…
The broker is legally responsible for handling claims.
If the broker is paid by a direct fee…
The service agreement will detail claims handling responsibility which means claims handling ceases at termination of the contract.
Letters of appointment and allowance to access records
ensures a smooth transition to a new broker
Larger brokers..
1) Carry out post loss surveys
2) Help the client prepare and present claims
3) Assist with negotiations
Any RTA personal injury claims, EL or PL between 1k 25k must be
Must be submitted via a portal called the ministry of justice portal
Why do some brokers not take part in claims handling?
1) Not adding value
2) Broker may slow down the proccess
When a broker chandles a claim they will need to check
If the loss is covered and if it is notify insurers immediately
For domestic claims the broker must….
1) Help client
2) Advise on any action
3) Advise on any documentation required.
For commercial motor claims, brokers must…
1) help client complete accident report
2) instruct client to forward communications
3) offer assistance with uninsured loss recovery.
For liability and specialist risk negotiation is left to…
Legal advisors
What should brokers do iro lability and specialist risk?
1) Seek updates
2) ensure clients compliance
For major property/BI Claims a….is needed
Loss adjuster
Iro major property/BI claims the broker will play the role of a
Coordinator and will
1) Circulate report to market insurers
2) accompany loss adjuster on visits
3) participate in negotiations
Claims advocacy =
Helping and advising the client with any problems with the claim or policy cover
A broker will maintain a claims register which details…
Each claim they have handled
