What should I look out for if I need to make a claim?

If you need to make a claim, there are several key things you should keep in mind to ensure a smooth and successful process. Here are some general guidelines:

Review the Terms and Conditions: Carefully go through the terms and conditions of your policy.  Understand the coverage, limitations, and any exclusions.

Document Everything: Keep thorough records of relevant information.  This may include photos, receipts, invoices, and any other documentation that supports your claim.  The more evidence you have, the stronger your case.

Notify the Relevant Parties: Notify the appropriate parties as soon as possible.  This could be your insurance company, the product manufacturer, or the service provider.  Make sure to follow the specified procedure for reporting claims.

Understand the Claim Process: Familiarise yourself with the claim process outlined by the provider. This may involve filling out specific forms, providing documentation, and adhering to certain timelines. Follow the instructions closely.

Keep a Record of Communication: Document all communication with the involved parties. This includes phone calls, emails, and letters.  Note the date, time, and the names of the individuals you spoke with.

Be Honest and Accurate: Provide accurate information and be truthful about the circumstances surrounding your claim. Misrepresentation can lead to claim denial.

Follow Up: If there are delays or if you haven't received updates within the expected timeframe, follow up with the relevant parties.  Staying proactive can help move the process along.

Seek Clarification: If you are unsure about any aspect of the claim process, don't hesitate to seek clarification from the provider.  This can prevent misunderstandings and ensure that you provide the necessary information.

Know Your Rights: Understand your rights as a policyholder, consumer, or claimant. Familiarise yourself with relevant consumer protection laws that may apply in your state.

Consider Professional Help: If your claim is complex or if you encounter difficulties, you may wish to seek legal action, depending on the nature of the claim.

Remember, the specific steps and considerations may vary depending on the type of claim and the terms of your agreement.  Always refer to the documentation provided by the relevant parties for guidance.

If you've got questions, Westralian Insurance can help.  Give us a call today on (08) 9302 1388, or visit www.westralianinsurance.com.au

There’s a saying along the lines of,
your insurance is only as good as your last claim…

This saying rung very true recently for one of our clients with a difficult claim.

A successful Perth-based technology company operating for over 20 years and a client of Westralian Insurance for the past 10 years, this small to medium enterprise operates in a niche technology sector and is growing consistently every year.

What happened?

In the summer of 2018, cyber criminals hacked into the emails of a trusted customer of our client. The criminals then impersonated the customer and placed a large order of goods for immediate delivery.  Not thinking anything was wrong (as the email appeared to come from the customer), our client dispatched the goods the same day.  The error was not picked up until our client chased their customer for payment and discovered that no authentic order was ever placed.

The order contained high value equipment totalling $50,000 in value and potentially could have put the client out of business.

After paperwork was lodged, the insurers originally rejected the claim on the basis that it was a “first party loss”, meaning that no third party was making a claim against our client.  However, after a thorough review of the Professional Indemnity and Cyber Insurance sections of our client’s policy wording by our insurance broker, we were able to successfully overturn the original decision and the claim was paid out in full.

Interestingly, the third-party trigger for the claim became the client’s supplier who had not been paid for the equipment which was shipped to the criminals.  Their demands to our client for payment became the third-party trigger for the claim.  This would have been a difficult claim for the company to deal with directly and clearly shows the value of engaging an insurance broker for your Business Insurance.

Call Westralian Insurance today on (08) 9302 1388, or visit www.westralianinsurance.com.au