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Why is the Timely Reporting of Claims Important? Annual Membership Meeting September 15, 2011.

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Presentation on theme: "Why is the Timely Reporting of Claims Important? Annual Membership Meeting September 15, 2011."— Presentation transcript:

1 Why is the Timely Reporting of Claims Important? Annual Membership Meeting September 15, 2011

2 Claim Reporting is not always black and white. What are the different types of claims? Should an incident be reported? What are the advantages of a quick response? What are the consequences of late reported claims? This outline is designed to help you know when and how to respond to a potential claim.

3 Why is this Important?  St. Paul Insurance Company showed a 78% cost increase for late reported liability claims.

4 Types of Claims Property and Liability  Property claims are physical and easiest to identify. However, damage caused by malfunction, disrepair, vandalism, and other forces could be at play. Don’t delay.  Liability claims are often more complicated to identify and process. The following slides will show some examples. 73% of all Property Claim Dollars are weather related

5 Timely Reporting of Claims  Boys basketball game  Player goes for a loose ball  Significant injury to mouth & teeth  Notice of loss received 7 ½ months later  Substantial defense costs will now be incurred to defend suit

6 Timely Reporting of Claims  Student falls down stairs and has head injury  EMS called and student transported  Claim reported 9 months later  Parents have engaged an attorney and are looking for damages.

7  Default judgments  Reservation of rights letter  Evidence is destroyed  Claimants represented by counsel  Increased expense costs Consequences of Late Reported Claims

8 Advantages of a Quick Response  Keep the injured party from seeking legal counsel  Provide injured parties with appropriate information to ease emotional stress

9 Should an Incident be Reported?  Contact your agent  Take advantage of the Legal Help Desk  Call SORSA Executive Director

10 Thank You!


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