Major insurance losses for property, loss of income or civil liability will cause significant downtime and financial loss to your business regardless of the insurance outcomes, not to mention the anxiety of managing the claim with the insurer. Losses can take years to resolve and may involve multiple court proceedings.
At times where loss is challenged, your own broker may be unable to assist you despite having a strong desire to do so.
This is because as a professional adviser, any lack or error in advice may expose your broker to professional negligence. Professional indemnity insurers and their legal defence teams will take control where matters are serious. Essentially there will be gag orders. That does not allow your broker to provide the advice which is best for you and neither will it assist you getting back to business. More importantly you will be trying to get back to business, with out the finance and income to do so at least before the insurer pays out.
Insureds can obtain free assistance for minor matters matters through facilities such as the Australian Financial Complaints Authority.
For major losses however you are going to need the resources of our top tier law affiliates and claim managers.
The loss has to be controlled. The outcome of a favourable claim settlement starts here. Strategies are available to mitigate loss and some of which can be claimed from your insurer. How will you document your loss so that a valid claim can be maximised? What are you entitled to? Every business has a common law liability to reduce loss and in addition, get back to trading as soon as possible. How can you do that when the insurer is not providing even temporary financial support?
Unfortunately the insurance industry operates on the basis of firstly determining if the loss is bona-fide. Secondly do they have to indemnify you with the policy terms? Has there been an breach of a policy condition or non disclosure? If so are there applicable exclusions which may potentially lead to cover being denied?
We have handled hundreds of losses that fit these circumstances. We are proud to advise that we have have been able to provide superior advice and support through our affinity partners and with our own expertese.
With broad resources to manage your insurance claim, we can handle most property and income losses. Many policies cover professional claims assistance costs, and this is not widely known. So why incur costs unnecessarily?
For approved clients we can arrange an initial 30-minute free call to discuss any specific matters.
Find out if your business qualifies and see if we can help relieve you of some stress and maximise your claim.