case study: protect your bottom line with prompt … · case study: protect your bottom line with...
TRANSCRIPT
BackgroundThe timing of when you choose to report an incident to your insurance carrier has a direct effect on the bottom
line. This case study demonstrates how prompt claims reporting was key to recouping this property loss quickly
and efficiently.
SituationIn the early morning hours on Monday, October 17, 2015,
Society Insurance received notice by facsimile of a water
loss that occurred over the weekend at an apartment
complex protected by Society Insurance. The loss
occurred on Saturday, October 15, 2015 and the
policyholder took initiative by having someone handle
water extraction and dry-out in order to mitigate damages. The policyholder also obtained digital photos of the
scene. It was determined that the origin of the loss was a 17-year-old water softener in the basement.
Society Insurance SolutionUpon notice of the loss, Society Insurance immediately assigned the claim to an experienced claims
representative who met with the policyholder only hours later. By the time Society received notice of the claim,
the water softener had already been replaced. It is generally at this point when a claims representative finds out
that the damaged item has been hauled away and disposed of. However, on this particular claim the policyholder
retained and preserved the water softener which allowed the opportunity to conduct a full investigation and seek
out potentially responsible parties for possible recovery.
Society’s claims representative scheduled an artifact exam to inspect and identify the failure of the water softener.
The installer, manufacturer, and distributor of the unit were put on notice of the exam. After examination, the
1Society Insurance | P. 888.576.2438 | 150 Camelot Drive, P.O. Box 1029, Fond du Lac, WI 54936-1029 | societyinsurance.com
CASE STUDY:PROTECT YOUR BOTTOM LINE WITH PROMPT CLAIMS REPORTINGPROMPT CLAIMS REPORTING is key to successful claims resolution
*www.workcompprofessionals.com/advisory/archive-00sv/2009_04_a2.html
EARLY INVESTIGATION ASSISTS YOUR CLAIMS PROFESSIONAL IN SEEKING REIMBURSEMENT OF YOUR DEDUCTIBLE WHEN OTHERS ARE AT FAULT
2Society Insurance | P. 888.576.2438 | 150 Camelot Drive, P.O. Box 1029, Fond du Lac, WI 54936-1029 | societyinsurance.com
CASE STUDY: PROTECT YOUR BOTTOM LINE WITH PROMPT CLAIMS REPORTING
expert determined the cause to be a fracture in the top of the water softener due to structural weakness in the
fiberglass resin tank. The user’s manual was reviewed; it did not include anything relating to the age expectancy of
the tanks. The statute relating to products liability did not prevent Society from asserting a liability claim against
the manufacturer of the unit. Overall, Society Insurance was able to reach an agreeable resolution with the
manufacturer.
The end result allowed Society Insurance to reimburse the policyholder the entirety of their $10,000 deductible.
The policyholder’s involvement was instrumental to the success of this loss due to quick thinking to retain
necessary evidence and effectively assist with documentation of the scene from the onset of the claim and beyond.
Prompt reporting and a mutually supportive relationship between Society Insurance and the policyholder were key
to this successful claims resolution.
SummaryNo one wants to file an insurance claim, but if a loss does occur, prompt reporting is crucial to recouping your
losses quickly and efficiently.
• Prompt reporting provides an opportunity for claims professionals to offer suggestions that may help reduce
your loss.
• Prompt reporting of a claim allows your claims professional to immediately begin investigating the claim.
Investigations started in a timely manner are much more successful in collecting important evidence and
obtaining information from key witnesses.
• Early investigation assists your claims professional in seeking reimbursement of your deductible when others
are at fault. In cases where subrogation possibilities exist, prompt reporting provides ample opportunity to
examine evidence before it is destroyed.
• Prompt notice can help reduce anxiety after an event and serve as a source of information.
Society works with all its policyholders to investigate the details of claims in the pursuit of the best possible
outcome for everyone involved. Society’s team of claims experts makes a big difference through extensive
experience and top-notch service. To find out how Society can help your business, visit societyinsurance.com to
find an agent and request a free quote.
Subrogation Subrogation occurs when an insurance company which pays its insured customer for a loss then legally pursues a third party which caused the damages.*
*http://dictionary.law.com/