When it comes to residential property insurance there are two forms of coverage when it comes to causation. Some policies offer coverage on a Named Perils basis while others offer All Risk coverage.
Named perils coverage is as it sounds, there is specific causes of loss that are covered. In order for your policy to afford coverage to the loss or... Read More
APPRAISAL PROCESS
If the insurer creates a dispute with their response to your claim asserted in your Proof of Loss you have the right to invoke Appraisal as per Statutory Condition 11 of your policy.
Appraisal can be invoked by simply sending your insurer an email. When invoking Appraisal you should identify your “Appraiser”. An “Appraiser” is your representative in the Appraisal... Read More
CLAIMS PROCESS
The claims process is simple but complicated. Insurers avoid the claims process as they lose control of the claim and no longer have the upper hand.
The claims process consists of 4 steps,
Step 1 – Insured reports the claim after suffering direct loss or damage to their property.
Step 2 – The insurer is to provide their... Read More
INSURER’S RIGHTS & OBLIGATIONS
After loss or damage has been reported to an insurer the insurer has an obligation to furnish you with a Proof of Loss. Your insurer has an obligation to act with utmost good faith when handling your first party loss. In addition to being fair and handling your claim with honesty your insurer has an obligation to promptly process payment of your claim especially when they... Read More
Guaranteed Replacement Cost on Dwelling Buildings
Most policies contain the following wordings when it comes to coverage being afforded on a Guaranteed Replacement Cost (GRC) basis for the Dwelling. GRC coverage is very important to you and to your Broker/Agent. If for some reason your policy does not afford adequate limits of coverage you and your agent/broker will be protected and there would be no need for you to pursue... Read More
