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 policyholder with a Proof of Loss.
- Step 3 – The insured files their claim with their insurer through a notarized Proof of loss – The Proof of Loss can be prepared after the loss has been documented & quantified.
- Step 4 – Insurer is required to respond to and process payment within 60 day.
If the position taken by the insurer creates a dispute the insured has three options
- Accept the position taken by their insurer
- Start an Action
- Invoke Appraisal to quantify the amount of loss or damage
If the insured elects to start an Action the insurer has the right to invoke Appraisal. An insured can start an Action and invoke Appraisal. Sometimes insurers invoke Appraisal
Contact us should you have any questions or concerns. Become a member of Indemnity Canada so we can educate you further and get you prepared in case you suffer a loss. Also, as a member we will review your current policy so we can educate you on the coverages you purchased