Docs Needed for Advance
Legal Document that requires a witnessed signature
What’s a proof of loss?
Leads the Insured’s claim recovery team
Who is the insurance/risk/claims executive?
Maximum sustained winds for a Category 1 Hurricane
What is 74 mph / 119 Km/h?
Advising of a fire loss 6-9 months after it has occurred
What is a reporting delay?
The first 30-45 days after a loss
When should an insured present a preliminary loss estimate to their insurance carrier?
Receipts, invoices, evidence of expense
What would evidence expenses incurred?
Can provide comments regarding policy placement and provisions
Who is an insurance broker?
Direction a cyclone spins
What is clockwise in the Southern Hemisphere and counterclockwise in the Northern Hemisphere?
Completing repairs weeks and months after the event because decisions on recovery could not be made
What is not acting with due diligence?
Develop a claim summary
What is the method to consider all potential avenues of recovery?
Quotes, Estimates, Contracts to complete
What would evidence expenses to be incurred?
Provides advice on causation, repair, and estimates to complete
Who is an equipment, construction or industry consultant?
Ring of Fire in the Pacific Ocean
What is the most active earthquake zone in the world?
Gathering documentation but not submitting it
What is not filing a claim/not filing a complete claim?
Providing complete information and documentation pertaining to a claim in orderly fashion with a summary detailing the loss
How to present a complete claim package and maximize the opportunity to recover
P&Ls, budgets and/or any relevant historical financial data
What financial documentation would help evidence a business interruption claim?
Hired to provide financial assistance with property damage and/or business interruption loss
Who is a Claims preparation consultant?
Indonesia
What country has the most earthquakes in the world?
Sending a pile of invoices, receipts, estimates
What is failing to organize your claim?
Binding Arbitration, mediation, litigation
What are common dispute resolution alternatives allowed in insurance policies?
Preliminary Loss Estimate
What is a common tool used to request the first advance?
Issues the final report to the insurance carriers for payments and/or settlement
2011 earthquake and tsunami near Sendai, Japan
What is the costliest global catastrophe in recent history? - $235 B/Worldbank
Not talking with your broker, independent insurance provider, or claims consultant
What is not seeking advice from a professional in the industry?