The Claims Process
What is needed when submitting a claim
- A completed claims form. A pdf copy of this form is available above.
- All legal papers served on you, if any.
- A copy of your entire file related to the claim.
- A copy of your most recent Errors & Omissions certificate of insurance.
What happens once you have submitted a claim
You will receive an acknowledgment letter from the insurer's claims handler assigned to your claim within 7 business days from the day following your submission. This letter will set forth your claim number and include information on the next step in the claim handling process. If you have been sued, the name and contact information of your defence counsel will be set forth. If the claim has raised coverage concerns under the policy language, these issues will be set forth.
The overwhelming majority of lawsuits end in a settlement among the parties ? they do not go to trial. Similarly, many pre-suit claims are resolved by settlement. Your insurer's professional and experienced claims personnel settle claims, if appropriate, according to your insurance policy's terms and conditions.
Your policy gives you the right to refuse to settle. However, please be aware that if your insurer recommends a settlement and you refuse your consent, your insurer's liability for the claim may then be reduced to the amount in excess of your deductible for which the claim could have been settled. Obviously, such a situation could put you out a considerable amount of money and should be considered with great care and the advice of your personal counsel.
The policy requires you to pay your deductible for any claims reported, regardless of whether or not a settlement is rendered. If the insurer pays the funds for the settlement without first collecting the deductible from you, you will be required to remit the deductible within 30 days of the request from the insurer. Alternatively, the insurer may request payment of the deductible at such time during a claims investigation as the costs of adjustment have reached the level of the applicable deductible.
Renewals and policy changes
All policy renewals, requests to change policy limits, and other policy changes affecting your coverage options should be coordinated through ABS Inc. Your insurer's claims professionals are not able to answer questions about the status of your coverage, nor are they able to make changes to your coverage options.