As a civil contractor, you probably carry insurance. Hopefully, nothing ever goes wrong, and you never need to make a claim. However, in case you need to make a claim, here are some tips to help that process go smoothly.
1. Keep Detailed Financial Records of Your Assets
If you end up making a claim on your civil contractor insurance policy due to a loss of an asset, you may be tasked with proving that asset's worth. So that's possible, you need detailed financial records. To that end, make sure that you keep sales receipts, receipts for repairs or upgrades and any records you have related to value assessments.
2. Don't Forget Non-Material Assets
With civil contracting coverage, your claims may not just be related to material assets. Rather, you may have to make claims for non-material assets as well. For example, if you can't complete a project, you may need to make a claim on your surety bond policy.
For those situations, you also need proof of the value of that asset or deal. That may be found in invoices, contracts and related documents.
3. Track Your Earnings for Business Interruption Claims
Some civil contracting insurance policies cover interruptions to your earnings for various reasons. If you have that type of policy, you need records that show your earnings. Ideally, you want detailed accounting records that are broken down by different time periods. You also need projections.
That way, if you make a claim, your insurer can use that information to paint a picture of how much you were likely to earn during that period.
4. Contact Your Insurer as Soon as Possible
If you think you need to make a claim on your insurance policy, contact your insurance company as soon as possible. You may be required to make claims within a certain amount of time of the damage occurring. Additionally, your rep can walk you through what you need to do.
5. Document Damage
When damage occurs, make sure to document as much as you can. Take photographs of material damage. Be ready to sign statements attesting to the fact that you have suffered losses.
The above tips should make the claim process easier. Additionally, you may want to consider hiring an independent assessor in addition to the assessor that the insurance company sends over. Finally, you may want to get multiple repair bids to show the insurer as well.
Share26 October 2017
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