When the book is closed on 2019, it will be remembered by many risk managers as the hardest insurance market in years. While the effects of a hardening market have been more pronounced in some sectors and magnified for specific coverages, policyholders across the board have experienced increases in premiums, reduced capacity and more restrictive terms in all lines.
These adverse market conditions have appropriately prompted many insureds to develop new strategies for renewals in 2019 and in the year ahead. Equal attention should be paid to the pursuit of outstanding claims. Effective claims management can not only increase recovery for the policyholder in the short run but may also influence future underwriting and the impact of continued hardening in markets over the coming year.
Here are five tips for policyholders to increase recovery of claims in the current hard insurance market.
1. Provide timely notice of claims and continue to comply with policy terms.
Excerpted from Law360. To read the full article, click here.