You visited one of our independent insurance agents; you purchased an insurance policy; now you have a loss which you believe is covered by that insurance policy. You have reported the loss to your agent and your agent has filed a first report of the loss to our company......
WHAT HAPPENS NOW? Fast response is our objective. Our goal is to make contact with you, if you are available, the same day we receive the report. This is the beginning of the claim adjusting process and we are committed to settling claims promptly and in accordance with the provisions of the policy and coverages you purchased.
Some features of our claims service include:
- Our claims department has a history of working with our insureds and agents.
- We have in-house staff adjusters and also use independent adjusters depending on your location.
- We provide our customers with an Emergency Claims Service number should they need to report an emergency claim when our office is closed.
- Many of our agents are able to settle minor claims in their office.
- Our staff adjusters are licensed and continue to educate themselves to provide the best service.
We have an important message to share with our customers. It has come to our attention that some residences, rental dwellings, or other types of property are placed in a trust, estate, corporation, or other entity. It is extremely important that your insurance policy name the legal or registered owner(s) of any property. If you insure property that is deeded or registered in a name other than your personal name, please contact your agent right away. We do not want a claim denied because your insurance policy does not name the legal owner or owners.
More and more property is being deeded into trusts, life estates, and/or deeded directly to children. Agents must be notified of any change in ownership.
Insureds are often unaware of how important the named insured portion of the policy is and how it can affect a claim settlement. An example: a liability loss due to a trip and fall - the property was insured in the name of an individual as the owner. Investigation of the claim revealed a change in ownership because the property had been deeded to a trust, not named on the policy, thus voiding defense and protection for the trust.
Coverage is jeopardized if the named insured is not the legal owner of the property.
A large number of trusts are being created and deeds transferred without any notification to the agent. Insureds have quitclaimed their property to their children or others and continue to insure the property in their names.
Please discuss any change in ownership with your insurance agent.
Have you thought about how hard it would be to list everything in your home if it were no longer there?
If you had a fire that destroyed your home and everything in it, your insurance company would ask you for a list of the contents. It is much easier to make a list while you can see what you own. This takes a little time but will save hours after a disaster. Take one room at a time and list what is in it. Don’t forget drawers and closet contents. Include the number you own and cost new. Example: 6 pair Levi Jeans @ $30.00 each.
Very important to:
- Keep receipts and bills of sale.
- Get up-to-date appraisals of anything of value.
- For items specifically insured, we recommend a minimum of updated appraisals every five years.
- If possible, take pictures or videos of each room, open closet/cabinet doors.
- Take pictures or videos of anything of value. This will help the claims adjuster even if you don’t have an appraisal of the item.
If you suffer a loss, you will be looking for the insurance company to pay the building costs (including labor) to repair or replace your loss.
When your homeowner policy was first written, the limit of liability (amount of insurance) was calculated on a replacement cost basis. The reason replacement cost is used is because the insurance premium is based on replacing your home. Market value is not used because it includes land value and the market is not a stable environment. Tax assessment value is not used because tax codes vary by location and this value is usually less than the cost to replace the structure(s).
Your policy is issued using the replacement cost calculation, then what? Does the replacement cost value remain the same over the years? Of course not. Construction costs change. Companies will usually issue homeowner policies with an inflation guard endorsement to help cover the construction cost inflation.
Do you make changes to the structures which increase the value? What should you do when this happens? Similar to the steps listed in the Personal Property Inventory above, consider the following:
- Keep construction receipts, contracts, etc. This is also valuable when you sell your property.
- Take new photos of the changes made to the property.
- Notify your insurance agent.
Keep the above documentation in a safety deposit box, at a friend’s house, or your place of employment. If kept on premises it will be destroyed along with everything else.
If you take these steps to prepare for a total loss, the processing of your claim will be faster and you will be less likely to forget items you have lost.
Patrons Oxford Insurance Company, Two Auburn Business Park, P.O. Box 1960, Auburn, Maine 04211-1960
Phone 207-783-2258 or 800-442-6071
Copyright © 1998 by:
Patrons Oxford Insurance Co.
Problems or Comments on this Web Site:
pobie@patrons.com
“For all the things you value”