Claims FAQ for CRES Insurance
Your CRES policy includes details about reporting claims and notices of circumstances (situations or events that could lead to a claim in the future), including when and where claims must be reported to the insurer. Be sure to review your policy to ensure proper and timely notice for reporting claims. Notifying CRES does not meet the requirements for tendering a claim.
What is a Claim?
Policies can differ on what constitutes a claim. Typically, a claim is a demand for “money or services” — a party asking you to do something. Claims come in many forms, like a letter from an attorney, demand from an aggrieved party, lawsuit, board complaint, request for a tolling agreement (to temporarily suspend statute of limitations or other legal deadline) and other similar circumstances. Each carrier’s policy can vary on the exact definition of a claim, so be sure to read your policy fully to understand your carrier’s definition.
If you receive any demand, it is safe to assume it is a claim. Even if you think it is meritless or believe you are not the target of the claim, it is always safest to report it.
When Should I Report My Claim?
Each carrier’s policy can vary on the time requirements for reporting a claim. However, we recommend reporting claims immediately upon receipt. Missing a deadline or reporting requirement could jeopardize your coverage.
What is an Incident?
Incidents are written or verbal threats of a claim or issues that could become a claim. Please review your policy’s provisions regarding reporting notices of circumstances (situations or events that could lead to a potential claim in the future). If you report a notice of circumstances, all information required to perfect such notice (complete the necessary steps) must be provided to the insurer within the time required for providing such notice.
What Happens if I Don’t Report My Claim?
Not reporting a claim or incident within the time period required by your policy can lead to coverage denial. Failing to disclose potential issues on your application or renewal may jeopardize your coverage.
Where Do I Find the Carrier’s Contact Information for Reporting a Claim?
Report all claims and incidents directly to your insurance carrier. This information is outlined in your policy.
Can I Attempt to Handle the Claim Myself?
Handling or settling a claim without the carrier’s consent can jeopardize your coverage and increase costs. Costs or fees incurred before submitting notice of the matter to the insurer will not count toward coverage, even if the claim is ultimately accepted by the insurer.
Do I Need to Report My CRES Risk Management Consultation?
Notifying CRES of a matter for purposes of Risk Management consultation is not considered notice to the insurer of a claim or notice of circumstances which may become a claim. Any matter for which you may seek insurance coverage must be reported to the insurer as provided by the policy.
What is a “Claims Made and Reported” Policy?
This type of policy applies to claims made against you within the policy period and reported to the carrier within the time specified in the policy. Maintaining continuous coverage is necessary to prevent any gaps in protection. Including information about a claim on an applicaiton may not be sufficient as notice of a claim under the policy.