Property Claims Procedures 

 

Property (Fire, Catastrophe perils, riot, strike etc.) claims

 

This includes losses involving commercial buildings, furniture, fixtures and fittings, private dwellings, contents, personal possessions & stock.

 

In the event of a loss from a fire & explosion, or perils such as earthquake, hurricane, flood, riot and strike etc. you should follow contact us immediately and follow these steps:

 

1. Secure the Property: Every effort must be made to reduce further loss (temporary repairs/shoring up is encouraged in achieving this).

 

2. Contact Bell Insurance Services Limited immediately to advise us about the loss

 

3. Complete the Claims Form available here. All questions on the claim form should be answered and a clear statement giving the facts of the loss be provided.

 

4. Discuss with the engineer, contractor and surveyor to determine the extent of damage and obtain estimates for claims.

 

5. Submit the claim: When submitting a claim to us, the following is required:

 

  • Completed and signed Claim Form (in case of a company the claim form should have the company stamp)

  • VAT certificate

  • Estimate (cost of material and labour) and/or replacement quotations, and removal of debris from loss

  • Full payment of the premium owed to insurers, if outstanding

  • List of all real and personal property damaged as a result of the loss. Keep your own files on all loss details.

  • Please be prepared to produce supporting documents such as Invoices, Pro-Forma for the items on your list that would verify the cost of the damaged items.

 

6. Continually update us with any new developments as they arise.

 

Bell Insurance Services Limited will be there when you have to meet with Adjusters/Insurers established to guide and assist in advocating your positions and get agreement as to the nature and extent of salvage. (if any)

 

Once the claim is submitted us we will liaise with both the adjuster and insurer until claim is finalized.

 

IMPORTANT : ALL damaged items must be seen by the appointed adjuster and not disposed of without his prior agreement. The Adjuster must have the opportunity to verify the amount of and nature of items damaged ; severity of the damage.

 

Business Interruption / Consequential loss claims

 

Claims falling into this category arise as a direct result of destruction or damage to property, and are entertained only after liability under the material damage policy has been admitted or a claim settlement made.

 

In the event of a Business Interruption loss, you should do the following:

 

  • Implement contingency business plan or disaster preparedness plan (if you have one).

  • Contact Bell Insurance Services Limited immediately.

  • Identify the areas of financial loss and potential loss.

  • Discuss with us the possibility of:

 

       - The use of alternative premises
       - Alternative sources(s) of supply
       - Salvage sale
       - Any additional expense, which you feel if incurred will minimize the loss of

         your Gross Profit (Increased cost of workings)
       - Staff requirements in prevailing circumstances
       - Savings in standing charges, e.g. telephone, water, electricity, Internet.
       - Adjustments for trends and special circumstances affecting the business
       - Turnover achieved for the benefit of the business, but not 
on the premises.

 

 

 

  • Set up separate books of accounts for recording extra expenses incurred to minimize loss

  • Bell will assist you in establishing with the Insurer/Adjuster the probable period of interruption.

  • Record all trends or circumstances affecting the business during the interruption period.

  • In attempting to continue trading, do not incur expenses over and above what the business will probably have lost in Gross Profit

 

In establishing your statement of claim, it will be necessary to provide the following accounting information:

 

  • The turnover achieved in the interruption period

  • The turnover achieved in the similar period in the last financial year

  • Standing charges, as defined in the policy, taken from the last completed financial year

  • Total turnover for the last financial year

  • Wages and salaries records.

  • Present a detailed Statement of Claim with the supporting documentation to Bell Insurance Services Limited. Bell would review and assist in the putting together of a sound the package before it is submitted to insurers or adjusters.

  • Keep us informed of any developments as they arise

  • Bell Insurance Services Limited will be there when you have to meet with Adjusters/ Insurers, and establish to guide and assist in advocating your positions and see the matter to conclusion

  • Once claim is submitted us, we will liaise with both the adjuster and insurer till claim is finalized.

 

These requirements highlight the importance of careful pre-loss planning and information management and off site data storage, so that if and when a loss does occur, the required information can be easily obtained.

 

Property (Burglary/Theft) claims

 

We recommend you keeping accurate records (serial number, copies of invoices etc.) of the items at your facility will help in the swift settlement of your claim.

 

For any damage and losses as the result of forcible and violent entry into the premises, you should contact us immediately and follow these steps:

 

1. Report the matter to the nearest police station and ensure you make note of the police officer taking the report, your date and time of the report.

 

2. Contact Bell Insurance Services Limited if there is an incident, and it is your intention to pursue a claim.

 

3. Secure the Property: Every effort must be made to reduce further loss (temporary repairs/shoring up is encouraged in achieving this)

 

4. Complete the Claims Form available here

 

5. Prepare and present to us a detailed statement of the claim, including the following information:

 

       - Completed Claim form

       - Particulars of the accident/damage to the property/list of

         contents

       - Date, time and place of the incident

       - Photographs of damage at the property

       - Police report

       - Detailed statement of claim, together with invoices and

         estimates of amounts being claimed.

       - VAT status letter

 

Once the claim documents are submitted, the circumstances of the claim will be investigated by the insurer’s loss adjuster and a settlement between yourself and the Insurer’s will be made.

 

You will be responsible for paying the policy deductible.