Some in the captive space erroneously believe that the moment of claim closure happens only upon final and full claim payment, but while it is true that full payment of loss liabilities could mean it’s time to close a claim.
Laguna Hills, California (PRWEB) August 31, 2015
The publication titled "The Art of Adjusting: Best Practices in Handling Claims For Captive Insurance Companies" by Dana Hentges Sheridan, Esq. in the Captive Visions July 2015 edition details the following topics:
1. What is a Claim?
2. The Life Cycle of a Claim - There are by and large three stages to the life of a claim: (1) the notice stage; (2) the coverage evaluation stage; and (3) closure of the claim.
3. Documenting the Claim File - Proper claim documentation is at the center of strong and effective adjusting. Ensuring complete and accurate documentation is itself a best practice.
- Notice Documentation
- Investigation Documentation
- Documenting Coverage Evaluation
- Documenting Reserves
- Loss Runs
4. The Connectivity and Interplay Between Claims and Underwriting - Underwriting involves all the activities necessary to the drafting, review and placement of insurance. In the bigger picture, claims and underwriting personnel often work together.
5. Having Claim Manuals is a Best Practice for Captives - Captive best practices include the documentation of claims operations to ensure that consistent claims protocols and procedures are put into place and routinely followed by claims personnel.
6. Strong Claim Adjusting: The Need for Documentation and Claims Submissions - Artful and strong claims adjusting thus necessarily starts with and has an emphasis on claim documentation, where every aspect of the claim is fully documented, from its intake to its investigation to its evaluation, to the final coverage determination.
You can find the article at::
About Dana Hentges Sheridan
Dana Hentges Sheridan is Active Captive Management, LLC’s General Counsel and Chief Compliance Officer. ACM is located in Laguna Hills, California.Dana is an insurance coverage lawyer who has extensive experience in advising commercial carriers regarding policy interpretation and drafting and claims analysis. She also provides guidance to ACM managed captives relative to writing tailored, captive policies.