Claims handling: Loss Recovery & After The Event
The Financial Conduct Authority (FCA) ensures that all intermediaries are handling claims correctly and meet the required standards of services.
They also look at the training and competency requirements in relation to the controlled function being performed and the attainment of suitable relevant professional qualifications.
Lorega has managed insurance claims for over 35 years and is trusted through years of experience in providing satisfactory outcomes for clients.
Insurance claims are usually handling through Loss Recovery Insurance and After The Event (ATE) claims services.
Loss Recovery – An insurance that pays for the services of an expert loss adjuster to help prepare, negotiate, and settle commercial property, business interruption and home domestic claims. The excess is usually £5,000 with no upper limit.
ATE – This service provides the same claim support but for those clients who have not purchased Loss Recovery insurance.
The claims service provided to the client is the same for both Loss Recovery and ATE. However, the difference is in how the client purchased the service.
Having a claims service work closely with the broker frees up the client’s time to focus on running your business, recovering from the insured event, and ensuring any delays don’t affect your customer base.
The service seeks to minimise the effects of the insured event on business operation in both the short and long term.
It is also not uncommon for the client to be provided with a dedicated team of chartered loss adjusters. The specialists will often have expertise in the field of the claims such as premises, buildings, machinery, equipment and businesses interruption.
A dedicated surveying service team with chartered surveyors would also be called upon where extensive buildings damage has taken place.
The aim of a claims handling service is to reduce the timeframe in which your claim is handling with a proactive approach, ensuring your business recovers and is returns to a level of stability.