Risk of loss is an abstract concept, but actual loss is not: it is as real as life and all of life’s difficulties. Risks are always prevalent and that is the reason why the insurance business is booming. People encounter losses by suffering directly from calamities, or by getting blamed (through fault or responsibility) for other people’s losses and bearing the liability for such calamities. The law tries to protect us from bankruptcy, and even worse situations, by requiring that we insure ourselves, our loved ones, and our property from numerous calamities.

It goes further to oblige third parties with whom we may interact during calamities to insure us from the consequences of their possible fault. However, with the occurrence of loss and manifestation of insured risks, insurance firms subject us to many different terms and conditions. You need to know how to go about lodging and collecting insurance claims if you are to ever get compensated, in full, for the value of your loss.


Insurance firms will only reimburse you for that which you lose. Under no circumstance will you ever get profits by collecting insurance claims. Also, compensation does not cover economic features such as inflation or depreciation. When making insurance claims, present figures of loss with provable exactitude for an easier time claiming and for a faster transaction.


Utmost Good Faith

Lying in your claim forms by providing inaccurate information or excluding critical details will do your claim no good. In fact, it may cause your claim to be voided, at best, and bring you legal trouble, if you are not lucky. Be honest, accurate, and timely in making your claims.



If you are advised, through your own reasoning or by counsel or request of your insurer to facilitate subrogation, do not fight it. Your insurer goes ahead to indemnify you and then solicit a refund of the compensated amount from the third party or its insurers. Subrogation means that your insurer finds it reasonable that a third party should compensate your loss because of liability reasons, like the case with a hit and run or other clear-cut cases. Never sign off a third party’s liability through agreements and waivers against the advice of your insurance company or you won’t get paid for any applicable deductions.


Indulge Legal Counsel

Seek documented medical services in case of injuries and report material loss incidences to relevant administrative authorities before lodging insurance claims. Make an accurate paper trail which is easy to follow and consult lawyers to advise you or assist you in filling all claim forms. That way, you will have a water-tight claim despite any murky legal environment that is denoted by abhorrent terms and conditions. Demand timely compensation, even in the midst of investigations.


Know your Rights

Do not cower or back off from demanding your rightful compensation under any circumstance. What is legally yours is guaranteed, especially if sought through litigation. However, staying on the right, following the rules and consulting legal counsel is always key to fruitfully collecting insurance claims.

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