Filing a Claim for Event Insurance Coverage
Once it is obvious that a public event is going to be interrupted, postponed or cancelled, the insured party needs to closely read their policy, noting all of the specific terms and conditions that may apply to their situation. The more timely and well-documented the insured can present their case, the better chance they will have of receiving coverage. The insured needs to be prepared to face an examination under oath if their event was cancelled as the result of weather or non-appearance. Most insurers will require this thorough examination before paying a claim. With this being the case, the insured should be prepared to provide any relevant documentation that the examiner requests.
Carefully Document the Claim
The documentation process should ideally start even before an event begins. It is much easier to start filing away all relevant financial information before any potential cancellation happens, then trying to piece everything together afterward. To this end, the insured should retain all financial documents related to the event, and even have records of prior events available, in case a cost comparison needs to be made. Having this documentation available at the time a claim is filed will help insure that the maximum benefit is attained.
Avoid Time Traps
If a financial loss related to an event cancellation does occur, the insured needs to make note of all time-sensitive terms in their policy. In most cases, claims will need to be filed within a specific amount of time after the event cancellation. Time limits often apply to other relevant documents that need to be filed to collect a claim. Sometimes submissions will need to be received by the insurer within thirty days of an event canceling. Missing deadlines will lower your chances to collect your claim, so attention must be paid to anything time-related in the policy guidelines.
After the initial claim, insurers often request that a "proof of loss" document be submitted within a previously specific time frame. This document will allow the insured to explain their losses and the nature through which they happened.
One of the most important time-related issues regards the right of the insured to initiate litigation, file an appeal, or file a dispute against the insurance provider. The manner in which deadlines are applied to this situation vary. Sometimes they are specified by express terms in the policy. In other cases, they are simply subject to a statute or regulation. Each jurisdiction has their own rules regarding insurance disputes and how limitation periods can be applied.
Given the complexity of these matters, it is important that the insured not only keep detailed records of everything related to their event; they must be aware of the specific details of their policy.