At MGB, we believe that an insurance policy’s most tangible benefit is the service received when a claim or potential claim is notified. This is the fulfilment of the Insurers’ promise to the Insured – to pay valid claims. At MGB, this means:
- A claims team with many years’ experience in dealing with claims against the whole spectrum of risks that we insure. We fully understand the reputational and financial implications of a claim on a business, and we ensure this process is proactively managed from first notification onwards.
- A responsive, efficient and personal service.
- Being pro-active, problem-solving and solutions-focused.
- Adopting a collaborative approach that recognises and values the importance of all parties working together.
- Active and clear communication being key from first notification right through to final resolution .
HOW DOES OUR HANDS-ON CLAIMS COMMITMENT WORK IN PRACTICE?
- We endeavour to acknowledge all new notifications within 2 working days providing our initial comments and feedback on the information provided.
- Having bespoke MGB Notification Forms to ensure easy and efficient collection of the requisite claims information to get the notification of claim circumstance or claim off to the most effective start.
- Reviewing and evaluating the information provided to us and giving our considered advice on the merits, value and handling of any potential claim or claim.
- Helping to compile draft letters of response to claimants for Insurers’ approval.
- Negotiating with Insurers and their solicitors/loss adjusters to ensure that the Insured’s best interests are protected.
- Providing regular updates to our clients.
- Maintaining an accurate record of all claim circumstances and claims notified to us, including reserves held and payments made by Insurers, where known.
We truly believe that we add real value to the claims process.
“Claims Made” basis and the importance of prompt notification
PI and D&O are normally “claims made” insurance covers; that is, the policy responds to claims first made, and circumstances an Insured first becomes aware of and notifies to Insurers, during the policy period. The key point resulting from this is that an Insured must be able to recognise and notify claims and claim circumstances when they arise and ensure that these are notified promptly during the policy period. For further information on this, please refer to our Claims Guidance Note 1.
Policy Coverage Disputes
We carefully evaluate any policy coverage dispute that may arise between Insurers and an Insured, providing our considered views on the merits of Insurers’ stance. We pride ourselves on solving problems where coverage disputes arise. But, where we cannot find a solution, we have an arrangement with a specialist firm of policy coverage solicitors to help our Insureds in a cost-effective way on those disputes that cannot be resolved without legal input.