How to collect insurance?

Do you know how to collect insurance? A safe is an effective means to guard against potential risks. In the event that the event for which we are insured occurs, we may collect the amount agreed with the insurer, but the process to make that collection effective may not be easy. In this article, we will know what are the steps to collect insurance.

There are several steps that must be followed to make the collection of insurance effective:

Steps to collect insurance: claim reporting

The first thing to do is to report the claim to the insurance company with which the policy has been contracted in order to begin the liquidation process. 

Insurance companies must provide mechanisms to make claims, particularly through electronic means, websites, call centers or the like. In addition, they must always provide the insured with proof of receipt of the complaint at the time it is made. 

You should bear in mind that for some types of insurance, the immediate proof is required at the Carabineros.

Once the loss has been reported and the loss has been quantified, the insurance company will order the payment of the compensation in the terms agreed in the policy and, in case more background information is required as to its origin and amount, it will order its settlement. 

The settlement procedure will not be necessary when the company fully covers the claim.

Steps to collect insurance: settlement

Contact your insurance broker or vat agent UAE if your policy has been brokered by him, as he is obliged to assist you in the liquidation process. 

The settlement can be performed directly insurance company or an external liquidator independent. This decision must be communicated to the insured within a period of three business days from the date the claim is reported. 

Steps to collect insurance: settlement

The insured may object to the settlement being carried out directly by the company. For this, you can request, within a period of five business days, counted from the receipt of the insurer's communication, that an insurance liquidator be appointed. The company will have a period of two business days to designate the liquidator. 

The company or the liquidator, according to whom it corresponds, must inform the insured in a sufficient and timely manner of the steps that it is required to carry out and of all the information that it will require to settle the claim. 

The liquidators in Dubai must issue his report within the shortest period, and may not exceed 45 calendar days from the date of the complaint, except:

Individual insurance on risks of the first group in which the amount of the annual premium is greater than 100 UF: 90 calendar days from the date of the claim reporting. 

Maritime insurance, hulls or gross damage: 180 calendar days from the date the event was reported. 

These terms may be extended by the liquidator in founded cases, successively for the same periods. This circumstance must be communicated to the insured and to the Commission for the Financial Market, the latter being able to annul the extension and set a specific term for the delivery of the settlement report. 

The settlement report must be sent simultaneously to the insured and insurer on the same date. This must contain a technical opinion on the origin or not of the payment of compensation, its amount and the criteria and parameters used for its determination. 

Both the insured and the company have the right, within ten business days of receiving the settlement report, to challenge it. In case of doing so, the liquidator will have a period of 6 business days to respond to the challenge. 

If the differences persist regarding the origin of the coverage or the amount of the compensation, the insurer must notify, within 5 business days, the final resolution of the claim. 

Steps to collect insurance: payment

In the event of an agreement between the insurer and the insured, the insurer must proceed to pay the compensation within 6 days of notification of the resolution of the same on the payment of compensation. 

If there are differences between the two for reasons exclusively related to the amount of the compensation, the insurer must make available to the insured the undisputed amount, if any. 

These are the steps you must follow to collect your insurance compensation in the event of a claim. As you can see, it is a somewhat long process, so you must know the whole process well to be able to collect the estimated compensation in the shortest possible time. Remember that if you have any questions or require more information, you can comment below and we will be delighted to assist you. 

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