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Commercial - Insurance 11/6/2009 4:04:43 PM EST Insurance 101: Understanding the Basics of Liability Insurance, Part 3
It is sometimes said that insurance is one thing that you buy that you hope you never have to use. However, claims may arise. If they arise, there are a few things that need to be done.
1. Have a System in Place for Reporting Accidents or Incidents that Might Lead to a Claim. A business should have a system in place in which accidents or incidents that occur that might lead to a claim are reported to management. Note that some policies have provisions requiring such events to be reported to the insurer. The important thing is to get the information to a responsible person who understands what needs to be done.
2. If Demand Letter Arrives or a Suit is Filed, Notify the Carrier. If a demand letter arrives from another party or the other party’s lawyer, the carrier should be notified. If a suit is filed, it is important to get the suit papers to the carrier as soon as possible.
John Watkins practices primarily in the field of business litigation and dispute resolution, and currently concentrates on trade secret, insurance coverage, and corporate disputes. John also advises several clients on their general business matters and reviews, negotiates and drafts terms and conditions of sale, non-disclosure agreements, and other corporate documents. John represents a number of international companies or their U.S. subsidiaries and has given seminars explaining various aspects of the U.S. legal system to international business groups. John also handles matters in arbitration and mediation and is a registered mediator. Read more about him.
A Georgia native, Henry Shurling attended and graduated from the University of Georgia in 1986 with a major in Risk Management and Insurance. He then attended Georgia State University where he earned his Masters in 1988 with a major in Risk Management and Insurance. He has most recently taken on responsibilities as the Lead International Business Development Liaison. Read more about him. Create an account or login to post comments.
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