The County's Oldest Locally Owned and Operated Brokerage.    Get a Quote    (613) 476-7418

Tip of the Month
Back to News
Five Key Things to Know About Claims



                                                                        Five Key Things to Know About Claims


One of the most important roles of your broker is to advise whether a loss should be submitted, especially smaller ones, as it could impact coverage, or lead to higher premiums in the long term.

  • For many small losses, you are already paying a significant part of the claim through the policy deductible.
  • The deductible could increase as the result of a claim.
  • Submitting a claim against a property policy could result in losing your claims-free discount at renewal. Over a few years, the difference could be could be hundreds of dollars.
  • In terms of claims or accident forgiveness, a small claim is treated the same as a large claim –even one worth hundreds of thousands of dollars. The effect on the premium could be substantial the next time you make a claim.
  • Frequently submitting claims, even small ones, can result in changes to the terms of the policy, such as having coverage restrictions applied at renewal, or even the company not offering to renew.