Claims are how the insurance industry delivers on its promise!
“Insurance is a contract based upon speculation. …… Good faith forbids either party by concealing what he privately knows, to draw the other into a bargain from his ignorance of that fact, and his believing the contrary.”
Lord Mansfield in his seminal judgement from 1766 in Carter v Boehm
The principle of acting in good faith, including at the time of a claim, has been enshrined in legislation in many jurisdictions.
It goes without saying that claims need to be settled in accordance with the terms and conditions of the policy to minimise claims leakage but at the same time never at the expense of any Insured’s valid entitlement under the contract of insurance.
The Institute of Insurance Claims Professionals (IICP) is an Institute dedicated to advancing the practice of ethical behaviour and promotion and sharing of knowledge to all those participating in any aspect of general insurance claims.