Claims Handling
Reputation
We understand that an insurer’s reputation for handling claims and collections is an important part of the purchase decision. FCIA’s trade credit professionals have been paying claims and collecting bad debts for over 45 years, and we value our longstanding track record for handling claims fairly and timely.
Claim Filing and Adjustment
The waiting period before claims may be filed on FCIA policies can be as short as 90 days after default on a payment obligation, but can be longer under certain policies. During the waiting period the insured is expected to undertake its normal collection efforts including making written demand for payment on the obligor and any guarantors. FCIA stands ready to assist our insureds with these pre-claim collection efforts at no additional cost to the insured for our in-house collection efforts. There is no requirement for overdue accounts to be turned over to FCIA for collection during the waiting period.
After the waiting period, an insured is eligible to file a claim by submitting a completed proof of loss form along with the required documentation. Claims are typically adjusted within 60 days after we receive the complete and satisfactory proof of loss and documentation. At the time of a claim approval and payment, the insured must sign a release and assignment form assigning the debt to FCIA for collection.
Collections and Recoveries
With FCIA insurance you can take advantage of our expertise in collecting delinquent obligations both domestically and internationally. Dealing with uncooperative debtors that hide behind excuses or their debtor-friendly legal system is an everyday activity for us, and we have a solid success rate in collecting. In the process, we have helped our policyholders recover millions of dollars for their own account related to coinsurance, deductibles and transactions made in excess of an approved limit.
Loss Payees
We regularly endorse Financial Institutions as loss payees under our policies to facilitate our insureds' financing needs. As a loss payee the Financial Institution acquires certain rights to receive claim payments and file claims. Learn more at Financial Institutions – As A Loss Payee for details.
Read our Claims Perspective 2009.
