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Do you think you pay too much for tenant occupied property insurance?

Frequently Asked Questions

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Should I turn in a slip and fall incident to the insurance company?

Answers:

Refer to your insurance contract for the specific responsibilities you have in the event of a loss or a probable or possible claim. If you fail to inform your insurer quickly after the discovery of a situation you may give the insurance company a way out of defending you, paying medical expenses, or paying a settlement. You never want to give your insurer a way out of paying a claim.

Prudence would also require that if you see someone fall that you do not rush up to them and tell them what amounts to "I'm insured lets sue the insurance company."

It may be a good idea to inform your insurer of an incident that has not yet amounted to a claim to turn in but you want them informed just in case. While this might be above and beyond your legal and contractual requirements, it may help you rest more easily. Remember, you can tell the insurer this is not a claim at this time, you are only providing them information.

There are two cautions to add. One, every time you contact the insurer with an incident, even though nothing is paid out, they count may count these as an occurrence. Three occurrences or incents my lead to policy cancellation at renewal. The second warning is that your insurance agent of choice is actually an agent of the insurer under contract. The agent has an obligation to inform the insurance company if you call her and tell her of your claim situation. Therefore, all of the concerns in caution one come into play.

The fact is, avoidance of situations that may result in a loss is always the best course of action. Additionally, work with the people at DRickard Insurance to develop an insurance product that is right for your situation by giving them all of the facts and your concerns.

For more information and to find out if your tenant occupied property qualifies for the insurance policies we have found please contact us insurance@drickardinsurance.com or 607-843-8860.

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