The Importance of Timely Reporting Occurrences, Claims and Suits to Insurers

When disaster strikes your business or a lawsuit is filed against you, in responding to the crisis it is easy to overlook the existence of insurance that may reimburse you for the associated expenses and damages. A delay in seeking coverage can have drastic consequences due to the existence of notice and reporting requirements in insurance policies. Failure to comply with these requirements can result in loss of insurance for an otherwise covered claim. As a result, it is important to ask about coverage for a loss, lawsuit or claim and give notice to the relevant insurers as soon as practicable.