Insurances: Time Bars for Notification, Notification of Insurance Incidents and Damage Evaluation

This Skill Bit defines “insurance incident” and its crucial role in triggering claims for covered damages or losses, highlighting the connection between such incidents and damage rectification within the insurance context. It outlines a procedure for responding to a damage report or notice of nonconformity, emphasizing key steps such as assessing damage, verifying subcontractor liability, and identifying applicable insurance coverage. Additionally, it explains “time bars for notification,” stressing the importance of notifying the insurer within a specific timeframe to maintain eligibility for coverage.

Duration approx. 5 Min.

Tier: advanced

A part of A Professional’s Guide to Business Insurance Coverage course.