Claims Made Contract Policies

The following policies are generally issued on a 'claims made contract':

  • Professional Indemnity Insurance
  • Directors & Officers Liability /Management Liability Insurance
  • Employment Practices Liability Insurance
  • Fidelity Insurance

This means that the policy will respond to claims first made against you and reported to the insurer during the period of insurance, specified in the policy schedule.

You should notify in writing any circumstances that you become aware of during the period of insurance, which could give rise to a future or potential claim, as soon as practical, within the period of insurance. Failure to notify claims may breach the terms and conditions your policy coverage.

What to Do

It is important that NO admission of liability is made by you to any third party. The third party demand can be either verbal or written demands (under most policies some) substantiating any damages claimed.

When making a claim, the documents outlined below should be sent to your insurer or insurance broker immediately:

  • Copy of letter of demand from third party.
  • Completed claim form.
  • Report of incident signed by manager and/or employees involved.

Your insurer will determine whether any further investigation is needed. They will negotiate settlement or otherwise with the third party on your behalf. Any further demands or communication received should be directed to your insurer or insurance broker prior to responding.

Whatever the claim type, you must make sure you notify your claim to your insurer or insurance broker as soon as possible and gather all relevant information at the time of the incident (such as third party details and/or witness details).

It is important that all claims are settled quickly and fairly so as to minimise any disruption to your business. Completing a claim form immediately, or as soon as practicable and submitting the details to your insurer or insurance broker means your claim can be actioned quickly and efficiently and minimising the impact to you.

Contact Us

At Optimum Insurance Services, we pride ourselves on our fast and efficient claims service. If your insurance is with us and you need to make a claim for whatever reason, you can relax knowing that we will be there to assist you throughout the process. It’s all part of the service. To notify of a claim click here or if you need advice, call us on 1300 739 861.

Disclaimer – “This material contains general information only and may not suit your particular circumstances. To decide if a policy is right for you please carefully read the relevant Product Disclosure Statement (PDS) and/or Policy wording. While we have exercised due care and skill in preparing this information, Optimum Insurance Services (Optimum) does not accept any legal responsibility or liability for negligence or otherwise to you or anyone else who seeks to rely on this information. This includes, without limitation, loss arising from a possible failure of the information to comply with statutory or regulatory requirements or the failure of the information to identify other terms and conditions beyond those considered in this document. You should obtain advice to ensure that your policy provides adequate cover for your circumstances.

Optimum Insurance Services Pty Ltd is a Corporate Authorised Representative of Insurance Advisernet Australia Pty Ltd (Car No. 291220), Australian Financial Services Licence No 240549, ABN 15 003 886 687.”

Download Our Free Insurance Guides

Business Owners Guide To Risk & Insurance Protection

Business e-book cover

Business Owners Guide to Professional Indemnity Insurance

Professional Indemnity Insurance Guide

Business Owners Guide to General Insurance Claims

Insurance Claims Procedures Guide And Checklists


Optimum Insurance Services Pty Ltd is a Corporate Authorised Representative (No. 291220) of Insurance Advisernet Australia Pty Ltd (AFSL No. 240549).


© Optimum Insurance Services Pty Ltd 2006 - 2021

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