Experiencing a loss to your home, vehicle or business is stressful. And when you make an insurance claim, it can be confusing – that’s why it’s important to let your broker know. Your broker works for you and in the event of a claim, they can help you understand the process, explain your coverages and how they apply, and liaise with your insurance company for a timely and favourable resolution of your claim.
Where to report your claim
You have the option to report your claim to your broker, or directly to your insurer. We encourage customers to report claims directly to us during business hours, or your insurer in emergency situations after-hours. You can find your insurer’s claims contact information here.
When you report your claim to us, we’ll take down all the details of what happened from you. Whether it’s a loss to your home, car or business, we’ll take care of opening the claim with your insurer. If the loss happened after hours or you reported it directly to your insurer, we will be notified of your claim.
At McClelland Insurance, whether you have a small claim or a large loss, we’re here for you.
- We’ll review your policy to let you know which coverages may apply to your claim, how they will be settled, and how the claim affects your future coverage and premiums.
- Your insurer is responsible for adjusting and settling the claim. Your broker acts as a liaison between you and your insurer to help the process stay on track, as well as help with any issues that may arise.
- Every claim is different. Your broker guides you through the process by providing clarity to help you make an informed decision.
- Some claims require paperwork. We’ll help you sift through the documents you need to submit to your insurance company.
- Some claims may take a few days to resolve and there are some that may take months or longer to close. In any situation, we’ll make sure to check in with you regularly and through the various stages of your claim until it is completed.
- If you experience any issues with your insurance company along the way, your broker can guide you and help you get a resolution.
Claims terms explained
The way your claim is settled depends on the type of policy you have. Here are some helpful definitions:
Guaranteed Replacement Cost
This type of property coverage pays to repair or rebuild your home to its original state, regardless of the cost, even if it exceeds the limit stated on the policy.
Replacement Cost
This type of property coverage pays to buy a brand new item that’s similar to the one that was lost or damaged. It doesn’t subtract for age and wear and tear so that you can replace the damaged item with a new one of like kind and quality.
Actual Cash Value
This type of property coverage pays based on the value of the item at the time it was lost or damaged. It considers age, condition and wear and tear so that it pays you the value of the item today, and not what it cost when you bought it or the cost to buy a new one.
Total loss
This happens when the cost to repair your vehicle is higher than its actual cash value, or it has been determined that it is no longer practical or safe to repair. In this case, you will receive a cash settlement.
Deductible
This is the amount you pay out-of-pocket before your insurance company pays the claim. You have the option to increase or decrease your deductible. A higher deductible usually means a lower premium but a higher out-of-pocket expense for a claim, and vise-versa.
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The content on this page is for information only. The insurance products described are subject to terms, conditions, limitations and exclusions that are outlined in the policy wording. Please refer to the policy wording for complete details.