OFF RECORD SETTLEMENTS

FNOL "First Notice of Loss" is you first step to proceed with managing a claim. This is a critical first step taken by you to inform the insurer about your loss. For example, if your insured vehicle is damaged due to a treefall,  there is a specific line of coverage in your policy which will pay for that incident. This would be deemed not at fault and there would be no impact to your future renewal premium due to the insurance company paying for the cost for your loss. 

Most people go to insurance to report their loss, and this is where a lack of knowlege could impact you. After all, a policy is a contract  between you and your insurance company. ln this important first step, the insurance company will determine your fault based on fault determination rules 

which may not be in your favour.  

This is where your insurance broker, or a settlement advisor can help.

Insurance companies apply high deductibles and typically increase furure premiums associated with even minor claims. This means that many times - it is only beneficial to report an incident to your insurance company when favourable to you. 

Since this is the first time you are informing the insurer about your loss being accurate in describing your incident is imperative. Many times, people are confused, disoriented, and recovering from the trauma associated with an accident. Failure to report your accident correctly, can result in costly errors in your description of events,. 

Unfortuantely, insurance companies will make you pay for the cost in the future to recover their financial loss. 

In some cases, its ideal to handle matters independently, which doesn't mean you're alone. That is where ORS comes in!