
What Does ISO Stand for in Insurance?
The short answer: ISO is the standard-setting body for insurance. For the longer answer on how this entity affects your coverage, read on.
Whether you’re a contractor, a photographer, or a cleaner, you know that the risk of accidents on the job is a professional hazard. That’s why you took out a General Liability policy in the first place, right?
Of course, knowing that you need insurance and actually needing it are two separate things. Dealing with the aftermath of an accident on the job, whether it involves bodily injury or property damage, is an inherently unpleasant experience—but the process of filing the claim itself shouldn’t be.
With that in mind, we’ve compiled our customers’ most frequently asked questions concerning the General Liability claims process in this guide. Essentially, we’re looking to provide an answer to this common refrain: how do I file a claim, and what happens next?
A first party insurance claim is made by the policyholder, while a third party insurance claim is made by someone other than the policyholder or the insurance company. When it comes to General Liability, which covers property damage and bodily injury to third parties, claims typically fall into the category of third party claims. For example, if you are a handyman working on a client’s property and your ladder tips over, breaking a window, your client can file a claim to be reimbursed for the damage.
If someone has sustained an injury that requires medical attention or a crime has occurred that requires filing a police report, these should be your first priorities.
Once those issues have been addressed, you should report your claim as soon as reasonably possible. This will ensure your insurer is able to defend you properly and manage the claim against you. Many states require a response to a lawsuit within a specific period of time (often 20 days) or you risk a default judgment.
All Commercial General Liability policies arranged by Thimble are underwritten by Markel Insurance Company, a Fortune 500 company rated A-Excellent by A.M. Best for financial strength. As opposed to other insurance companies that assume risk for their own policies and may be slow to pay out or not around at all once a claim is filed, our coverage is backed by Markel—which means that our customers are better protected against risk.
To report a claim, email newclaims@markel.com or call the Markel Claims hotline at 800-362-7535 or fax 855-662-7535. You can report a claim 24 hours a day, seven days a week.
Once you’ve reported your claim, you can rest assured that you will be in good hands during this process. The Markel claims handling team is highly experienced and committed to providing superior service to every customer.
At the time of the incident, you should get the names, addresses, and phone numbers of everyone involved. Record the exact location and time that the incident occurred, and take pictures of any property damage. Take steps to preserve the damaged property, making repairs when possible, and put measures in place to avoid any further damage.
More specifically, you will be asked to provide the following information with your new claim notice:
More information about filing your claim can be found on Markel’s website.
The timeline for processing a General Liability claim can vary widely based on the individuals or organizations involved and the nature of the accident. However, Markel strives to respond promptly to every submitted claim, and you can expect timely and transparent communication while your claim is processed.
During this time, it’s important to take a few precautionary measures that will ensure the best outcome for all involved parties:
There are a number of reasons that a claim might be denied:
Additionally, if it is found that the premium was unpaid or there is evidence of fraud, these factors could prevent you from being paid out for the claim. See all applicable exclusions and conditions within your policy for more details on how claims are evaluated.
Claim payments are made immediately upon confirmation of coverage, claim facts, and documentation in support of the damages and/or injuries.
Past examples of paid claims include damage to a cell phone during a film shoot, when a volunteer was being directed by the insured and fell. In another instance, a contractor was shoveling snow during a storm and damaged the customer’s garage door. These would both be considered third party claims, as they were made by someone other than the insured.
Our editorial content is intended for informational purposes only and is not written by a licensed insurance agent. Terms and conditions for rate and coverage may vary by class of business and state.
The short answer: ISO is the standard-setting body for insurance. For the longer answer on how this entity affects your coverage, read on.
So you’ve filed an insurance claim. What happens next? Here’s the insider’s guide on how insurance companies evaluate and pay out claims.