Claim settlement usually refers to the financial payment to a natural person or company, it generally represents the final stage in the claim procedure and from a loss assessors perspective it results in satisfied clients.

Generally, the claim settlement follows on from the proof of liability under the policy, an insurer will essentially investigate the claim until they are satisfied they should concede, there is an enormous amount of consumer legislation supporting what they can and can’t do therefore should you have difficulty with excessive investigations we are available to discuss.

The size of payment is generally referred to as the quantum aspect of the claim, the type and amount of settlement within the terms of the policy cover generally depends upon,

• The nature of the cover.
• The adequacy of the cover.
• The application of any conditions which limit the amount payable.

If liability is denied and not successfully appealed by the claimant, then no settlement will take place!

Sometimes on exceptional grounds an insurer will provide ex-gratia (literally payments “out of grace”) or goodwill basis which is not based on any contractual obligation.

Settlement will depend on the nature of the cover which will determine the amount that insurers have agreed to pay in the event of a claim. The contract can be,

• Indemnity.
• Reinstatement.
• A value agreed.
• Specified sum.

In the case of Murphy v Wexford County Council (1921) the ruling stated,

“you are not to enrich the party aggrieved, you are not to impoverish him, you are, so far as money can, to leave him in the same position as before.

In property claims we ensure you will receive a cash settlement for the replacement of your loss, liability and pecuniary claims will also be treated in this way.

To make an easy claim settlement for your loss, contact us today.