When an Incident Happens, Clarity Matters.
A well-organised claims process starts with timely notification, accurate documentation and clear communication. For valuable assets, early preservation of evidence and a structured record of the incident can be especially important.
A structured response for complex valuable assets.
Losses involving bullion, precious metals, gemstones, jewellery, cash, valuable goods, cargo or specialist assets can involve multiple parties, locations and records.
Following an incident, the priority is to protect people, preserve evidence where appropriate, notify the relevant parties and establish a clear factual record of what happened.
The applicable policy wording, claims procedures and insurer requirements should always be followed. The steps below are general guidance rather than a guarantee of claim acceptance or payment.
The first priorities after an incident.
The appropriate response depends on the nature of the event. Safety, legal obligations, emergency procedures and the requirements of the applicable insurance policy should take priority.
Protect People
Address immediate safety concerns and contact emergency or specialist services where appropriate.
Secure the Scene
Take reasonable steps to prevent further loss or damage while preserving relevant evidence where possible.
Notify Relevant Parties
Follow the policy's notification requirements and inform relevant insurers, brokers, authorities, carriers, custodians or other parties as applicable.
Document the Event
Establish a factual record including dates, locations, assets, people involved, circumstances and immediate actions taken.
From first notification to claim resolution.
Every claim is different. The actual process depends on the policy, insurer, circumstances of loss and information required to assess the claim.
Incident Occurs
An event results in loss, damage, disappearance or another circumstance that may give rise to an insurance claim.
Immediate Response
Safety, emergency response, security and reasonable loss mitigation measures are addressed as appropriate.
Notification
The relevant insurer, broker or claims contact is notified in accordance with the applicable policy and claims procedures.
Information & Evidence
Relevant records, valuations, inventories, photographs, reports, transport documents, custody records and other evidence may be requested.
Assessment
The insurer and appointed claims professionals may review the circumstances, evidence, policy terms and applicable coverage.
Resolution
The claim is handled in accordance with the applicable policy, supporting evidence, assessment findings and relevant legal or regulatory requirements.
Build the record around the facts.
Good documentation can help establish what happened, what was affected and what evidence supports the claim.
The exact documents required will vary according to the policy, asset, incident and insurer's claims process.
Different losses require different evidence.
Valuable asset claims may involve different circumstances and therefore different records, parties and investigation requirements.
Loss at a Secure Location
Records may include inventory reconciliation, access information, security reports, surveillance and incident documentation.
Loss During Transportation
Relevant information may include consignment records, tracking, carrier documentation, custody transfers and delivery records.
Physical Damage
Photographs, condition records, repair assessments, valuations and other evidence may be relevant to the circumstances and extent of damage.
Suspected Theft or Disappearance
Security records, access information, inventories, authority reports and relevant custody records may be important.
Third-Party Custody Issues
Agreements, handover records, ownership information and communications with the relevant custodian may become important.
Value Disputes
Purchase records, independent valuations, inventory information and other supporting evidence may be relevant to the assessment.
Follow the policy requirements.
Insurance policies can contain specific notification periods, claims procedures, documentation requirements, loss mitigation obligations, deductibles, conditions, exclusions and other terms. These provisions can differ significantly between policies.
Claims questions.
General information about responding to incidents involving valuable assets. Always follow the requirements of the applicable policy and claims process.
What should I do immediately after a loss?
How quickly should an insurance claim be reported?
What documents are normally needed for a valuable asset claim?
Should damaged property be discarded?
Can a broker guarantee that a claim will be paid?
Can you help with a claim involving bullion or precious metals?
What happens after a claim is notified?
Need to discuss a valuable asset claim?
Contact our team with the relevant details of the incident, including the asset involved, location, circumstances and any available documentation. We can help establish the appropriate next steps based on the applicable insurance arrangement.
Contact Our Team