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Rectification for Contractors

Rectification for Contractors

We Help Contractors Understand Carriers 

 

 

Our experience and success with rectification claims has allowed us to refine our processes which leads to improved outcomes for contractors

  • We build out the processes for Carriers, so we know them and can guide you through them
  • We speak the language of the Carrier, understanding reserves, limits, SIRs, and other nuances that may not be part of the contractor language
  • Our team has handled over 1,000 insurance claim submissions, spreading across 36 states and 7 countries, so we know the keys to success

FAQS by Contractors

First, make sure you ask for feedback from your Carrier. After that, there are three simple steps:

 

1. Designate an internal point person who has both the time and authority to lead the effort and to retrieve all required documents

 

2. Create an internal workflow to ensure  each team member (project management, financial/accounting and risk management) knows their role in each submission

 

3. Involve your Carrier early and often 

You should remain in constant contact with your Carrier to make sure the claim process flows smoothly. Monthly check-ins with the carrier during the rectification effort are typically recommended to keep them aware of efforts on the ground, and weekly check-ins during submission review periods create a regular venue for cost related questions to be addressed by either the Insured or the Carrier.

An RFI is a request for information from the Carrier regarding missing materials.  If you involve the carrier early and often, RFIs should be minimal. Proactive recommends a continuous staging process, where you can allow the Carrier an “early look” at your submission documents, and you can collect feedback before making a formal submission.

There are 4 simple steps to achieving high yield (percentage of submitted costs that are reimbursed):

 

1. Designate an internal point person who has both the time and authority to lead the effort and to retrieve all documents


2. Create a well-organized submission that relies on the knowledge of the project team, includes financial records that match the policy requirements, and involves oversight from internal risk management


3. Collect continuous feedback from your Carrier prior to making your submission 

 

4. Staging of documents for an upcoming submission allows for an “over-the-shoulder” type of review from the Carrier, which reduces the gaps in the actual submission documentation before it is formally submitted.

Claim submissions can begin as soon as an authorization from the Carrier is in place and you have gathered the required supporting documentation for the costs you have incurred.

Interested in Learning More About our In-House Experts?


CLICK HERE TO LEARN ABOUT OUR TEAM

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Main Offices

Massachusetts
351 Pleasant Street, Suite B, #135
Northampton, MA 01060
  216.220.2740

North Carolina
2880 Slater Road, Suite 200
Morrisville, NC 27560
  216.220.2740

Ohio
P.O. Box 16824
Rocky River, OH 44116
  216.220.2740