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How long after an event can you file a claim on a commercial insurance policy?
Wiki User
∙ 12y ago
It depends on the reason for the claim, the policy provisions and the laws of the State where the company is domiciled and where the loss took place.
If you are filing a claim against your own policy, the time frame varies. If your claim has been denied and you wish to file suit, you will generally have to do so within the time prescribed by the applicable state's statute of limitations for suits on written contracts. Note, though, that a particular state may have specific rules pertaining to suits on insurance policies.
If you are filing a claim against someone else's policy (such as under completed operations coverage) then, depending on the laws of the State, there really is no time frame. However, if you wait too long, the insurer may assert the defense of "laches". This means that the insurer feels that it has been prejudiced by the delay in making the claim such that it did not have a chance to timely investigate, preserve evidence, or do such other things as insurers do when a claim is timely made.
Note though, that if you need to file suit to recover damages from the other party, suit must be filed within the applicable Statute of Limitations. This is the time provided by the law of the state in which you will file suit for commencing a lawsuit based upon the wrongful act that you allege. Most states require that you bring suit directly against the party who committed the wrongful act, and not against his/her/its insurer.
If you have a question about it, the best thing to do is file the claim. If the insurance company has reasons to deny the claim they will, but the worst that can happen is that they will tell you 'no'. If that happens, you are free to proceed as above.
Wiki User
∙ 12y ago
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