The objective of ATIDI is to mitigate all the risks it insures. Accordingly, our Claims & Recoveries team invests all reasonable effort in cooperation with the insured to avert losses and, if all effort fails, to compensate the insured for losses incurred within the contractually agreed upon timelines.
Each Insurance product offered comes with specific obligations and responsibilities for the contractual parties in the corresponding policy documents. As such, claims to handle processes, procedures, rights, duties, terms and conditions are defined in detail in the respective individual insurance contract.
The nature of underwriting sovereign and corporate payment risk and political risk in ATIDI’s member countries is that there are always several open claims files at any one time. Over the years, ATIDI has resolved many claims and potential claims utilizing its Preferred Creditor Status (PCS). Strategic Partners have played a role in supporting ATIDI on this front, but they have also been invaluable in many other areas.
Claims Process
The below is, therefore, simply an overview of the process from submission of an indemnification claim:
- Within the stipulated time frame (usually not more than 30 days of such occurrence), the Insured must submit a notice of loss.
- Following receipt of the notice of Loss or likelihood of occurrence of loss, ATIDI and the Insured will communicate concerning the circumstances surrounding the Loss, and the Insured shall provide all information about these circumstances.
- During the Waiting Period (Usually 180 days from the date of loss), both the Insured and ATIDI shall employ all reasonable effort towards recovery and or loss mitigation. Should all efforts fail at recovery, the Insured will be required to file a claim for compensation before the expiry of the Waiting Period.
- Upon submission of a compensation claim, ATIDI will assess the claim, and no later than 30 days from the date of receipt of all documents necessary to determine liability and ascertain loss, ATIDI will provide the Insured with a decision as to whether or not it accepts the Claim.
If ATIDI accepts the Claim, the Loss will be paid by wire transfer to the account indicated by the Insured no later than 30 days from the date of communication of acceptance of liability against an appropriate Discharge of Liability Letter.