About the Claims Process

One of the most common questions we are asked is:  “when can I anticipate payment of my claim?”   The answer: “it depends” – is not exactly what an insured wants to hear!

Timing of claim payment depends on many variables including:

  • The type of claim – insolvency, protracted default, repudiation, or political risk;
  • The size of the claim;
  • The underwriter involved,  because they each have different claim waiting periods;
  • The speed at which we compile and submit the claim application and supporting documentation;
  • The conditions of the buyer coverage – are there pagares or guarantees that must be enforced before the claim is paid?

If you have a question about the estimated time of your claim payment or a claim payment for one of your clients, please contact your Millennium Account Executive or Account Manager, who will assist you with determining a likely payment date.