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.