CLAIMS
Making a Claim
Notice of a claim can be addressed by either email or in writing to the following addresses:
Transact Risk Partners
Roemer Visscherstraat 48H,
Amsterdam, 1054 EZ,
The Netherlands.
How Claims Work:
At Transact, there is a dedicated claim handling division. Meaning your claim will always be handled with priority and attention. Through our experience and involvement, we can add real value as a conduit between the client and our lead insurers when dealing with potential claim scenarios.
Under our binding authority, Arch Insurance Company and Axis Specialty Europe SE are appointed to manage and settle your claim on behalf of our wider insurer group. This ensures that the insured does not have to deal with more than two insurers, increasing the speed and efficiency with which claims are settled.
Contents:
The claim notice should describe, to the best of the Insured’s knowledge after reasonable enquiry, the fact, and circumstances relating to the claim. In particular, the claim notice should address the following:
Occurrence of a Breach. Which warranty and/or indemnities were breached?
How was the loss actually suffered? Including the method of valuation and calculation of the loss.
Exclusions. Please keep in mind that certain exclusions apply under the acquisition and the policy. Where relevant, this should be addressed in the claim notice.
when:
As soon as reasonably practicable after a director or officer of the Insured obtains knowledge of:
any fact or circumstance which is reasonably likely expected to give rise to a loss;
a third-party demand; or
a loss.
INITIAL REVIEW:
Transact’s senior underwriters complete a preliminary assessment of the claim.
A notification shall not be invalid for failing to provide all necessary facts and circumstances about the claim.
The ultimate aim of the Transact claims handling process is to package the claim to present a complete case to our Insurers.
RESPONSE:
Transact responds as soon as possible confirming acceptance of the claim notification.
Transact may at this stage request further information if required.
REVIEW BY LEAD INSURERS:
Transact notify Arch Insurance Company and Axis Specialty Europe SE of the claim received.
Transact claim’s division continues to handle the administration of each claim, along with correspondence to the Insured.
RESPONSE:
Transact to respond to the Insured or their broker typically within 30 days.
If the lead insurers are not yet a position to determine if the loss is covered, then the response will request such additional information as it may reasonably require from the Insured
WHO PAYS:
If the claim is valid, Transact’s panel of insurers will pay the claim to Transact. Transact will in-turn make a single payment to the Insured. Payment is typically made within 30 days from acceptance of a valid claim.
WHAT IF THE INSURED DISAGREES:
The insured has the right to challenge a claim decision either in court or via arbitration, depending on what has been agreed in the policy.
Let’s talk
Call us or send your questions, comments, or project details and we’ll get a conversation started.