Here's a quiz: When should you report a claim to your insurer? (A) It should be the first call I make after a loss. (B) Anytime before the current policy expires. (C) Within the time limit my policy specifies. The right answer, of course, is C. Many insurance policies contain clauses regarding late reporting or reservation of rights. If you don't know what your policies require, review the language regarding your duties and the insurer's duties in the event of a loss, or have your insurance agent or broker brief you on all such clauses. Serious problems can arise when a claim occurs and the insurer denies coverage due to late reporting or some other breach of the contract.
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