In the event that a problem does arise, MLM, through its program of claim repair, aids many insureds in preventing a client's loss. Claim repair is the implementation of activities that can correct or minimize a situation that may lead to a client sustaining a loss. With significant resources and experience, options previously not considered may come to light. Often, a fresh look at the issues may prove the catalyst to successful resolution of tricky details. Importantly, in cases where a loss has already occurred, claim repair can assist in minimizing damages.
Claim repair is most effective when claims are immediately reported.
The policy provision in the MLM policy requiring the insured to give immediate written notice to the company in the event of a claim, when properly complied with by the insured, allows MLM to engage in an effective claim repair program with its insureds. The importance of prompt claim reporting cannot be overemphasized. Prompt reporting not only allows claim repair to be utilized, prompt reporting is a condition of the insurance policy. Failure to comply with policy conditions could jeopardize the coverage afforded by the policy. The MLM policy is a claims-made professional liability policy.