30 Oct The Importance of Police Reference Numbers for Claims

At CRM Brokers, we are committed to making our client’s claims experience as smooth as possible. In recent times, we have noticed an increasing trend of Police Reference/Event Numbers missing with claims lodgements, which can significantly delay the claims process.

Reporting certain incidents to police as soon as reasonably practicable is often a claims condition in strata insurance policy wording. This is to ensure that the incident has been properly reported, regardless of whether it is further investigated. This applies to claim scenarios such as:

• Theft
• Vandalism
• Malicious damage (impact damage) or
• Misappropriation of money or property

The insurer may need the Police Reference/Event Number to process your claim or their recovery action if there is a third party who is liable for the loss.

If the police decide to investigate the matter and successfully identify the responsible party, the insurer will have grounds to recover the insured’s excess that would have applied at the time of the claim. This comes back to a frequently asked question.

Why am I paying the excess when a third party was at fault?

If a claim is accepted by the insurer, the insured is required to pay the applicable excess at the time of the acceptance. It is crucial to pay this excess promptly to avoid delays in finalising the claim.

Generally, once the claim under the policy is finalised and paid, the insurer will initiate the recovery action. If the third party is identified, the insurer will look to recoup the costs incurred, including the excess. If the insurer is successful, the excess will then be refunded to the insured.

If you intend on lodging a claim for damages caused by the above claim scenarios, check your policy wording to ensure you comply with the policy requirements to support your claim.

Additional supporting evidence such as photos, proof of ownership, CCTV footage, witness statement and reports from qualified consultants are also helpful. Failure to adhere to these requirements may result in your claim being delayed or potentially denied.

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Important Notice

Disclaimer:  Terms, conditions, limits, deductibles and exclusions apply to the products referred to above. Any advice in this article is general advice only and has been prepared without taking into account your objectives, financial situation or needs. Before making a decision to acquire any product(s) or to continue to hold any product, we recommend that you consider whether it is appropriate for your circumstances and read the relevant Product Disclosure Statement (‘PDS’), Financial Services Guide (‘FSG’) and the Target Market Determination (‘TMD’) which can be obtained by contacting CRM Brokers.

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