Updated: Jul 13, 2021
Let's talk tendering!... not to be confused with the dating site Tinder or tender, like delicious meat. I'm talking about tendering a claim to your insurance carrier.
Did you know that your insurance policy requires you to submit notice of a potential claim to your carrier within a small handful of days of the "occurrence?"
Your policy defines what constitutes an "occurrence," which is most likely described as an event giving rise to a claim.
Your time frame to "tender" to your insurance carrier, meaning put them on notice of a potential claim, is very short - we are talking about 5 days degree of shortness after an occurrence or after you gain knowledge of the POTENTIAL claim. That's right - the issue is potential... it does not have to be sorted out or finalized. You may not think anything is wrong, or that you're on the hook for it. If you don't tender on time, possibility of coverage and/or defense by your carrier is likely out the window.
If you don't tender a claim to your carrier within the time frame set forth in your policy and according to any other conditions therein, you will be barred from valuable insurance coverage and/or defense, even if there would be a valid reason to trigger these things. You pay premiums every month but would be excluded simply based on timing.
Get in the know - Check your policy for your specific time frame to tender a claim and any other conditions. It's worth the 5 minute investment.