Definition
A formal request to an insurer for payment after a covered loss, such as storm or fire damage to common property.
An insurance claim is the request the association files with its insurer to be paid for a covered loss. The process usually involves reporting the loss promptly, documenting the damage, working with an adjuster, and receiving payment less any deductible.
Good documentation and quick reporting help claims go smoothly. Boards should also weigh whether a small loss is worth claiming, since frequent claims can raise premiums or affect renewability.