Numark Insurance: Support to get your vehicles back on the road after an accident
First Notification of Loss (FNOL) for Pharmacy Fleet Vehicles
In this article, we explain everything Numark pharmacy members need to know about First Notification of Loss (FNOL) in insurance, including how the process works, its importance, and how it can be streamlined for your fleet of pharmacy vehicles, which may include cars and vans.
What is First Notification of Loss (FNOL)?
First Notification of Loss (FNOL) is the initial step in the insurance claims process. It refers to the first time your insurer is informed about damage, loss, or theft involving one of your pharmacy vehicles.
How Does FNOL Work?
FNOL can be initiated in several ways:
- The driver of the vehicle can contact the broker or insurer directly.
- The driver can inform the pharmacy fleet insurance owner, which can relay the information.
- A claims reporting app can be used to quickly notify all relevant parties.
This crucial information should ideally be reported from the roadside as soon as it is safe to do so. Prompt reporting ensures the claim is managed efficiently, helping to control costs, particularly if your vehicle is at fault.
When Should FNOL Be Reported?
FNOL should be reported as soon as practically possible following an incident. Typically, this involves contacting the broker’s in-house claims team, the insurer’s claims department, or logging the claim via a claims app. The initial questions to address include:
- Driver and vehicle details.
- Location and a brief description of the incident.
- Third-party details (vehicle, name, and contact information).
- Information about any witnesses.
- Confirmation of police involvement, if applicable.
- Additional evidence such as photos of the damage, dashcam footage, and a detailed account from the driver is invaluable for the claims process.
Why is FNOL Important?
Early FNOL reporting is essential for several reasons:
- It allows the claims team to assist when it’s most needed.
- It provides critical insights into the claim, helping to prevent cost escalations from high credit hire charges or false injury claims.
- It enables the claims team to assess fault and set a reserve for the expected costs, including vehicle repairs, replacements, or potential injury claims.
- It facilitates the prompt offer of a hire vehicle to third parties and speeds up the repair process to minimize business disruption.
- Effective FNOL reporting can significantly reduce overall costs and the impact on your pharmacy’s operations.
Benefits of FNOL for Your Pharmacy Fleet
- Faster Incident Reporting Timely FNOL ensures swift liability assessments, validation, and third-party interventions in fault claims. Early intervention helps manage costs and supports third parties in non-fault claims.
- Accurate Damage Reports Reporting FNOL at the incident scene allows damage to be documented and reviewed remotely, speeding up the assessment and repair process.
- High-Quality Claims Data FNOL captures accurate, immediate evidence, reducing the chance of human error. Early reporting also helps identify potential fraudulent activity, ensuring quicker claims processing and minimizing delays.
FNOL at Numark Insurance Services Fleet Team
We offer Numark pharmacy members a choice of claims services, whether through our specialist in-house claims team or directly with the insurer. Effective FNOL is key to managing claims efficiently. For more information, contact our specialist fleet insurance team at 01562 822664.