Voluntary Payments
A policy condition saying you should not make payments, admit liability or take on obligations about a claim without the insurer's consent. Payments made without consent may not be reimbursed.
What it means for your firm
Offering to fix a problem or pay for a repair can be a good business decision. Under many policies, it is safer to report first and get the insurer's agreement in writing before making the offer.
The exact wording varies by policy. Look in the conditions section of your policy, often near the claims reporting requirements.
Guides that use it
Articles that explain it
General definition for education only. It is not an interpretation of any policy or contract, and it is not legal advice. The wording of your own policy and contract controls. Policies and definitions vary by insurance company.
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