Notice of the incident is reported to an insurance carrier and a claim file is created.
Context on Express Legal Funding
When an “Insurance Claim Opened,” it signifies the official start of the negotiation process between the injured party (or their attorney) and the insurance company. This pivotal moment establishes a formal record of the incident and the damages sought. The date the claim is opened is significant in pre-settlement funding because it provides a verifiable timeline for the case, which helps legal funding companies assess the potential for a successful settlement or verdict. The sooner a claim is opened and documented, the better positioned a plaintiff may be to seek financial assistance while awaiting resolution.
Significance: Opens the official claim file.
