What is a Claimant?

A claimant, in the context of insurance, is an individual, company, or entity who asserts a right to receive a benefit or compensation under an insurance policy due to a loss or damage that is covered by that policy. The claimant makes a formal request, known as an insurance claim, to the insurance company for the payment based on the terms of the insurance policy.

The claimant can be the policyholder themselves or another party who has suffered a loss or damage caused by the insured. For example, in an auto accident, if the insured is at fault, the other party involved in the accident becomes the claimant. They would file a claim against the at-fault party’s insurance policy to cover their losses.

The claimant’s role involves providing necessary information and documentation to the insurance company to support their claim. This may include details of the incident, photographs of the damage, police reports, repair estimates, medical reports, and receipts for expenses related to the claim. The insurance company then reviews the claim to determine its validity and to decide on the amount of compensation to be paid out.

It’s important to note that being a claimant does not automatically guarantee that the claim will be approved. The insurance company has to validate the claim and ensure it falls within the policy’s coverage. If the claim is denied, the claimant can dispute the decision.