NMU's Compliance Database - Northern Michigan University

Preparing Claims Bordereau

When preparing the Claims Bordereau, the insured is expected to provide a separate entry for each circumstance/claim (“claim”). If multiple claims for a risk are submitted within the same month, the carrier expects the claims to appear in the correct order within the bordereau. Submitting them out of sequence could cause confusion. The Claims Bordereau is a snapshot of all open claims and claims closed within the reporting period. This includes all open claims whether the claim has been updated within the current reporting month.

Bordereau Submission Timing

All claims Bordereaux should be submitted in quarterly chronological order. The insured should be careful to submit Bordereau promptly in order to ensure that any reporting requirements are not overlooked. The quarterly Bordereau should be submitted to USI for review by the 15th day of the following month.

Claims Bordereau Submission Sequence

All Bordereaux should be submitted in sequence so for example, USI should not receive the July - September 2020 Quarterly Bordereau before the April – June 2020 Quarterly Bordereau. 

It is imperative that the claim reporting requirements be reviewed in advance of commencing bordereau reporting to ensure that all the required information is being provided. Also, as briefly mentioned above, there are claim reporting requirements for certain types of claims that sit outside the bordereau (e.g. class action). The insured should understand its claim reporting responsibilities for these types of claims. At a minimum, the Bordereau should contain the Information listed below. 

Headers (Document):

• Bordereau Date: The claims Bordereau submission date
• Bordereau Quarter: The ninety (90) day period the Claims Bordereau relates to
• Insured: First Named Insured’s name as listed on the policy declaration page

Fields (Column Headers):

• Policy Name:  Policy coverage (Directors & Officers, Employment Practices Liability, etc.)
• Policy Number: [Optional] Applicable policy number that applies to the claim
• Claim number: [Optional] This is the unique number allocated to the claim on the insurers system and is linked to the policy. It is used to uniquely identify individual Claims. It must be the insurer’s reference and not a supplier’s reference (for example it is not the loss adjusters’ reference). This number should remain for the life of the claim. 
• Claimant(s):  Name of parties bringing forth the claim against the insured.
• Forum of Claim(s):  State where claim is being brought
• Date of Claim (Loss):  For Claims Made coverage, this is the first date that the insured made the carrier aware of the claim (date of report).  Insured will receive a letter from carrier confirming receipt of the claim and the Date of Loss.  For Occurrence Coverage, this is the date the event occurred.
• Insured Division/Location/Profit Center code: [Optional] Can be used by an insured to further identify the source of the claim
• Cause of Event (Loss):  High level description of the type of claim allegation (e.g. discrimination)
• Date of Event: Actual date of alleged event
• Loss Description: Brief description of the allegations contained in claim
• Assigned Counsel (firm):   Name and contact information of the counsel selected to defend claim (may need to be approved by carrier)
• Claim Status: [Optional] Current status of the overall claim (Open, Closed, or Re-opened)
• Defense Costs: Amount of Defense Costs incurred to date to defend Claim
• Current Defense / Status Summary: Cumulative update of the status of the claim defense
• Settlement Demand: Details of any offer or demand of settlement
• Estimated Exposure: Insured’s estimate of the potential financial exposure presented by the claim
• Claim Settlement Date: Date the claim was resolved/settled with third party
• Claim Closed Date: Date all activity complete and Insurer closes the claim, all outstanding reserves except for initial reserves should be set to zero
• Insured Contact: [Optional] Person with primary “insured” responsibility for claim
• Assigned Adjuster: [Optional] Adjuster assigned to manage the claim by the carrier or Third-Party Administrator (“TPA”)

The optional fields are outlined above as they represent sample fields that many insureds like to include in their bordereau so they can use it as a quick access reference point.

All claims Bordereaux should be submitted in quarterly chronological order. The insured should be careful to submit Bordereau promptly in order to ensure that any reporting requirements are not overlooked. The quarterly Bordereau should be submitted to USI for review by the 15th day of the following month.