The Company shall set up a claims’ department with procedures for accepting policyholder’s claims, claims evaluation and processing. The Company shall maintain records pertaining to policyholder’s claims and classify them into paid, unpaid, and rejected claims. Each record shall include the following:
| 1. | Insurance application and proposal, if available;
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| 2. | Copy of the insurance policy;
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| 3. | Policyholder’s claim’s information;
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| 4. | Adjusters and assessor’s report and any other documents pertaining to the claim and the direct reason leading to the covered loss;
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| 5. | Proportional indemnity share of any other insurance and reinsurance policies in effect.
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| 6. | Action taken by the Company and the status of the claim.
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| 7. | A power-of-attorney from the Insured to the Company to subrogate it in the following cases:
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| | a. | Third party Liability for the Loss.
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| | b. | Defending the insured in repudiate liability or in determining the indemnity amount.
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| 8. | Signed settlement agreement by a Person for a paid claim.
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