Your new go-to list of must-know terms, words, and phrases to help you navigate your not-at-fault accident claims process.
The process of handling a claim throughout its lifetime – from initial review through resolution and recovery. Claims management can include gathering documentation, assessing damages, communicating with carriers and other parties, negotiating eligible losses, and pursuing payment. At ACM, claims management focuses specifically on identifying and recovering the full financial impact of not-at-fault accidents, not just closing the claim and recovering physical damage.
This refers specifically to a claim made against a person, business, or insurance carrier responsible for causing a loss. In a not-at-fault accident, a fleet may pursue a third-party claim against the at-fault party or their insurer to recover eligible damages associated with the accident.
Third-Party Administrators, often called TPAs, are outside organizations that are hired to manage some claims-related responsibilities on behalf of a company, insurer, self-insured organization, or other entity. At ACM, we can work alongside any existing TPAs you might work with (or are built into your process) to pursue additional recovery opportunities without replacing or disrupting the claims process already in place.
The loss in a vehicle’s market value after it has been damaged in an accident – even after repairs have been completed. Depending on the circumstances of the claim, that difference in value may represent an additional recovery opportunity beyond just the cost of repairs. Its accident history changes how buyers, dealers, appraisers, and insurers perceive its value. In other words, if a not-at-fault accident affected your fleet vehicle’s market value, more recovery opportunities may still exist.
This refers to an already-processed claim that is likely considered resolved or complete. We always say a closed claim isn’t necessarily a fully recovered claim. Some eligible damages (such as loss of use, diminished value, administrative fees, or other line items) may not have been identified or pursued before the file was closed.
The reasonable steps taken after a loss to prevent additional damage or reduce its financial impact. In a claim, the affected party usually has a responsibility to mitigate losses where it is reasonably possible. That said, what qualifies as reasonable mitigation depends on the circumstances of the loss.
This refers to recovery opportunities tied to the downtime when a vehicle cannot be used after a not-at-fault accident, and downtime costs your organization. Loss of use reflects the value of being deprived of the vehicle during that period and is separate from the physical cost of repairing the vehicle. It is also distinct from loss of revenue, which relates specifically to income lost because an asset could not operate. Impact varies by organization; downtime can mean additional recoverable costs beyond the repair bill – including lost revenue for revenue-generating fleets or operational losses.
The process of identifying, pursuing, and recovering the holistic and comprehensive eligible financial losses after a fleet vehicle is damaged. A truly complete fleet damage recovery may extend beyond physical repairs to include eligible losses such as loss of use, loss of revenue, diminished value, administrative expenses, specialty equipment, and other applicable damages.
An accident in which another party is responsible for causing a loss. For a fleet like yours, a not-at-fault accident could create opportunities for you to recover eligible damages from the responsible party or their insurance carrier that extend beyond the vehicle’s physical repair costs.
Get started with our team today after your not-at-fault accident.
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