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Insurance #149309
11/29/2017 12:53 PM
11/29/2017 12:53 PM
Joined: May 2002
Posts: 17,090
Tortola/ Sonoma, California
Manpot Offline OP
Traveler
Manpot  Offline OP
Traveler
Joined: May 2002
Posts: 17,090
Tortola/ Sonoma, California
I'm starting to hear and read some disturbing stories about insurance following Irma. I am insured through Caribbean Insurers and have done everything they asked..the house has been inspected by an adjuster and they have my builders estimate as requested. When I dropped by the office in RT I was told I had done everything right and they would be in touch..now I wait. I have e mailed twice with no response .. should I be worried???

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Re: Insurance [Re: Manpot] #149310
11/29/2017 01:18 PM
11/29/2017 01:18 PM
Joined: Oct 2000
Posts: 4,277
Vero Beach, Fl and South Sound...
tpcook Offline
Traveler
tpcook  Offline
Traveler
Joined: Oct 2000
Posts: 4,277
Vero Beach, Fl and South Sound...
Did the adjusters estimate mirror with your builders estimate?
Do you know if your insurance company has told you about the under insurance scam going on. I heard that on VG the companies are using $400/sqft to see if you are under insured.
i have another company where the adjuster has been asking more and more questions and trying to say I am under insured. I am vigorously contesting this. I have been told that class action suits are illegal in the BVI.


tpcook
Re: Insurance [Re: tpcook] #149311
11/29/2017 01:38 PM
11/29/2017 01:38 PM
Joined: May 2002
Posts: 17,090
Tortola/ Sonoma, California
Manpot Offline OP
Traveler
Manpot  Offline OP
Traveler
Joined: May 2002
Posts: 17,090
Tortola/ Sonoma, California
I am definitely under insured..

Re: Insurance [Re: Manpot] #149312
11/29/2017 02:09 PM
11/29/2017 02:09 PM
Joined: Nov 2000
Posts: 3,359
Cane Garden Bay, Tortola
JasonHelmbrecht Offline
Traveler
JasonHelmbrecht  Offline
Traveler
Joined: Nov 2000
Posts: 3,359
Cane Garden Bay, Tortola
Manpot - do you know who your adjuster is? I am also with CIL but found out thru my contractor that my adjuster left the island. Now the claim has been reassigned to a new adjuster so I don't know the implications of that.

I am getting email responses, but very slowly.


JasonHelmbrecht
Coconut Breeze Villas
Cane Garden Bay
reservations@coconutbreezevillas.com
www.coconutbreezevillas.com
Re: Insurance [Re: JasonHelmbrecht] #149313
11/29/2017 04:17 PM
11/29/2017 04:17 PM
Joined: May 2002
Posts: 17,090
Tortola/ Sonoma, California
Manpot Offline OP
Traveler
Manpot  Offline OP
Traveler
Joined: May 2002
Posts: 17,090
Tortola/ Sonoma, California
Searching for that info. I assumed once the adjuster put in his report and then it was compared to my builder's estimate the process would get started. It would be nice to hear from them! I am sure you are in the same boat as me and spending our emergency funds to get works started..could not leave CRC exposed to the elements!

Re: Insurance [Re: Manpot] #149314
11/29/2017 04:57 PM
11/29/2017 04:57 PM
Joined: Oct 2000
Posts: 4,277
Vero Beach, Fl and South Sound...
tpcook Offline
Traveler
tpcook  Offline
Traveler
Joined: Oct 2000
Posts: 4,277
Vero Beach, Fl and South Sound...
Manpot I think all of us are in for a long and protracted amount of time before any funds are issued. I am thinking like 3-6 months. I suspect they will come to a guy like you and say they will give you 70% of your builders estimate (assuming they will accept your builders estimate) Then you will tell them 70% is ridiculous and the rat race starts.
On a personal note CIL screwed me out of 300K in a liability suit against me and the villa, which they told me they would not contest and told me to deal with it. I paid 300K out of pocket + 100k for litigation costs
It will be all about negotiations and how tough you want to be. <img src="http://www.traveltalkonline.com/forums/images/graemlins/thumbsdown.gif" alt="" />

Last edited by tpcook; 11/29/2017 05:03 PM.

tpcook
Re: Insurance [Re: tpcook] #149315
11/29/2017 05:44 PM
11/29/2017 05:44 PM
Joined: Mar 2008
Posts: 8,530
Ya never know...
HillsideView Offline
Traveler
HillsideView  Offline
Traveler
Joined: Mar 2008
Posts: 8,530
Ya never know...
I don't envy any of you having to deal with insurance. Since they are basically unregulated, I have a hunch they are going to jerk around every expat who has a claim. Lowball offers and a "so sue us" attitude. I really hope I am wrong but I have a sick feeling after reading a whole lot of posts from BVIslanders regarding settlements, or lack of.


My foot fits right into my shoe and my shoe will fit right into your...
Re: Insurance [Re: HillsideView] #149316
11/29/2017 06:24 PM
11/29/2017 06:24 PM
Joined: Dec 2007
Posts: 2,040
Charlotte, NC
N
NCSailor Offline
Traveler
NCSailor  Offline
Traveler
N
Joined: Dec 2007
Posts: 2,040
Charlotte, NC
The insurers should not use post-Irma building costs to determine whether you are underinsured for co-insurance. They should use pre-Irma pricing to determine the replacement value for co-insurance and post-Irma pricing to determine the damage.

Re: Insurance [Re: NCSailor] #149317
11/29/2017 08:53 PM
11/29/2017 08:53 PM
Joined: Apr 2004
Posts: 10,999
Macon, Georgia
GlennA Offline
Traveler
GlennA  Offline
Traveler
Joined: Apr 2004
Posts: 10,999
Macon, Georgia
They are definitely working the co-insurance clauses. I posted an explanation of how co-insurance works as a reply on a BVI Community Facebook and have been answering messages all day. It appears that they were using the before Irma market value to calculate the under insurance figure. In all but two case it was fairly easy to determine the owners had made substantial improvements and failed to increase coverage. Once they told me how much they spent on the improvements the numbers worked out. In the other two I was not able to figure out how they got to the payout.

BTW I was able to find that Nagico is owned by Peek Reinsurers of Hong Kong which about $1 billion in reserves and is owned by a Chinese company with very deep pockets so probably no problem with solvency. Have not been able to find info on Caribbean yet.

Last edited by GlennA; 11/29/2017 08:58 PM.

Travel is fatal to prejudice, bigotry, and narrow-mindedness, and many of our people need it sorely on these accounts. - Mark Twain
Re: Insurance [Re: tpcook] #149318
11/29/2017 10:07 PM
11/29/2017 10:07 PM
Joined: Oct 2009
Posts: 1,697
Memphis, BVI, CT
R
RatmansWife Offline
Traveler
RatmansWife  Offline
Traveler
R
Joined: Oct 2009
Posts: 1,697
Memphis, BVI, CT
CIL is our broker, but policy is with Lloyd’s.


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