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Insurance Claim Payment
#150064
12/15/2017 08:27 PM
12/15/2017 08:27 PM
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Joined: Oct 2000
Posts: 4,267 Vero Beach, Fl and South Sound...
tpcook
OP
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OP
Traveler
Joined: Oct 2000
Posts: 4,267
Vero Beach, Fl and South Sound...
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Hello I am looking for feedback about insurance claims. I have a large claim with Nagico. I have sent several E-Mails to the company and the adjuster they hired. Lately I am not getting any return E-Mails about the claim. I would like to get feedback from other clients of Nagico how their claim is being processed. Thanks
tpcook
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Re: Insurance Claim Payment
[Re: foreversxm]
#150066
12/16/2017 09:46 AM
12/16/2017 09:46 AM
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Joined: Aug 2000
Posts: 82,832 Central Florida!
Carol_Hill
Traveler
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Traveler
Joined: Aug 2000
Posts: 82,832
Central Florida!
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No, correction, they wouldn't call you back for payment, they'd just cancel your policy!!! <img src="http://www.traveltalkonline.com/forums/images/graemlins/cloud.gif" alt="" /> Insurance is a freaking scam. With our huge hurricane deductible (here in Florida!!) and what they claimed wasn't hurricane damage, and what they depreciated, we got paid about 1/3 of what we need to fix our house. Now, it wasn't anywhere near total destruction, like many claims in the Caribbean, but it's just sad what they do to people.
Carol Hill
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Re: Insurance Claim Payment
[Re: NCSailor]
#150068
12/16/2017 10:30 AM
12/16/2017 10:30 AM
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Joined: Mar 2012
Posts: 833 Redmond, WA
MrEZgoin
Traveler
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Traveler
Joined: Mar 2012
Posts: 833
Redmond, WA
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NCSailor said: Insurance is a for profit business. I am a public insurance adjuster. It amazes me still that consumers think they will get fair treatment from the obligor on the other side of their insurance contract. My clients in the US and the Caribbean are getting very fair settlements though payments are slow. Is there a "not" missing in the third sentence?
M4000 "Lio Kai"
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Re: Insurance Claim Payment
[Re: wmasters]
#150070
12/16/2017 12:11 PM
12/16/2017 12:11 PM
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Joined: May 2005
Posts: 697 Portland, ME
maineskier69
Traveler
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Traveler
Joined: May 2005
Posts: 697
Portland, ME
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wmasters said: Insurance is legalized theft. You are more or less required to have it, pay into it for years, and then when claim time comes you are treated like the thief. For profit indeed- insurance companies, backed by insane government regulations, steal from the wallets of hardworking people on the pretense of protecting them. Similar to what organized crime did to small businesses in the day. Fair settlement my [email]a@#.[/email] +1000
If the thunder don't get you then the lightning will...
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Re: Insurance Claim Payment
[Re: MrEZgoin]
#150071
12/16/2017 12:12 PM
12/16/2017 12:12 PM
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Joined: Dec 2007
Posts: 2,040 Charlotte, NC
NCSailor
Traveler
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Traveler
Joined: Dec 2007
Posts: 2,040
Charlotte, NC
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MrEZgoin said:NCSailor said: Insurance is a for profit business. I am a public insurance adjuster. It amazes me still that consumers think they will get fair treatment from the obligor on the other side of their insurance contract. My clients in the US and the Caribbean are getting very fair settlements though payments are slow. Is there a "not" missing in the third sentence? No, sir!
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Re: Insurance Claim Payment
[Re: NCSailor]
#150072
12/16/2017 12:42 PM
12/16/2017 12:42 PM
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Joined: Mar 2012
Posts: 833 Redmond, WA
MrEZgoin
Traveler
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Traveler
Joined: Mar 2012
Posts: 833
Redmond, WA
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NCSailor said:MrEZgoin said:NCSailor said: Insurance is a for profit business. I am a public insurance adjuster. It amazes me still that consumers think they will get fair treatment from the obligor on the other side of their insurance contract. My clients in the US and the Caribbean are getting very fair settlements though payments are slow. Is there a "not" missing in the third sentence? No, sir! Ok, then I'm not sure I understand your point. That consumers will only get fair treatment with the help of an insurance adjuster?
M4000 "Lio Kai"
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Re: Insurance Claim Payment
[Re: MrEZgoin]
#150073
12/16/2017 01:24 PM
12/16/2017 01:24 PM
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Joined: Dec 2007
Posts: 2,040 Charlotte, NC
NCSailor
Traveler
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Traveler
Joined: Dec 2007
Posts: 2,040
Charlotte, NC
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MrEZgoin said:NCSailor said:MrEZgoin said:NCSailor said: Insurance is a for profit business. I am a public insurance adjuster. It amazes me still that consumers think they will get fair treatment from the obligor on the other side of their insurance contract. My clients in the US and the Caribbean are getting very fair settlements though payments are slow. Is there a "not" missing in the third sentence? No, sir! Ok, then I'm not sure I understand your point. That consumers will only get fair treatment with the help of an insurance adjuster? I am a public insurance adjuster. I work only for policyholders to document the damage and negotiate the claim. We are on the other side from the insurers. PM if you want more details.
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Re: Insurance Claim Payment
[Re: JD_Midnight]
#150076
12/16/2017 01:46 PM
12/16/2017 01:46 PM
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Joined: Dec 2007
Posts: 2,040 Charlotte, NC
NCSailor
Traveler
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Traveler
Joined: Dec 2007
Posts: 2,040
Charlotte, NC
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JD_Midnight said: Not sure if you are all talking about land property but for those with boat loss I'll through in my 2-cents. There was a long void with little info but then rapidly the adjuster reviewed the claim and the company settled last week. They settled the contract exactly and with no questions. Yes, looking at replacement cost I had myself insured a little light but that was my over site and not by much. So at least for some in the boating side and with total loss there has been slow but fair response. Caribbean Insurers was the company. A total loss boat should be straight forward if you have agreed value coverage. Total loss the insurer owes the policy limit. Many of the complaints I hear from insureds in the Islands relate to underinsrance. Insurance is expensive and folks buy less than they need hoping the worst doesn’t happen. When the worst happens as it did this year policyholders get hit with coinsurance penalties or otherwise less than full indemnity. Buying insurance is a big financial transaction. Get gadvice from an experienced broker.
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Re: Insurance Claim Payment
[Re: NCSailor]
#150078
12/16/2017 07:29 PM
12/16/2017 07:29 PM
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Joined: Oct 2000
Posts: 4,267 Vero Beach, Fl and South Sound...
tpcook
OP
Traveler
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OP
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Joined: Oct 2000
Posts: 4,267
Vero Beach, Fl and South Sound...
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In my case, only the foundation is left. The only thing of value is the washer and the dryer. So basically a total loss. I submitted my notice of claim, then an adjuster was assigned my claim. I submitted a claim to the adjuster, then he wanted more information, then more information. I submitted the last set of information to the adjuster 3 weeks ago, Since then, no communication. Who should I be communicating with the adjuster or the insurance company? Thanks
tpcook
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Re: Insurance Claim Payment
[Re: Deepcut]
#150085
12/17/2017 10:11 AM
12/17/2017 10:11 AM
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Joined: Oct 2004
Posts: 1,952 St. John, USVI
RickG
Traveler
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Traveler
Joined: Oct 2004
Posts: 1,952
St. John, USVI
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It can take a while to get a boat claimed as a constructive total loss. We were on the hard for hurricane storage. All of the boats had to be stood up and that took a long time. The insurer's (Yachtinsure/Lloyds of London) surveyor did a preliminary survey. He finished the survey after she was stood up on November 26 - 18 items of damage, with line #19 "CTL" - Constructive Total Loss. November 29 we had our Proof of Loss paper work completed. Now we are waiting on the wire transfer.
We had no problem with the insurer, adjuster or surveyor. They agreed to pay the full value of our insurance, yard bills, rigging bills and related expenses. We were insured for purchase price plus improvements. We are in the USVI, so the regulatory environment may be a bit different.
Our biggest problem was getting Independent Boat Yard to move briskly to allow a crane in the yard to stand boats up. The delay contributed to additional damage from our boat lying on her side. It was a long frustrating process of mostly waiting. I was very luck to have my co-owners, Capt. Jay and Debbie, on island during the process.
Good luck to everyone working through their claims.
Cheers, RickG
Last edited by RickG; 12/17/2017 10:12 AM.
S/V Echoes, 2003 Beneteau 423 Grenada
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Re: Insurance Claim Payment
[Re: GeorgeC1]
#150087
12/19/2017 03:33 PM
12/19/2017 03:33 PM
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Joined: Dec 2017
Posts: 105 Hillsborough, NC
OceanSong
Traveler
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Traveler
Joined: Dec 2017
Posts: 105
Hillsborough, NC
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My wife and I had a very good insurance claims experience. We lost our Lagoon 42, Ocean Song, to Irma. She had arrived in Tortola on 8/24 and we were scheduled to go to Tortola on 9/30 to see, and sail her for the first time. As everyone recalls, Irma hit Tortola on 9/6. Ocean Song was located in Road Reef Marina as part of the TMM charter fleet. She was declared a CTL within one month. We had a 100% pay out of the agreed upon value about three weeks before Thanksgiving - no deductible. On 12/6 we re-ordered another Lagoon 42 with virtually the exact same options. The "new", new Ocean Song has an ex-factory date of June 2018 and will be TMM's featured boat at the Annapolis Boat Show in October 2018.
Things moved quickly for us for several reasons: 1) Ocean Song was accessible. 2) TMM's owner, Barney Crook, had made arrangements for surveys and salvaging BEFORE Irma hit. 3) TMM worked diligently to keep the survey and salvage process moving. 4) TMM facilitated all communications with the insurance company. 5) TMM did a very good job of keeping us updated throughout the process. 6) Also, TMM helped us "trade up" on build slots. Built slots on the Lagoon 42 are now about two years out for factory exit.
We feel very fortunate how well things have worked out, so there are some positive stories to be told.
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Re: Insurance Claim Payment
[Re: tpcook]
#150089
12/19/2017 05:03 PM
12/19/2017 05:03 PM
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Joined: Aug 2000
Posts: 82,832 Central Florida!
Carol_Hill
Traveler
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Traveler
Joined: Aug 2000
Posts: 82,832
Central Florida!
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Sounds like they never got a chance to enjoy the 'old' one! <img src="http://www.traveltalkonline.com/forums/images/graemlins/cry.gif" alt="" />
Carol Hill
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Re: Insurance Claim Payment
[Re: tpcook]
#150712
12/29/2017 05:06 PM
12/29/2017 05:06 PM
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Joined: Apr 2004
Posts: 10,999 Macon, Georgia
GlennA
Traveler
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Traveler
Joined: Apr 2004
Posts: 10,999
Macon, Georgia
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I am hearing from several folks that some companies appear to be playing games with determining a "total loss". I wonder if there is a legal definition. One particular house above CGB was reduced to a slab and cistern. The insurance company claimed it a partial loss and hit him with a co-insurance penalty. If that is true it would be very hard for any house in the BVI to ever be determined a total loss.
Travel is fatal to prejudice, bigotry, and narrow-mindedness, and many of our people need it sorely on these accounts. - Mark Twain
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Re: Insurance Claim Payment
[Re: GlennA]
#150724
12/29/2017 09:18 PM
12/29/2017 09:18 PM
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Joined: Oct 2000
Posts: 4,267 Vero Beach, Fl and South Sound...
tpcook
OP
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OP
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Joined: Oct 2000
Posts: 4,267
Vero Beach, Fl and South Sound...
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I really hate this co-insurance clause. I believe the insurance company should decline coverage and not write the policy. It is VERY unfair to a policy owner (who does not have the information to understand how the value of a home should be determined) to write a policy they know is under-insured. They will NEVER declare a home a total loss as they know the cistern and other parts of the home will survive almost anything.. In my case I questioned the insurer how the under-insurance clause worked and was told by E-Mail that usually if the "value" of the home was within 80% of the sum insured , the under-insurance clause would not apply. I have that in writing and the adjuster is still questioning if this is in effect.
tpcook
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Re: Insurance Claim Payment
[Re: GlennA]
#150734
12/30/2017 08:31 AM
12/30/2017 08:31 AM
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Joined: Dec 2007
Posts: 2,040 Charlotte, NC
NCSailor
Traveler
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Traveler
Joined: Dec 2007
Posts: 2,040
Charlotte, NC
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I am hearing from several folks that some companies appear to be playing games with determining a "total loss". I wonder if there is a legal definition. One particular house above CGB was reduced to a slab and cistern. The insurance company claimed it a partial loss and hit him with a co-insurance penalty. If that is true it would be very hard for any house in the BVI to ever be determined a total loss. Assuming an 80% co-insurance clause there should not be a penalty unless the slab and cistern were more than 20% of the pre-storm value of the home. I doubt that would be the case. Many insurance adjusters don't understand co-insurance and apply it incorrectly.
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Re: Insurance Claim Payment
[Re: NCSailor]
#150735
12/30/2017 10:55 AM
12/30/2017 10:55 AM
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Joined: Oct 2000
Posts: 4,267 Vero Beach, Fl and South Sound...
tpcook
OP
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OP
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Joined: Oct 2000
Posts: 4,267
Vero Beach, Fl and South Sound...
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Are you in the insurance business? My understanding of the 80% clause is that if you insure your home for 500K , your replacement value (as determined by the insurance company) can be as much as 500k/0.8= 625k and your under-insurance clause will not be in effect. So if you have a 250k loss they will pay the entire 250k and not be reduced. max amount they will pay is 500k.
tpcook
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Re: Insurance Claim Payment
[Re: tpcook]
#150739
12/30/2017 12:08 PM
12/30/2017 12:08 PM
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Joined: Dec 2007
Posts: 2,040 Charlotte, NC
NCSailor
Traveler
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Traveler
Joined: Dec 2007
Posts: 2,040
Charlotte, NC
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Are you in the insurance business? My understanding of the 80% clause is that if you insure your home for 500K , your replacement value (as determined by the insurance company) can be as much as 500k/0.8= 625k and your under-insurance clause will not be in effect. So if you have a 250k loss they will pay the entire 250k and not be reduced. max amount they will pay is 500k. Yes, I am in the insurance business. Your illustration is correct. Another way to look at is that if the remaining value of the building is less than 20% of the full replacement cost then you will not get hit with a co-insurance penalty even if you are underinsured. It is important that the replacement value of the building (not the amount of damage) be calculated with pre-storm costs. Repair costs after Irma are up 30-40%. Don't let the adjuster use those values in calculating the replacement cost value for the co-insurance formula.
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Re: Insurance Claim Payment
[Re: CGB]
#150775
12/31/2017 09:43 AM
12/31/2017 09:43 AM
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Joined: Dec 2007
Posts: 2,040 Charlotte, NC
NCSailor
Traveler
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Traveler
Joined: Dec 2007
Posts: 2,040
Charlotte, NC
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I was under the impression that the "co-insurance clause" doesn't care what "survived" I was always led to believe that the co-insurance clause "cared" whether you carried sufficient coverage based on the value of the insured property "as a whole"
So.. given tpcook's example of a $625 home carrying $500 coverage Let's assume the cistern and slab is worth $150 of the $625... damage (and let's just assume rebuilding) costs are $625-150=$475 .... I felt... say, under 80% coinsurance... you were good and covered (minus deductibles)
Your concept of "what survived" versus the "co-insurance clause" has me confused - as it seems to be separate issues ... but, I am not in the insurance business
Assume the following: Value of the dwelling: $1,000,000 Coinsurance: 80% Required Insurance: $800,000 Insurance limit carried: $500,000 Damage: $800,000 Divide the limit of insurance $500,000 by the Required Insurance $800,000 = 62.50% Recovery Percentage Multiply the amount of damage $800,000 by the Recovery Percentage 62.50% = $500,000. The insured is paid the policy limit. If the amount of damage is changed $700,000 the insured only recovers $437,5000. So you don't need to have a total loss to recover the policy limit you need to have an 80% loss or 20% value remaining.
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