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Airport insurance claim in arbitration #194731
05/13/2019 10:23 AM
05/13/2019 10:23 AM
Joined: Aug 2000
Posts: 73,196
Central Florida!
Carol_Hill Offline OP
Traveler
Carol_Hill  Offline OP
Traveler
Joined: Aug 2000
Posts: 73,196
Central Florida!
Daily Herald link

Seriously, Nagico claims that the airport's damages are only $33M duh


Carol Hill
SXM Sponsors
Re: Airport insurance claim in arbitration [Re: Carol_Hill] #194736
05/13/2019 12:10 PM
05/13/2019 12:10 PM
Joined: Sep 2004
Posts: 362
New Jersey
wbsander Offline
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wbsander  Offline
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Joined: Sep 2004
Posts: 362
New Jersey
From the article, it appears that Nagico alleges that the 54 million it has paid out satisfying the judgment that was entered is the full claim. The airport apparently says its claim is $100mm plus. The interesting thing to me is that this matter seems to be nearing conclusion. Here in NJ there are still many insurance v owner cases being litigated, 6 years later, from "Superstorm" Sandy. Same type of stuff, all interpreting exclusions and deductibles. Including whether Sandy was a "named storm" when the damages occurred. Bottom line, read your policies carefully and understand what's not covered. I have a house in Hilton Head and until I had a claim from Hurricane Matthew I had no idea that I had a $14,000.00 "named storm" deductible.

Re: Airport insurance claim in arbitration [Re: wbsander] #194742
05/13/2019 01:11 PM
05/13/2019 01:11 PM
Joined: Aug 2000
Posts: 73,196
Central Florida!
Carol_Hill Offline OP
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Carol_Hill  Offline OP
Traveler
Joined: Aug 2000
Posts: 73,196
Central Florida!
Nagico is just trying to get out of paying. That's what insurance companies do!!! We have a separate hurricane deductible here in Florida. Usually it's a percentage of the value of the property, which the amount could be HUGE, depending on the value of the property.


Carol Hill
Re: Airport insurance claim in arbitration [Re: Carol_Hill] #194754
05/13/2019 02:52 PM
05/13/2019 02:52 PM
Joined: Oct 2017
Posts: 758
S
SammyM Offline
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SammyM  Offline
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S
Joined: Oct 2017
Posts: 758
Sorry, Carol but that's not what all insurance companies do. My company had a stellar claims record (when I worked there), but unfortunately that's not the case with all property & casualty insurers. I don't know the details regarding the specific policy regarding Princess Julianna Airport, but in my opinion I would suspect that the actual amount of damage lies somewhere between the amounts being mentioned. Many people, including many business owners, need to focus better on just how much insurance they need, what deductibles they are subject to, what perils are excluded, and so on. I've seen both ends of the spectrum with many businesses 'overinsured' and many others who don't understand that flood damage will always be excluded from their policy. I hope they get this worked out soon for the betterment of everyone.

Re: Airport insurance claim in arbitration [Re: SammyM] #194758
05/13/2019 03:41 PM
05/13/2019 03:41 PM
Joined: Aug 2000
Posts: 73,196
Central Florida!
Carol_Hill Offline OP
Traveler
Carol_Hill  Offline OP
Traveler
Joined: Aug 2000
Posts: 73,196
Central Florida!
Sammy--my experience here in Florida has been very much what can they NOT pay, and that's pretty common here.. And with all the stories of how many claims are still outstanding in SXM, I think it's very much the same.


Carol Hill
Re: Airport insurance claim in arbitration [Re: Carol_Hill] #194777
05/13/2019 07:21 PM
05/13/2019 07:21 PM
Joined: Oct 2017
Posts: 758
S
SammyM Offline
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SammyM  Offline
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Joined: Oct 2017
Posts: 758
Our company entered Florida many years ago, but eventually withdrew for a wide variety of reasons. Some of those reasons were based on insurance regulations that applied in your state. I had hoped we would stay in the Florida market, but it wasn't my decision. I never had any dealings with Nagico, but without knowing the specific policy in place with PJIA it's impossible for me to figure this thing out. But, that's why insurance contracts have arbitration clauses. I'm sure they'll get this thing worked out eventually.

Re: Airport insurance claim in arbitration [Re: Carol_Hill] #194821
05/14/2019 12:20 PM
05/14/2019 12:20 PM
Joined: Sep 2004
Posts: 362
New Jersey
wbsander Offline
Traveler
wbsander  Offline
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Joined: Sep 2004
Posts: 362
New Jersey
Yes my named storm deductible is 3%. In some of the Sandy litigation the issue is that Sandy went extra-tropical about 75 miles off the Jersey coast. The insurance companies are trying to apply the deductible nonetheless. And the one case I saw involved t multimillion dollar commercial property so the deductible was 6 figures.

Re: Airport insurance claim in arbitration [Re: Carol_Hill] #194837
05/14/2019 03:13 PM
05/14/2019 03:13 PM
Joined: Jan 2003
Posts: 709
Chicago area & St-Martin
ChiTownHarry Offline
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ChiTownHarry  Offline
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Joined: Jan 2003
Posts: 709
Chicago area & St-Martin
Originally Posted by Carol_Hill
Nagico is just trying to get out of paying. That's what insurance companies do!!!


We have NAGICO as our insurance carrier for our condo in Oyster Pond. We were VERY happy with the settlement of our claim.


--ChiTownHarry
Re: Airport insurance claim in arbitration [Re: ChiTownHarry] #194854
05/14/2019 05:17 PM
05/14/2019 05:17 PM
Joined: May 2002
Posts: 4,053
Kennys Offline
Traveler
Kennys  Offline
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Joined: May 2002
Posts: 4,053
We were settled in two weeks and very good. Plus we were able to help some owners for big property out too. Plus we know the Family personally for thirty years.

Re: Airport insurance claim in arbitration [Re: Kennys] #194880
05/14/2019 09:25 PM
05/14/2019 09:25 PM
Joined: Aug 2000
Posts: 11,545
Eric_Hill Offline

Traveler
Eric_Hill  Offline

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Joined: Aug 2000
Posts: 11,545
Good for both of you, not been our experience.


Eric Hill
TTOL Sponsors
Re: Airport insurance claim in arbitration [Re: Eric_Hill] #194889
05/15/2019 06:59 AM
05/15/2019 06:59 AM
Joined: May 2002
Posts: 4,053
Kennys Offline
Traveler
Kennys  Offline
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Joined: May 2002
Posts: 4,053
So sorry to hear .


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