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Re: Insurance
[Re: Manpot]
#149310
11/29/2017 01:18 PM
11/29/2017 01:18 PM
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Joined: Oct 2000
Posts: 4,275 Vero Beach, Fl and South Sound...
tpcook
Traveler
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Traveler
Joined: Oct 2000
Posts: 4,275
Vero Beach, Fl and South Sound...
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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
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Re: Insurance
[Re: Manpot]
#149314
11/29/2017 04:57 PM
11/29/2017 04:57 PM
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Joined: Oct 2000
Posts: 4,275 Vero Beach, Fl and South Sound...
tpcook
Traveler
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Traveler
Joined: Oct 2000
Posts: 4,275
Vero Beach, Fl and South Sound...
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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
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Re: Insurance
[Re: tpcook]
#149315
11/29/2017 05:44 PM
11/29/2017 05:44 PM
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Joined: Mar 2008
Posts: 8,530 Ya never know...
HillsideView
Traveler
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Traveler
Joined: Mar 2008
Posts: 8,530
Ya never know...
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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...
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Re: Insurance
[Re: NCSailor]
#149317
11/29/2017 08:53 PM
11/29/2017 08:53 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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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
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