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Re: Insurance Claim Payment
[Re: NCSailor]
#150807
12/31/2017 01:41 PM
12/31/2017 01:41 PM
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Joined: Nov 2003
Posts: 1,424 New Jersey, USA
DanS
Traveler
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Traveler
Joined: Nov 2003
Posts: 1,424
New Jersey, USA
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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.
I am not in the insurance business, but the sources I checked by googling "co-insurance clause" ( here, here, and here) all match the above explanation. Dan
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Re: Insurance Claim Payment
[Re: CGB]
#150840
12/31/2017 11:19 PM
12/31/2017 11:19 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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Yes - we are all understanding it correctly - now that the numbers have been added It was the discussion of whether the slab & cistern was worth more than 20%/less than 20% that didn't connect with me But.. that seems to be a red herring in the picture
It's not a red herring its a fact as proved by the formula I presented. Perhaps you just don't get it.
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Re: Insurance Claim Payment
[Re: Manpot]
#151022
01/02/2018 01:03 PM
01/02/2018 01:03 PM
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Joined: Mar 2013
Posts: 375 now - or when ?
CGB
Traveler
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Traveler
Joined: Mar 2013
Posts: 375
now - or when ?
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Mal - well... you've certainly had your share of stress and challenges this past calendar ...... in both places...... as if either one wasn't enough.... So - here's hoping the winds change... and change in your favour in this New Year And the same good wishes to all others that have been struggling through this past year Boat(s), house, cars and business'... it has been painful to watch and be able to help so little To a peaceful year....
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Re: Insurance Claim Payment
[Re: Manpot]
#151168
01/03/2018 05:18 PM
01/03/2018 05:18 PM
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Joined: Oct 2000
Posts: 4,275 Vero Beach, Fl and South Sound...
tpcook
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OP
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Posts: 4,275
Vero Beach, Fl and South Sound...
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Jan 3 rd. I have tried to call the BVI government about a couple of issues. No phones are being answered. I have fried to call my mortgage bank (first Bank) with several different numbers. No one is answering. Same thing with Nagico. No one is answering phones. Complete breakdown in communications. Not sure what I can do.
tpcook
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Re: Insurance Claim Payment
[Re: tpcook]
#152442
01/15/2018 10:37 AM
01/15/2018 10:37 AM
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Joined: Oct 2000
Posts: 4,275 Vero Beach, Fl and South Sound...
tpcook
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Posts: 4,275
Vero Beach, Fl and South Sound...
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So today I received an answer from the insurance company on my claim. They are trying to tell me that the villa was under insured and are deducting because of that. I asked about how the under insurance worked and was told in an E-Mail from the director of Nagico that as long as it was within 80% it would not be invoked. Now they are saying that the E-Mail that I received was an explanation only and not part of the policy. I think they induced me to buy the policy by the statements that they made and this is a fraud against me. They also said that if I wanted to have the 80% under insurance that I could have bought the policy with that in effect, however in the E-Mail back to me they did not mention any cost to purchase the 80% under insurance, so that again is a fraud as the broker failed to ask me whether I wanted the 80% or not. I am VERY angry on the way I am being treated by this company.
tpcook
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Re: Insurance Claim Payment
[Re: tpcook]
#152449
01/15/2018 12:08 PM
01/15/2018 12:08 PM
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Joined: Apr 2004
Posts: 10,999 Macon, Georgia
GlennA
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Posts: 10,999
Macon, Georgia
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Co-insurance clauses only come into effect if the loss is partial. From the pictures I saw it is hard to believe that the villa was not a total loss.
Last edited by GlennA; 01/15/2018 01:58 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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Re: Insurance Claim Payment
[Re: GlennA]
#152451
01/15/2018 12:29 PM
01/15/2018 12:29 PM
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Joined: Oct 2000
Posts: 4,275 Vero Beach, Fl and South Sound...
tpcook
OP
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OP
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Vero Beach, Fl and South Sound...
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Glenn I agree with you, but they claim it is not a total loss. (so they can use under insurance clause) All of this is VERY disturbing to me and my son. We will be drafting a letter to the adjuster that we consider this a fraud in many ways
tpcook
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Re: Insurance Claim Payment
[Re: tpcook]
#152455
01/15/2018 12:45 PM
01/15/2018 12:45 PM
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Joined: Aug 2000
Posts: 83,103 Central Florida!
Carol_Hill
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Traveler
Joined: Aug 2000
Posts: 83,103
Central Florida!
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Have you consulted an attorney? Might be best, at this point.. And I would do it BEFORE I sent any letters..
Carol Hill
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Re: Insurance Claim Payment
[Re: tpcook]
#152487
01/15/2018 04:26 PM
01/15/2018 04:26 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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So today I received an answer from the insurance company on my claim. They are trying to tell me that the villa was under insured and are deducting because of that. I asked about how the under insurance worked and was told in an E-Mail from the director of Nagico that as long as it was within 80% it would not be invoked. Now they are saying that the E-Mail that I received was an explanation only and not part of the policy. I think they induced me to buy the policy by the statements that they made and this is a fraud against me. They also said that if I wanted to have the 80% under insurance that I could have bought the policy with that in effect, however in the E-Mail back to me they did not mention any cost to purchase the 80% under insurance, so that again is a fraud as the broker failed to ask me whether I wanted the 80% or not. I am VERY angry on the way I am being treated by this company. Are they saying that you have 100% coinsurance?
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Re: Insurance Claim Payment
[Re: tpcook]
#152491
01/15/2018 04:44 PM
01/15/2018 04:44 PM
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Joined: Jan 2005
Posts: 4,557 Toronto, Ontario
gordaguy2
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Joined: Jan 2005
Posts: 4,557
Toronto, Ontario
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HI Thorsten - sympathies on this trying time - we are still awaiting our insurance company's offer.
GordaGuy2
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Re: Insurance Claim Payment
[Re: tpcook]
#152504
01/15/2018 07:55 PM
01/15/2018 07:55 PM
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Joined: Apr 2004
Posts: 10,999 Macon, Georgia
GlennA
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Joined: Apr 2004
Posts: 10,999
Macon, Georgia
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I woud love to see the numbers they ome up with. I have explained some true partial losses to some people on Facebook that workedout about right. Mostly recent additions without updating the policy.
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: NCSailor]
#152565
01/16/2018 12:11 PM
01/16/2018 12:11 PM
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Joined: Oct 2000
Posts: 4,275 Vero Beach, Fl and South Sound...
tpcook
OP
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OP
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Joined: Oct 2000
Posts: 4,275
Vero Beach, Fl and South Sound...
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In my case they made a math mistake and the under insurance factor is 87.6% This has become so DIFFICULT for me that my son is entering the picture to deal with all the cast of characters involved. So far no work permits from the government even though they promised a quick decision for skilled workers, the Bank is being very difficult to reach about my mortgage, the insurance company is shoddy. Dealing with companies in the BVI is VERY difficult
tpcook
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Re: Insurance Claim Payment
[Re: tpcook]
#152567
01/16/2018 12:18 PM
01/16/2018 12:18 PM
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Joined: Jul 2014
Posts: 14
GaryNewHampshire
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Traveler
Joined: Jul 2014
Posts: 14
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I'm sorry to hear about all of the difficulties with your insurance company. I'm not sure if anyone has spoken about the idea of hiring a Public Adjuster to navigate the settlement for you. We had a fire at our house two years ago, and based on the advice of the firemen, we hired a Public Adjuster to deal on our behalf with the insurance company. His fee was 7% of all settlements, however, we got back far more than expected, even factoring in his fee. What the Public Adjuster does is calculate everything that was lost, come up with a replacement cost, and tell that to the insurance company. They negotiate the final number, but they are negotiating more as equals, as opposed to the insurance company simply dictating their terms. The final settlement number, with a Public Adjuster, is always MUCH more than what we would have been simply offered by the insurance company. So rather than sit back and let the insurance company mandate a low settlement number to you, I would urge you to hire someone to advocate on your behalf. Not only will you have someone getting you a better settlement, but you'll also have someone dealing directly with the insurance company, saving you the stress and anxiety of doing this yourself. I hope this advice is helpful, and I apologize if this has been covered in a previous post. Best wishes on a fair resolution.
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Re: Insurance Claim Payment
[Re: tpcook]
#152651
01/17/2018 11:07 AM
01/17/2018 11:07 AM
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Joined: Oct 2000
Posts: 4,275 Vero Beach, Fl and South Sound...
tpcook
OP
Traveler
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OP
Traveler
Joined: Oct 2000
Posts: 4,275
Vero Beach, Fl and South Sound...
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I just received the first proposal from the insurance company, but it is so ridiculous that we (My son and I) are responding that we are preparing or arbitration in the matter. I may need some one to act as an arbitrator in the matter. As an example, they are saying we are under insured by 87.6% and then in another paragraph they are saying the estimate that we submitted was too high even though it was at a per sqft rebuild of $237 The villa is heavily damaged and nothing can be reused except for the cistern. I estimated a 40 week rebuild and they think 30 weeks. A villa cannot be built in the BVI in 30 weeks.
Basically the insurance company is abusing their clients.
tpcook
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Re: Insurance Claim Payment
[Re: tpcook]
#152658
01/17/2018 12:18 PM
01/17/2018 12:18 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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I just received the first proposal from the insurance company, but it is so ridiculous that we (My son and I) are responding that we are preparing or arbitration in the matter. I may need some one to act as an arbitrator in the matter. As an example, they are saying we are under insured by 87.6% and then in another paragraph they are saying the estimate that we submitted was too high even though it was at a per sqft rebuild of $237 The villa is heavily damaged and nothing can be reused except for the cistern. I estimated a 40 week rebuild and they think 30 weeks. A villa cannot be built in the BVI in 30 weeks.
Basically the insurance company is abusing their clients. Sent you a PM
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Re: Insurance Claim Payment
[Re: tpcook]
#153571
01/26/2018 12:01 AM
01/26/2018 12:01 AM
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Joined: Oct 2000
Posts: 4,275 Vero Beach, Fl and South Sound...
tpcook
OP
Traveler
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OP
Traveler
Joined: Oct 2000
Posts: 4,275
Vero Beach, Fl and South Sound...
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The BVI government is giving my builder the work permits he needs, So the rebuild will start Feb 10. The insurance company seems to be interested in finishing the claim but so far I have not seen a final proposal. The bank also is trying to help with the mortgage. So maybe the stars are aligning.
tpcook
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Re: Insurance Claim Payment
[Re: tpcook]
#154074
01/31/2018 12:48 PM
01/31/2018 12:48 PM
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Joined: Oct 2004
Posts: 1,956 St. John, USVI
RickG
Traveler
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Traveler
Joined: Oct 2004
Posts: 1,956
St. John, USVI
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Well, we received our Proof of Loss for De Life on November 30, 2017. The wire transfer arrived January 25, 2018. Our hold up was slow pay by one of two LLoyds's syndicates. We had to push to get to settlement this quickly. It worked out okay for us in the end.
Cheers, RickG
S/V Echoes, 2003 Beneteau 423 Grenada
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Re: Insurance Claim Payment
[Re: tpcook]
#154083
01/31/2018 01:29 PM
01/31/2018 01:29 PM
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Joined: Oct 2000
Posts: 4,275 Vero Beach, Fl and South Sound...
tpcook
OP
Traveler
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OP
Traveler
Joined: Oct 2000
Posts: 4,275
Vero Beach, Fl and South Sound...
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The insurance company is still asking for more information on what my rental income was for the last 3 years. I have provided my uSA income tax forms, my computer spreadsheets showing the name, date and amount of all income. I also offered to send them every contract and the cashed checks from my guests. All of this shows without anyu doubt what my yearly income from the villa was. Now they have to think about it. BVI government is still working on the work permits. meanwhile I have bought flight tickets and accommodation on VG to meet the builder and the architect on site to discuss the project. Frustratingly slow. meanwhile the clock ticks
tpcook
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Re: Insurance Claim Payment
[Re: tpcook]
#154135
02/01/2018 09:25 AM
02/01/2018 09:25 AM
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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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Unless you are making a claim for lost business revenue what does rental income have to do with a settlement? It has nothing to do with reproduction cost.
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: CGB]
#154157
02/01/2018 02:16 PM
02/01/2018 02:16 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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Not to mention disclosing private individuals' Credit Card and Bank account numbers. That seems to be on the wrong side of privacy rules... curious if the insurance companies can "demand" that info
The insurance company has the right to review and copy the insured's books and records. This is a grey area but typically it's limited to the documents necessary to validate the claim presented. Credit card and bank account numbers are not needed to prove the claim. What is more important is proof of the revenue received. That can be documented by the insured's bank account statements and other accounting records.
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