Claim Scenario
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Claim Scenario - 12/22/2005 9:16:41 PM
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Elliott
Posts: 121
Joined: 12/11/2005
Status: offline
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Katrina:
Flood insurance lapses on Aug 19. Carrier sends notice of cancellation on Aug 29 (day of Katrina). Premiums paid were not put into escrow. Is coverage still in tact?
Answer is yes. Carrier has determined it was not possible for the insured to receive the notice since it was dated the day of Katrina. He must pay the 1 premium that was overdue and the carrier will pay the full limits of liability (300k- total loss).
Give me some thoughts on this please.
< Message edited by Admin -- 2/3/2006 11:05:42 AM >
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RE: Claim Scenerio - 12/23/2005 7:47:44 AM
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okclarryd
Posts: 616
Joined: 4/19/2004
Home base: Oklahoma City, Ok
Status: offline
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What's to think?
If the premium was paid, the coverage is in force.
_____________________________
LARRY D HARDIN
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RE: Claim Scenerio - 12/23/2005 9:40:20 AM
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Elliott
Posts: 121
Joined: 12/11/2005
Status: offline
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Thanks Larry- Someone called me with this situation last night. Seemed to me like a business decision on the part of the carrier. Luck was really on the insured's side.
_____________________________
The only job where you start at the top, is digging a hole.
- unknown
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RE: Claim Scenerio - 12/23/2005 1:57:25 PM
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quest21
Posts: 15
Joined: 8/28/2005
Status: offline
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I believe policyholders had a 30 day grace period to pay unpaid premiums as far back as 7-30-05 and that was later changed to 90 days.
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RE: Claim Scenerio - 12/23/2005 7:19:21 PM
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mh0825
Posts: 587
Joined: 8/31/2005
Home base: Gainesville, FL
Status: offline
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Not sure that would be considered a "business decision"... probably could say it was the right decision.
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RE: Claim Scenerio - 2/2/2006 7:42:24 PM
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trader
Posts: 1203
Joined: 4/19/2004
Home base: Houston, TX
Status: offline
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This is a SAP (single adjuster program) hypo question.
The house is "gone" adjuster works out 70% flood and 30% wind and both losses are paid. The homeowner gives both policies to the adjuster and states" I want both cancelled the day after Katrina. Adjuster is trying to do the right thing and send both in for pro rata return premium and recall's he paid 3 month ALE under the homeowner's
What is the correct way to write this up for submission.?
**** Lets assume you are both the agent and the adjuster for this question***
< Message edited by trader -- 2/3/2006 5:50:25 PM >
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RE: Claim Scenerio - 2/2/2006 9:16:26 PM
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ALANJ
Posts: 108
Joined: 4/19/2004
Home base: BIRMINGHAM, AL
Status: offline
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You can not back date a cancelation. Return preminum based upon the date he actualy made the request. Bet the mtg. company required a policy regardless of the amount of damage.
P.S. I'm having 2nd thoughts about this. I just posted this question to several other lawyer buddies so they could ponder the situation. I'll advise.
< Message edited by ALANJ -- 2/3/2006 3:47:03 PM >
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RE: Claim Scenerio - 2/3/2006 3:57:04 PM
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adjustorlando
Posts: 34
Joined: 5/11/2005
Status: offline
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When it comes to making changes to a policy, it's best to have the insured contact his agent for those requests. The adjuster is there to handle a claim (or claims) If the insured wants to change the policy, be it to increase coverage limits, add or delete certain coverages, address changes, whatever, then direct him to his agent. In the case of a direct writer, they have customer service departments set up specifically to handle these types of requests.
I realize in times of need we want to help these folks as much as we can, but there are some things better off left to those who are best equipped to handle them.
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