Case Studies
£11,000 more for a couple of phone calls
A householder in Loughton suffered a severe house fire on January 1st 2007. We were instructed, and as the claim progressed and estimates for reinstatement started coming in, it became clear that the building was underinsured.
The lowest of the estimates was for about £350,000. We had agreed with the Loss Adjuster that the most that Insurers could pay was the sum insured. The policy had been renewed on July 1st 2006 with a buildings sum insured of £280,000 and that was the figure at which the Loss Adjuster wanted to settle. By now it was July 2007 and, by virtue of the policy’s Index Linking Provision, the sum insured at renewal on 1st July 2007 was £22,000 more at £302,000.
We contacted Insurers and obtained agreement from them that the sum insured did not suddenly jump from the figure at one renewal to the figure at the next renewal, but rather, it increased steadily throughout the year. Thus we calculated that, on the date of the fire, the sum insured would have been (£280,000 plus £11,000) £291,000.
The Loss Adjuster did not initially agree with our reasoning, but after a call to his Principals, the Insurance Company, he did agree, and the client received £11,000 more than he would have, if we had not been so inventive and if the Loss Adjuster had prevailed.
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You can contact us at any point in the claim process, but remember that the way a claim is presented is as important as the way it is negotiated, so the earlier you contact us the better. Contact us now for a free consultation.
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