Re: INSURANCE CLAIMS ~ WHAT HAS BEEN YOUR EXPERIEN... - Page 4

esmerelda · ‎03-10-2010

@MarieIG wrote:
What out for exclusions, i.e. read the policy you are buying.

Sometimes people look for the cheapest policies - and then find out the most expensive losses/ greatest risks are not covered (i.e. exclusions).

For example, you hire a contractor to perform some repairs on your premises. The contractor employee falls off a ladder, is injuried and brings a personal injury lawsuit against you/your company. You report your claims and find out that your employees and employees of contractors/ subcontractors are excluded.

And you think you're covered because you got a certificate of insurance from your contractor: not necessarily so. Their policy may contain its own exclusions, in addition to requiring a written contract, in effect, prior to the date of loss, with particular indemnification language.

@MarieIG Thanks for the warning.

It seems damned if you do and damned if you don't. I'll get his certificate of liability which is what my insurance company says I need. And then it's on them to fight with HIS carrier. IMO I've done what was required of me/all I can reasonably do.

*********************
Keepin' it real.

MarieIG · ‎03-10-2010

@esmerelda wrote:
@MarieIG wrote:
What out for exclusions, i.e. read the policy you are buying.

Sometimes people look for the cheapest policies - and then find out the most expensive losses/ greatest risks are not covered (i.e. exclusions).

For example, you hire a contractor to perform some repairs on your premises. The contractor employee falls off a ladder, is injuried and brings a personal injury lawsuit against you/your company. You report your claims and find out that your employees and employees of contractors/ subcontractors are excluded.

And you think you're covered because you got a certificate of insurance from your contractor: not necessarily so. Their policy may contain its own exclusions, in addition to requiring a written contract, in effect, prior to the date of loss, with particular indemnification language.
@MarieIG Thanks for the warning.

It seems damned if you do and damned if you don't. I'll get his certificate of liability which is what my insurance company says I need. And then it's on them to fight with HIS carrier. IMO I've done what was required of me/all I can reasonably do.

It's hard. I see this in my line of business, but the average person just would not know. (I read policies line by line - maybe one of the most boring things to do on the face of the earth.) If your carrier does not (properly and timely disclaim) you still have coverage. If HIS (meaning the contractor's carrier) disclaims and is sucessful (often due to their cheesy policies which may not seem fair) the loss should be paid by your carrier - but goes on your loss run potentially resulting in increased premiums. Laws vary from state to state.

Have I seen property owners take that extra step of review the policy of their subs, with endorements and AI (additional insureds provision) - yes, but very, very rarely.

Do the math.

sissel · ‎08-13-2010

My DH claims & DD underwriting you had many claims guess why your ins, goes up. My friend had 4 claims in 1 yr she was upset whY??? lol you are a risk. Not only do they know all they need is seeing the claims they will not insure you. You will pay more it's all in the computer for all ins. claims. Most ins. co will not insure you if you are high risk get an independent to help you. Get ready to pay more, too many claims increases .

novamc1 · ‎07-02-2015

Insurance rates probably can't go anywhere but up, considering all the wildfires, tornados, excessive rain, flooding and other weather-related events that have affected various parts of the country.

These events have destroyed many cars, homes and businesses, not to mention commercial buildings, bridges, roads, etc.

Where you live governs how much you have to pay for home/auto insurance...and even whether a company will issue policies in that area.

Insurance is all about "risk management", so risk-prone people and risk-prone locations get different treatment.

Frequent advertising that insurance companies seem to be doing these days makes me wonder whether they're getting more desperate to gain customers and income, because of all the weather-related claims coming in.

Mom2Dogs · ‎03-09-2010

DH and I are self employed, we have home, cars, business all bundled with the same company. Several years ago we thought we would have another company quote everything to make sure we were not over paying. No one could touch what we were paying, it was a great price....Auto Owners was the company.

We have only had a couple claims and they always paid quickly...also their office is only 20 minute drive from our home. We like having an agent close by.

We looked into USAA and the prices quoted were much higher than we were paying.

If it were me I would get 2-3 quotes.

Nuttmeg · ‎03-09-2010

New Jersey has an insurance commission. It lists rating online for all companies during business in the state.

If I owned rental properties, I would do business with a local established firm,who handles business customers.

kitty60 · ‎03-13-2010

wagirl, that is how we ended up with American National, dh's car collection. Seitched from State Farm after forty years. We did great but then got hit hard on our homeowner's insurance last year as they recharacterized our area, it almost doubled! That being said they also covered rental properties for us. Discounts and great rebates if you have no claims.

I have found that no matter who you go with you end up with that "premium creep." I do believe most of the companies now scrutinize after claims. I never had a problem with State Farm but my son had a rental claim and after they paid it they cancelled his insurance as they would not go back on the landlord for faulty plumbing.