Insurance/ legal question....
02-20-2014, 10:59 AM
#11
Mike, you have obtained the correct answer above from Mocky. I'll elaborate a bit.
Always notify your own insurance company of damage to your insured property as soon as possible. This will avoid any problem with late notice, which can be grounds to disclaim coverage. Do not start telling others they have to pay, even if you believe it to be true. Take pictures, report unsafe conditions and accidents to the proper authorities, listen carefully to what others say, keep your mouth closed to the greatest extent possible, and call your own insurnace company.
The insurance company will investigate the claim and then reach decisions about coverage for your damages and the amount of your loss. That is their first duty and obligation. If they believe another is legally responsible for your damages, then after they pay your claim they will pursue the potentially responsible party. This is usually done in your name as you are the party with the right to pursue recovery. The insurer, upon payment of your loss, is subrogated to your legal rights. The theory being that a wrong doer should not benefit from your insurance and that it is equitable to allow the insurance company to minimize its exposure by allowing it to pursue the responsible party. This was originally a common law doctorine that is now codified as a contractual right in many insurance policies.
If the insurer decide to subrogate, you will be required to provide reasonable cooperation. They will also seek to recover your deductible and any uninsured portion of the claim as part of their efforts. Thus, it is important to reach an agreement with the insurance company on how any recovery will be shared. Typically, the agreement provides that the insurance company will bear the expense of the recovery effort and then share the recovery with you on a percentage basis determined by the amount of your uninsured interest as a percent of the total loss. The expenses are first deducted from the recovery and then the balance is divided on the percentage basis.
Always notify your own insurance company of damage to your insured property as soon as possible. This will avoid any problem with late notice, which can be grounds to disclaim coverage. Do not start telling others they have to pay, even if you believe it to be true. Take pictures, report unsafe conditions and accidents to the proper authorities, listen carefully to what others say, keep your mouth closed to the greatest extent possible, and call your own insurnace company.
The insurance company will investigate the claim and then reach decisions about coverage for your damages and the amount of your loss. That is their first duty and obligation. If they believe another is legally responsible for your damages, then after they pay your claim they will pursue the potentially responsible party. This is usually done in your name as you are the party with the right to pursue recovery. The insurer, upon payment of your loss, is subrogated to your legal rights. The theory being that a wrong doer should not benefit from your insurance and that it is equitable to allow the insurance company to minimize its exposure by allowing it to pursue the responsible party. This was originally a common law doctorine that is now codified as a contractual right in many insurance policies.
If the insurer decide to subrogate, you will be required to provide reasonable cooperation. They will also seek to recover your deductible and any uninsured portion of the claim as part of their efforts. Thus, it is important to reach an agreement with the insurance company on how any recovery will be shared. Typically, the agreement provides that the insurance company will bear the expense of the recovery effort and then share the recovery with you on a percentage basis determined by the amount of your uninsured interest as a percent of the total loss. The expenses are first deducted from the recovery and then the balance is divided on the percentage basis.
02-20-2014, 12:49 PM
#12
Thanks.
I should point out that the law concerning the division of the recovery varies from state to state. In some states, the law requires the insurer to first make the insured whole, and then take the remainder. Thus, the insured's entire deductible and uninsured loss is paid before the insurer recovers anything. So check your local laws.
I should point out that the law concerning the division of the recovery varies from state to state. In some states, the law requires the insurer to first make the insured whole, and then take the remainder. Thus, the insured's entire deductible and uninsured loss is paid before the insurer recovers anything. So check your local laws.
02-21-2014, 02:07 AM
#14
Yeah, where have you been???!!!
02-21-2014, 04:51 AM
#15
Thanks.
I should point out that the law concerning the division of the recovery varies from state to state. In some states, the law requires the insurer to first make the insured whole, and then take the remainder. Thus, the insured's entire deductible and uninsured loss is paid before the insurer recovers anything. So check your local laws.
I should point out that the law concerning the division of the recovery varies from state to state. In some states, the law requires the insurer to first make the insured whole, and then take the remainder. Thus, the insured's entire deductible and uninsured loss is paid before the insurer recovers anything. So check your local laws.
02-21-2014, 08:15 AM
#16
Thread Starter
Boy I tell ya you mention "I am pissed off, I am calling the insurance commission" people in this industry start to lift a finger!
Thanks for all the great info Bill, Mocky, etc... I felt so at ease talking to the adjuster/claim manger armed with info!
I have some pics of the carnage I will upload... What no gallery here anymore?
Thanks for all the great info Bill, Mocky, etc... I felt so at ease talking to the adjuster/claim manger armed with info!
I have some pics of the carnage I will upload... What no gallery here anymore?
02-21-2014, 08:17 AM
#17
Thread Starter
The claims manager who knows how to do excellent customer service called me back right away ... he was candid with me in terms of subrogation chances.. he thinks we have a pretty good shot (he used to do homeowners for 10 years).
... he was candid with me in terms of subrogation chances.. he thinks we have a pretty good shot (he used to do homeowners for 10 years).
02-21-2014, 08:20 AM
#18
Boy I tell ya you mention "I am pissed off, I am calling the insurance commission" people in this industry start to lift a finger!
Thanks for all the great info Bill, Mocky, etc... I felt so at ease talking to the adjuster/claim manger armed with info!
I have some pics of the carnage I will upload... What no gallery here anymore?
Thanks for all the great info Bill, Mocky, etc... I felt so at ease talking to the adjuster/claim manger armed with info!
I have some pics of the carnage I will upload... What no gallery here anymore?
02-21-2014, 08:52 AM
#19
Thread Starter
Originally Posted by mikes2k' timestamp='1393002948' post='23027041
Boy I tell ya you mention "I am pissed off, I am calling the insurance commission" people in this industry start to lift a finger!
Thanks for all the great info Bill, Mocky, etc... I felt so at ease talking to the adjuster/claim manger armed with info!
I have some pics of the carnage I will upload... What no gallery here anymore?
Thanks for all the great info Bill, Mocky, etc... I felt so at ease talking to the adjuster/claim manger armed with info!
I have some pics of the carnage I will upload... What no gallery here anymore?
I should have said I knew that (as I was a member longer than dirt
, but have been told they don't even work here for members? 
02-21-2014, 09:00 AM
#20
Originally Posted by mikes2k
I should have said I knew that (as I was a member longer than dirt , but have been told they don't even work here for members?
, but have been told they don't even work here for members?