Re: [Amel Yacht Owners] Re: Insurance question in case of total loss
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Alexandre Uster von Baar
Good afternoon Bill & Bill,
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Thanks for your replies. Bill R. So in my case the loss was Sept 6 (Hurricane Irma). My Helvetia expired October 20. They say they sent me a renewal but I never received it. Then in January sent a letter that I owe the insurance, my lawyers replied, then another letter in Feb, again my lawyers replied, then again in March, my lawyers called and the insurance told them that since they did not send the letter via certified mail, this was not valid. Since they hire a “collection agency” to ask for this year’s premium (so Oct 20, 2017 to Oct 20 2018), which my lawyers told me not to pay. The insurance excuse is that I did not cancel the insurance, but again I never received the renewal. Their reason is that since I did not received the settlement (because I contested it) the insurance has to continue… And now they blocked the payment of the “partial” amount (which is the one they offer, not the one that they owe). No, I no longer own NIKIMAT, in fact I was told it was shredded. Thanks again for your help! Bill K, Thanks also for taking the time to reply and share your policy. My policy is definitely confusing to interpret, as yes, article 8.4.4 I am supposed to keep paying the policy until I receive the settlement. Yes great incentive for them as should we go to court, it will take 2 years. Yes I was told that in case of total loss they would get the entire year’s premium, even thought the loss could happen at half the year… I wouldn’t mind that… but yes wouldn’t be fair is you had a total loss early on the year… Anyway, thanks again for your reply. Sincerely, Alexandre --------------------------------------------
On Sat, 10/13/18, greatketch@yahoo.com [amelyachtowners] <amelyachtowners@yahoogroups.com> wrote:
Subject: [Amel Yacht Owners] Re: Insurance question in case of total loss To: amelyachtowners@yahoogroups.com Date: Saturday, October 13, 2018, 10:37 AM Alexandre, (I am not a lawyer, and give no legal advice, I just read what the policy says...) Our policy from Pantaenious has no such language in the event of a total loss. Your policy language is very troublesome to me because it seems to require you to keep paying premiums until you accept their settlement offer. Great incentive for them to drag it out as long as possible, and for you to settle for less than you are owed. Our policy has the following, which goes to a similar point but, to me, seems much fairer to all parties:... the annual premium is deemed fully earned and non-refundable upon Pantaenius’ obligation to pay any claim, cost or damage reimbursement. Pantaenius shall have the right to offset any outstanding premium against any such obligation to make payment on a claim, cost, or damage reimbursement. In other words, if I (or they) cancel the policy before the end of the year, I receive a pro-rated refund--unless there has been a claim. In which case Pantaenius is owed the entire year's premium. If the entire year's premium has not yet been paid, they subtract the amount owed from the final claim settlement. Payment of an owed settlement is not predicated on continued payment. There is no requirement for ongoing payments in order to get the settlement for a loss covered by a valid policy, so no time pressure to accept the settlement, and no extra cash flow to them for being slow to pay. To me, this seems only fair. They have averaged the risks over the entire year, and if I have a claim they should be paid for that full year--no matter when the loss occurs. Our policy does not cover us one day at a time, but for the full year at one go. By way of an extreme example, it would be unreasonable for me to have a total loss on the first day of the policy year, and then expect to pay only 1/365th of the annual premium. Again, not legal advice, just my thoughts. Bill KinneySM160, HarmonieAnnapolis, MD, USA ---In amelyachtowners@yahoogroups.com, <uster@...> wrote : Dear Amel owners, On my insurance policy (Helvetia subscribed through insurance DeLassee) it says (article 8.4.4) that my insurance is automatically canceled in case of total loss - BUT (last line of that paragraph) that the insurance only stops when then settlement has been paid. Which is why the insurance still ask me to pay the premium for this year and likely the next one (since it is 25% less than the agreed value I am contesting it). Does your insurance says the same thing? Thanks in advance, sincerely, Alexandre
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