Re: [Amel Yacht Owners] Re: Insurance question in case of total loss


Alexandre Uster von Baar
 

Good afternoon Bill & Bill,

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





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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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