by Guest » Thu Aug 12, 2010 01:21 am
What is the time limit? I have heard 180 days but I need to know what the statute says. I had a complex claim and in the course of auditing the claim recently I learned I had never applied for the recoverable depreciation and I no longer own the property. I called the adjuster but he seems uninterested in getting back to me. Anyone know what the law says?
Regards.
Regards.
Posted: Thu Aug 12, 2010 08:01 am Post Subject:
We've had a couple of discussions regarding recoverable depreciation. See if the following thread is of any help to you- http://www.ampminsure.org/home/recoverable-depreciation.html
Posted: Fri Aug 13, 2010 03:28 pm Post Subject: yes, thanks
I saw that. I could not find where anyone said definitively how long I had to claim it. The insurance company has just asked for me to file it and they will take a look. I will update when I hear which probably won't be for a few weeks.
Posted: Fri Sep 03, 2010 12:24 am Post Subject:
it should be in your policy how long you have to file for the recoverable depreciation.i know ours is 6 mos, unless you can validate a reason or asked for an extension, it's doubtful to recover. They should have sent you a letter expaining the recoverable depreciation and your time frame.
pls keep us posted, great question.
Posted: Fri Sep 03, 2010 03:36 am Post Subject:
What state was the original claim filed in? In California, for example, you would generally have 90 days to submit proof of loss following a claim, but you could have up to one year, under certain circumstances. You would also have up to two years to file a legal claim (civil suit) against your insurance company.
Claims are payable based on whether coverage was in force at the time of the loss, not whether the policy is still in force after the loss. So not having the policy today is not a bar to collecting for a loss that occurred some time ago, as long as there was coverage, which was the case in your instance.
As mbyork wrote, you should have received an explanation of the basis of your claims payment along with instructions on how to recover additional money based on the actual cost to replace the lost/damaged property if it exceeds what the insurer paid for the item(s).
Posted: Fri Sep 03, 2010 09:00 pm Post Subject:
Max, statute of limitations for recovering for a loss is different than the settlement clause for recoverable depreciation. I used to confuse the two, until recently...got schooled on a claim. always learning in this business! lol
in georgia, i believe the statute of limitations is two years on filing a claim, although most policies state the insrd should filing within a reasonable time. however once the claim is filed the clock starts ticking for recoverable depreciation, most policies include a clause stating 180 days for collecting recoverable depreciation and proof is required of the replacement.
Posted: Mon Sep 06, 2010 12:39 pm Post Subject:
recovering for a loss is different than the settlement clause for recoverable depreciation
Agreed. Looking back at the OP, the information supplied is vague, so the answers we're all trying to give are covering a variety of bases that may or may not be quite on target. It could be a matter of statute of limitations under the law, or governed only by contract language.
GIGO.
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