My company building got burnt down today. Apparently the insurance had also expired. What can be done?
PLEASE HELP
Total Comments: 7
Posted: Fri Jul 30, 2010 09:37 am Post Subject:
Hi tanmaymaddy2k9
Any insurance company will approve the claim only if you are current on the premium,as it is a contract between you and the insurance company that in return of premium paid,insurance company will approve the predetermined (threshold) claim amount.
So currently you are not current on the premium amount and thus the contract is void.You can hardly do anything about it.
DIMG
Posted: Sat Jul 31, 2010 01:20 am Post Subject:
Tan, honey, I'm sorry but there is nothing that can be done, if you didn't pay your premium you don't have insurance...that's all there is to it.
Posted: Sat Jul 31, 2010 01:33 am Post Subject: insurance
OP..did you NOT know that your Insurance expired? Do you get notices for your payment due (kind of thing)? Gosh....I'm sorry this happen to you. (I'm assuming..) no one was hurt in the fire. That is a 'plus'.
Posted: Sat Jul 31, 2010 03:01 am Post Subject:
You can sue the person responsible for burning it down; good luck with that. Otherwise, start working on finding money for a new building.
Posted: Sat Jul 31, 2010 11:54 am Post Subject:
There is a basic, three-way relationship between an insured and an insurer. It is:
(1) YOU PAY, (2) YOU [DIE, HAVE A COVERED LOSS], (3) WE PAY
If either #1 or #2 is not true, #3 will not happen.
Posted: Sat Jul 31, 2010 12:08 pm Post Subject: insurance
I don't remember seeing anything about arson. The OP just said the 'building burned down'. If it WAS arson, i would think you would have to prove who did it.
Posted: Sun Aug 01, 2010 01:06 am Post Subject:
If it WAS arson, i would think you would have to prove who did it.
No, mostly you would have to prove that YOU did not do it. But, guess what? Even if the insured commits arson, if the building is mortgaged, the lender can still collect. Only the criminal cannot collect as the result of his/her own unlawful act.
Posted: Fri Jul 30, 2010 09:37 am Post Subject:
Hi tanmaymaddy2k9
Any insurance company will approve the claim only if you are current on the premium,as it is a contract between you and the insurance company that in return of premium paid,insurance company will approve the predetermined (threshold) claim amount.
So currently you are not current on the premium amount and thus the contract is void.You can hardly do anything about it.
DIMG
Posted: Sat Jul 31, 2010 01:20 am Post Subject:
Tan, honey, I'm sorry but there is nothing that can be done, if you didn't pay your premium you don't have insurance...that's all there is to it.
Posted: Sat Jul 31, 2010 01:33 am Post Subject: insurance
OP..did you NOT know that your Insurance expired? Do you get notices for your payment due (kind of thing)? Gosh....I'm sorry this happen to you. (I'm assuming..) no one was hurt in the fire. That is a 'plus'.
Posted: Sat Jul 31, 2010 03:01 am Post Subject:
You can sue the person responsible for burning it down; good luck with that. Otherwise, start working on finding money for a new building.
Posted: Sat Jul 31, 2010 11:54 am Post Subject:
There is a basic, three-way relationship between an insured and an insurer. It is:
(1) YOU PAY, (2) YOU [DIE, HAVE A COVERED LOSS], (3) WE PAY
If either #1 or #2 is not true, #3 will not happen.
Posted: Sat Jul 31, 2010 12:08 pm Post Subject: insurance
I don't remember seeing anything about arson. The OP just said the 'building burned down'. If it WAS arson, i would think you would have to prove who did it.
Posted: Sun Aug 01, 2010 01:06 am Post Subject:
If it WAS arson, i would think you would have to prove who did it.
No, mostly you would have to prove that YOU did not do it. But, guess what? Even if the insured commits arson, if the building is mortgaged, the lender can still collect. Only the criminal cannot collect as the result of his/her own unlawful act.
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