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Insurance payout question

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Old 10-30-2002, 04:56 PM
  #1
kook
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Question Insurance payout question

I have received a 50% payment for repairs to damage to my boat (from my insurance company - BoatUS). I had expected full payment. At the time of the initial payment, I had a lien holder, and BoatUS made the check out to myself and the lien holder, which is understandable. I have since paid the lien holder off.

Shouldn't I be entitled to the full damage amount at this time, even if only a portion of the work has been completed, to date? I received a letter from BoatUS stating that "when all the work is complete, you will receive the remainder of the payment. Should the costs be less than the estimate, you will only be entitled to the actual costs incurred, not necessarily the amount of the estimate".......

The majority of the repair costs are materials, not labor. Isn't it my prerogative as to what materials I wish select to replace what needed fixing on the boat? If it's less expensive than what was on there (e.g. I find a good deal on a decent used outdrive, instead of buying a brand new one) then I'd consider myself a smart shopper, not fraudulent.

Anyone have first hand experience with this? What did you have to show, to get the remainder of the amount due to you?

I paid good money for this insurance. Someone told me to try the agent first, but I'm not sure what Sy would have to do with this at all....

Last edited by kook; 10-30-2002 at 08:23 PM.
 
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Old 10-30-2002, 06:01 PM
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I'm sure that you are familiar with my situation. My insurance company cut me a check for the portion that they were willing to pay for. Because I was seeking a larger amount through the courts, I asked my attorney about cashing that check. He told me that if I cash it that I was accepting their settlement and that I would lose my case. That might be something to consider...

Also, the defense attorneys recently discovered that I had sold the boat. They currently have a motion before the court to dismiss the case because I no longer have a vested interest in the settlement. Apparently there are some precidents for this so it's not something to take lightly.

Last edited by Cord; 10-30-2002 at 06:03 PM.
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Old 10-30-2002, 08:24 PM
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Cord:

No, I did not know - have not been on the Board at all. Insurance agreed to pay the amount stated in the estimate.
 
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Old 11-01-2002, 12:22 PM
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kook
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ttt
 
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Old 11-01-2002, 12:42 PM
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Kook:

Always go through your insurance agent / broker with any questions or problems you are having with the insurance company. He will be the one that can best help you navigate the bull**** that makes up the insurance claims process.

I work for an insurance company (but I handle surety bonds for construction companies so don't anybody start yelling at me about property/casualty insurance!)
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Old 11-01-2002, 02:58 PM
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Quote:
Originally posted by Shane B
Kook Cord is right if you cash that check you are accepting the settlement and they wont give you another dime. Had a simmler thing happen to me but thats just my 2 cents. Good luke and keep on them you might get what is owed to you
I have yet to bring it to their attention at this time - just doing my homework. Don't want to open mouth and insert foot.
 
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