A new study has shown that the number of cancer related death for firefighters of the age 75 or under are three times higher compared to the general population in the UK.
Recent storms have made us more aware of the effects that heavy can have on our communities. Making good damage to your home after flooding is tough. It doesn’t have to be too difficult with the right assistance. Maybe you reside in a high-risk flood area. The following will help you in the event of a flooding incident
If you have had an insurance claim that has been rejected (also known as repudiation) by your Insurance company, it may often feel like all hope is lost. Here we try to address some of the problems which can cause an insurance claim to be rejected and what you can do to avoid this.
Rejected Building Insurance Claims
Having the correct insurance policy
Most rejected insurance claims and policies we see are under insured. The value of reinstating your property is not what the market value is. Remember that about 30% of the rebuild is in the ground. Add to that legal, professional and local authority fees and you can see that the sum you have covered in the policy gradually eroding.
Make sure your home is not undervalued as this is the most an insurer will pay out. In some cases an insurer may even return your premium and cancel the policy as you have grossly misrepresented their risk. Remember it’s your responsibility not the insurance company to obtain accurate values for reinstatement.
Rejected because Lack of Maintenance
Another reason insurers reject property insurance claims is if the loss or damage was the result of “gradual deterioration” or a lack of “maintenance”, you will not be covered. Things such as failed damp proof course and some rot are examples of this.
Poor design and faulty workmanship. In this instance you will not be covered. If you believe the cause to be as a result of negligence by a contractor then you may be wise to seek legal advice regarding a claim against the supplier or installer. Your building insurer is likely to reject (repudiate) any claim in this regard.
Beware of taking long holidays. If you leave a property Unoccupied for 30 consecutive days or more without advising your insurer, they could have grounds to repudiate a claim. This is especially true for fire claim damage and water damage.
Material value changes
Material change in the risk – insurers must be informed of any “material increase” in the value of the risk they are covering. For instance, with home prices and building costs escalating so quickly, the replacement value of homes has increased. Any alterations to your property will likely increase the value and there could be risk of damage during construction. If this happens, seek the advice of an insurance claims management company.
Rejected Contents Insurance Claim
Non-compliance with security requirements – make sure you are familiar with policy conditions and endorsements. Should you fail to comply with your policy conditions on minimum security, your claim could be rejected.
You must have what’s known as an “insurable interest” in the property, in other words a financial interest in insuring the asset. If you only part own it or not at all then you will find insurers will reduce proportionally or even refuse to pay at all.
Disclosing all details
Check that you have provided all details in the policy form as correct and accurately as possible to your best k knowledge. Insurance companies will try to reject claims on the basis inaccurate provided information.
How Oakleafe Claims Can help
Loss Assessors Oakleafe Claims offer a mid term survey to identify material changes and problem areas in a policy that needs the policyholders attention. Key to this are the warranties and conditions that are the spine of any cover.
Rejected Insurance Claims (Repudiation):
The term repudiation in Insurance claims management refers to the rejection by Insurers to pay a claim. They will relate this rejection to a specific reason such as non-adherence to a warranty or condition in your contract of insurance.
It is always advisable to seek the help of a claims management company in this instance. Sometimes it can be easily turned around with the production of information in the right manner which has been misinterpreted by the Loss adjuster.
Ransomware: WannaCry Ransomware are particularly nasty viruses that infect computers over the network and lock your personal data. Afterwards they demand a ransom fee to unlock all your data usually by the cryptocurrency "bitcoin". The biggest Ransomware attack just occurred in the begging of this month.