Insurance company dispute. Do I have case?? - Posted by Mike

Posted by karp on January 26, 1999 at 13:07:10:

Don’t wait.


Insurance company dispute. Do I have case?? - Posted by Mike

Posted by Mike on January 26, 1999 at 12:17:11:

I’d like to know if I have any case against my insurance
company here. In April '98 I bought an investment property.
Right before closing I took out both fire and liability policies on the building. I received all the paperwork for both policies a few weeks later. In December '98 I bought another investment property. Again, I called the insurance company and asked for a new fire insurance policy and to have this building added on to the existing liability policy I had already taken out. I’m allowed to have up to 12 properties on the liability policy. They said no problem and I assumed everything was going fine. A month later a person slips and falls in the second property. I called the insurance company to make sure that I had liability
coverage and was told that nobody had added the second property to the declarations page. Apparently an oversight on the agents part. They said I would have coverage starting that day, not the day I took the fire policy out. Now I have a major problem, because the injured person is going to sue me and my insurance company said I’m not covered because the accident took place before I added the property to the liability policy.

Do I have a leg to stand on here? I suppose I should have verified my coverage, but you just assume people will do their job.


Re: Insurance company dispute. Do I have case?? - Posted by Kevin

Posted by Kevin on January 26, 1999 at 17:01:09:

Mike: As an experieced insurance adjuster, I have seen things like this happen before. What I suggest you do is contact the owner/principal of the agency and politely ask them what they are going to do. They have errors and ommissions insurance, and this is exactly what this type of insurance is for. If they fail to recognize the situation at it is, advise them that they will be hearing from your attorney. This is not a situation that will go away. Good Luck.

Umbrella liability - Posted by Bud Branstetter

Posted by Bud Branstetter on January 26, 1999 at 13:34:15:

You will have to read your liability policy to see what it does cover. I’ve had the same problem of response by the insurance company. I will fax them something and ask for a written response. I will still have to call to get a written response. The responsibility for this snafu will be fought out between the lawyers and insurance company if you don’t have any other coverage.

An unbrella liability policy would cover you and your properties no matter what you owned or had listed on fire and EC. You can have one for your personal holdings as well as one for the entity your doing business as. Jim Piper may have some problems if he has each one as a separate LLC.