by cdkent48 » Mon Aug 11, 2014 02:48 am
My insurance company is holding through depreciation substantial monies until repairs are complete. They are not renewing my business policy. Will I still be able to collect those monies even though I will not have a current policy with them?
Posted: Mon Aug 11, 2014 12:33 pm Post Subject:
Yes, as long as the terms of the policy are met. Most policies limit the amount of time you have to complete the repairs in order to collect Replacement Cost.
Posted: Mon Aug 11, 2014 08:46 pm Post Subject:
As tcope said, YES. Despite a cancellation by the insurance company or a termination by the insured, a claim that occurred during the period of coverage remains payable according to the terms of the contract which were in effect at the time of a covered loss.
And, yes, generally any repairs required to obtain recoverable depreciation must be completed within 180 days unless there are extenuating circumstances -- such as weather conditions (try building in northern Alaska between October and April, for example), the inavailability of building materials (which can occur following a large natural disaster) or certain local regulatory issues.
Unfortunately, insurance companies don't often have a compassionate attitude if you run up against an inability to obtain a building permit or sign-off from the local building official, but if that is happening, you need to communicate the issue to them to document the fact that you are not the one stalling the repair process and to ask for a time extension.
Posted: Thu Aug 14, 2014 10:29 am Post Subject:
It depends on the norms of the company business policy. Check documents of your policy, then apply for the same.
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