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INSURANCE PAYMENT - condition

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  • 12-03-2008 10:31am
    #1
    Hmm_Messiah
    Registered Users Posts: 1,964 ✭✭✭


    Hello

    I'm posting here because it refers to a post last year about water damage to my apartment and the effort in claiming on the insurance. Thats to the boardser who suggested a loss adjustor,

    Anyways many months later and we've agreed a figure with the insurance co . But I find it strange that they want me to agree that they can retain 4000 until I produce both vat invoices for the work, and proof of payment !

    can I ask?
    does I have to agree to this ?
    Is the amount not excessive - its about 40% of the claim?
    I don't like the suggestion of my dishonesty, the agreed amount is considerable less than the original claim, and this just suggests to me they are saying we overstated it - which I din't?
    I wonder can they really insist I pay from my own money first for work they are admitting responsibility for ?
    I have to pay the assessor a % of the funds, should I go to the expense of getting a solicitor to look over ?

    I'd appreciate any suggestions, including if there is a better place to post this. I am in the middle of exam prep and don't want to regret a hasty decision

    many thanks


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    #2
    Jo King
    Banned (with Prison Access) Posts: 2,139 ✭✭✭Jo King


    It is impossible to comment without seeing the insurance policy and any agreement which may have been made between the assessor and the adjuster. The same thing happened to me once in a claim. The retention was only about 10 per cent. I have heard of a guy who got a receipt from a builder before he started the work so got all the money drawn down in advance. He used a different builder for the repairs when it started.
    Some insurance companies are easier to deal with than others. Get on to your management company to change insurer.


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