Item Recovered After Insurance Claim

[Deleted User]

InsideInsurance wrote: »

Do you have a link to an online version of the terms?

It's the travel insurance offered with the Amex Platinum card - https://www.americanexpress.com/uk/content/pdf/card-products/platinum-charge-card/UK_Platinum_Charge_Insurance_Documentation_v1_0.pdf

I'll reply to AXA's email, highlighting my concerns and if I have no luck I might complain to Amex, rather than directly with AXA.

[Deleted User]

Thought I might post an update - no change!

I replied to the insurance company on 03 March, reiterating my request for clarification of the terms they were replying on to request repayment of the settlement. I've not heard anything back so I guess there are three possibilities: (i) they've not gotten around to reading my email yet; (ii) they've received it and decided not to bother chasing due to my not rolling over for them; or (iii) they've sent a letter through the post to make it appear more 'official' than their previous email.

Will update when something changes.

bbk87

I'm not sure how you think the insurers are in the wrong here?

You lost your phone and replaced it. The policy had a limit of £500, which the insurers paid out on - it isn't their fault you were 'down £120', you probably should have checked that the policy was adequate, however the insurers have done their bit in paying out in full as required by the policy.

Your phone has been found, and belongs to the insurers, as they basically 'bought it off you' if you think of it that way. You would have the option of buying it back, at a cost, or sending it to them so they can salvage the parts from it. Some insurers will require you pay back the settlement amount, as now the phone isn't lost anymore.

dacouch

bbk87 wrote: »

I'm not sure how you think the insurers are in the wrong here?

You lost your phone and replaced it. The policy had a limit of £500, which the insurers paid out on - it isn't their fault you were 'down £120', you probably should have checked that the policy was adequate, however the insurers have done their bit in paying out in full as required by the policy.

Your phone has been found, and belongs to the insurers, as they basically 'bought it off you' if you think of it that way. You would have the option of buying it back, at a cost, or sending it to them so they can salvage the parts from it. Some insurers will require you pay back the settlement amount, as now the phone isn't lost anymore.

Have you read the thread?

rs65

bbk87 wrote: »

Some insurers will require you pay back the settlement amount, as now the phone isn't lost anymore.

Which ones?

dacouch

rs65 wrote: »

Which ones?

Can you imagine if they did this with car insurance write offs.

Insurer : We've written off your car, here is a cheque for £9k which is net of your £250 excess and the £750 remaining on your policy.

Customer : Great I'll go and buy a new car for £10k after throwing in £1k of my own money.

Two months later.

Insurer : The police have recovered your stolen car and under the terms of the policy this will be returned to you and you need to give us the £9k back.

Customer : I have a new car now so don't want it back, besides how can I raise £9k?

Insurer : Tough that's your problem, you'll have to sell the replacement car to raise us the money.

Customer : But it will have an extra own now so I'll end up selling it for less than the £10k I paid for it and will be without a car while I wait for you to process the money and deliver my old car back.

Insurer : Tough that's not our problem, you probably should have checked that the policy was adequate.

sheramber

bbk87 wrote: »

I'm not sure how you think the insurers are in the wrong here?

You lost your phone and replaced it. The policy had a limit of £500, which the insurers paid out on - it isn't their fault you were 'down £120', you probably should have checked that the policy was adequate, however the insurers have done their bit in paying out in full as required by the policy.

Your phone has been found, and belongs to the insurers, as they basically 'bought it off you' if you think of it that way. You would have the option of buying it back, at a cost, or sending it to them so they can salvage the parts from it. Some insurers will require you pay back the settlement amount, as now the phone isn't lost anymore.

But that is not what is happening. Read the first post again.

pvt

I agree with everyone else who has said the old phone is now the property of the insurer, and the OP shouldn't have to pay anything back.

I presume the OP made honest statements when they filed their claim. It was for the insurer to say "we need to wait 30 days to see if it is handed in as lost property". If they didn't, and met the claim, then the matter is closed, in essence the old phone has been bought off the OP by the insurer.

[Deleted User]

Just in case anyone finds themselves in a similar position in future - after a couple of weeks the insurance company send me another email apologising for the 'incorrect' information I was given and asking me to send in the recovered phone. Call me a cynic but I doubt this 'mistake' would have been noticed if I'd capitulated and paid up straight away!

Thanks to all contributed their advice.

InsideInsurance

Lazyloki wrote: »

Call me a cynic but I doubt this 'mistake' would have been noticed if I'd capitulated and paid up straight away!

Thanks to all contributed their advice.

I dont think its a case of being cynical as much as realistic. Case handlers for this level of claim can easily have 1,000 claims to their name. Whilst each payment over £X put in my a case handler is reviewed by someone else (In my day handlers had a £99 self auth limit and seniors £500 and a few others £1,000)

Outside of that its only random samples of cases that are reviewed (or a few actions that may breach business rules like allowing NCD to be retained when full recovery hasnt been made).

Recovery of stolen/ lost items outside of Motor are fairly rare. Its unlikely it'll trigger a manager review unless there is a complaint. Chances of a random sample picking up the handler has forgotten/is wrong on how they should be dealt with is fairly slim.