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Insurance have made a mistake...what should we expect?
Comments
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That is correct.I think magpiecottage is suggesting that the FOS would see the contract of insurance as existing to provide the full replacement cost cover that the OP thought he had from the start and paid for during the life of the policy, and that they would require the insurer to pay £2000 rather than £289.0 -
But it's not an agreed value policy - it's a specified item. The sum insured is 2200 - but the actual settlement will be based on the like for like replacement cost.
Or are you suggesting if someone insures their TV for 10000 even if it's worth 1000 they should reciever the full 10000 in the event of a total loss?0 -
No.I think magpiecottage is suggesting that the FOS would see the contract of insurance as existing to provide the full replacement cost cover that the OP thought he had from the start and paid for during the life of the policy, and that they would require the insurer to pay £2000 rather than £289.
Such a wheeze obviously won't work.
If it did it would be a Martin's top tip of the month and get him a badge!0
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