Insurer being awkward about claim

Bath_cube

My policy states new for old. I have been advised in a private message to contact the ombudsman. I'm told most insurers try to get you to settle for much less and that you must reason with them.

paddyandstumpy

You've been asked several times and by several people - do you have a single item limit and did you specify anything above that?
If you didn't, all the insurer is liable for is the maximum of the single item limit for anything valuable that's worth more than that.

As much as you keep complaining you aren't being settled at a high enough level, if you didn't insure at a high enough level to begin with that's not the insurers fault.
Frivolous complaints to the Ombudsman (especially if you haven't exhausted the insurers complaints procedure and received a final response letter) won't get you very far.

boutrosboutrosghali

Coming to this late - but I have some advice:

Your policy booklet will have wording in it along the lines of 'Should your claim be successful, we will only settle at the amount it would cost us to replace.' This is why the cash settlement figures are a lot lower - insurers get large discounts with their jewellery partners.

Have a look at your policy schedule. If you have specified items they will have a value next to them; a value you would have advised your insurer. It is up to you to update this value as appropriate and it is not the insurers fault if you have not done this.

Hypothetical situation:
The contract (policy schedule) states, say, £3000 for a specified ring (because you specified it at that amount) and you put this on the policy 10 years ago. The ring is stolen, and the insurer's jeweller values the ring at £6000 - but guess what? Because you specified it at £3000, that is what you will get - that is the agreed upon limit as per your contract.

Finally, for items of jewellery you have not specified on the policy, these will, very likely, fall under the 'High Risk' section of the policy under the contents section. High risk items have their own item limit (probably £1500) and sum insured limit. Again, this is the contracted amount you have agreed to when taking out the policy.

This must have been a very distressing experience for you and I sympathise a great deal. I do think however, that you have come here wanting validation for your belief that 'new for old' means that you get reimbursement for the true value of your stolen items, when the contract with your insurer clearly states that this is not the case. You are getting new for old, at the valuation you agreed to on your policy.

FutureGirl

Bath cube you haven't given enough information. Several people have asked you what your single article limit is, and you've not provided that information. If you don't know that info, then tell us who you're insured with and we can then tell you what your limit is.

Also, don't forget as I previously mentioned that the onus is on you to evident your claim. Therefore if you have, for example, a 22ct gold ring, and no paperwork saying it's 22ct gold, then the insurer will value it based on a 9ct gold ring - the same with diamonds etc. From experience the Ombudsman usually side with the insurer on that one.

Bath_cube

Me and my husband have decided to opt for the cash settlement. If I accepted vouchers or a card I would have received around thirty percent more to replace my jewellery but would have been limited to one store which was leslie davies. My insurer informed me that if a settlement is under five thousand pounds they give the option of cash or vouchers. If my settlement had been over five thousand pounds then vouchers or a lmg gem card would have been my only option. I have selected a ring from f hinds but it requires sizing which won't cost extra as I'm paying over one two thousand pounds. Our insurer will be paying the amount by BACS into my husbands account as he pays the monthly premium to them by direct debit. A nice guy who works at the loss adjustors claim services on behalf of our insurer did say if I felt I had been misled or felt they didn't stick to the agreed policy I have the right to make a formal complaint to the ombudsman service. I was informed that I have six months less one day from when my insurer made the payment to us.

Bath_cube

I was told it was a limit of three thousand per valuable item unless I wanted it increased at the cost of a extra £25 per annum. My argument is I was never advised of this in the six years with our insurer.

paddyandstumpy

Have you not had a policy book in the last 6 years then?

Or more likely... you haven't read the policy book provided in the last 6 years?

Blibble

All's well that end's well, I suppose.

Bath_cube

I'm still having problems with my insurer. I have not received my settlement payout and I telephoned them last week to ask why. I was told that they didn't know my account details which is nonsense as I pay by monthly direct debit. I gave them my account details again and they said they would pay the amount by BACS into my bank account and this would take three to five working days. I called them last Tuesday and when I contacted my bank this morning they still have not paid the agreed amount. Can an insurer take as long as they want when paying a agreed settlement?.

Pollycat

I don't know if there's a prescribed time period by which they have to pay out on a claim after it's been agreed but I think they are certainly giving you the runaround IF the 5 working days have passed by close of business yesterday (you don't say when you rang them).