Park Home Insurance Claim

Pricer1

Hi,

I am working through a claim where a Park Home was completely destroyed in a fire, unfortunately the occupant also in the fire. A claim has been opened with the insurance company, and they have appointed a loss assessor. We've had an initial meeting (site visit) and are starting to pull together some independent views on cost to replace with a new unit (manufacture, transport, install and connect), and approximate market value had the property not been destroyed in the fire. I am also working through a contents claim as a lot of the items in the house were also destroyed.

Assuming that the insurance company will always look to settle for the lowest cost to them, it appears it would be cheaper for them to install a new unit at the park home site.  The insurance company and loss assessor have been supportive so far, but I am conscious they will bellowing for the lowest possible cost to them.

Does anyone above any prior experience of this, and what to expect? Debating whether to look at appointing a loss assessor to work it from the claimant side as this is a scenario that I've never come across before.

Any views appreciated

Sandtree

What is your role in this?

Was it a personal policy on the unit or a commercial policy?

Their loss adjustor will effectively project manage the case, assuming they have sufficient delegated authority from the insurer. Depending on the nature of the adjustor's organisation they may have a long list of preferred suppliers and will instruct them to deal with particular matters (eg deciding what content can be repaired/cleaned and what's a total loss) or they may request the policyholder to provide estimates and lists if they dont have suppliers.

You can appoint a loss assessor  to work for the policyholder to try and present the claim in the best light, just make sure you know the basis of their fees. If they are worth it or not is very difficult to judge as some will successfully argue much larger settlements meaning your net better off, others may add little financial value but it may give you some comfort having a "pro" working for you so saving you time and stress even if not money.

Pricer1

Many thanks for taking the time to reply.

I am the executor of the estate, it was a personal policy on the unit. The loss adjuster has sent on a sheet to list the contents that are damaged. I've been working through the policy schedule and the policy document to ascertain what is/isn't covered in terms of the house claim and the contents claim. I feel that I have a fairly good grasp of that so think it will be more down to the numbers rather than what is/isn't included. The unknown for me is if the insurance company would give an option of either a cash settlement or a new unit. Selling a new unit could result in a bigger value to the estate, but I don't know that for certain.

Re the loss assessor, have read up on a few and am wary of those that state 'no fees' - I'm assuming they would have some recovery but conscious that some of that isn't explicitly stated. Right now I'm not sure I want to go down that route but am wondering that if it would be too late to get an assessor involved once an initial settlement offer has been presented.

Sandtree

It will depend if they have a preferred supplier and what the policy states about the basis of settlement. 

As a rule of thumb if they can replace it they will do so however you can demand a cash settlement but that will be based on their preferred suppliers discounted price. If they dont have a preferred supplier then it will be a cash settlement however it can be that the settlement is made net of VAT and the VAT only refunded upon presentation of an invoice for the replacement.