Car Insurance (limited company)?

bomb_harris

Hi

I recently crashed in to a fence that is owned by a limited comopany that I own 50% of the shares in.

The insurance company state that they will not pay for the damage as I'm the co-owner of the company.

I though limited companies are separate legal entities... is the insurance company correct to refuse my claim?

Thanks!!!

DE_612183

Are you blaming the fence for the accident?

Joking aside are you claiming for the company?

Baldytyke88

I am surprised the insurance company knows who owns the fence. It must be an expensive repair, if you are willing to forgo for no claims bonus and excess?

cw8825

they are correct.
in essence you would be suing yourself, which is not possible.


for the damage to the fence you would need to claim on the property insurance 
for the damage to the car it would be the motor insurance

Ectophile

A company is a separate legal entity to a person.  Get the company to send a Letter Before Action to you demanding that you pay for the repairs to the fence.  You can then send that on to the insurance company to deal with.

Arunmor

I'm not surprised.  Look at it from their point of view, it is open to fraud.

DullGreyGuy

Who is the insurer?
Are you just a shareholder or also a director/employee?

Ultimately you have to read the policy wording and see what exclusions there are under the liability section, there are normally very few. 

A Limited company is an entity in its own right, if it owns the property then you are not suing yourself and so in principle should be able to claim. A number of policies however do have an exclusion for property "you are responsible for" or "in your care" which may be debatable if those are triggered. 

There are plenty more worse cases, husbands suing wives after they have an accident whilst they were a passenger and claiming for whiplash etc and insurers pay out on that

bomb_harris

Thanks everyone.. Basically I left my handbrake only slightly on and 15 minutes after I got out the car it rolled down the hill and smashed through a fence belonging to the business. They have paid out on the car repairs but a refusing the fence (its quite a bit of damage with concrete posts smashed etc.).

I sort of understand the potential fraud, but they paid out on the car (and it's all on CCTV). Even if the fence is 'mine', it does seem strange they cover me, my car, third party property, but not 'my' property!

So I guess I could claim on business asset insurance then tell them to claim from my car insurance?

Good point DullGreyGuy re. wording.

I am listed as a Director and a shareholder.

Their initial communications were great and quick, but since I asked them to show me where it states the fence isn't covered in their policy wording, they now refuse to answer my emails, hence the question to you knowledgeable lot...