Time frame for claim resolution/block insurance

filthymcnasty

Hi All

I had a leak in my apartment in late November. A loss assessor came out and a payment was agreed. Since then I have received no payment. I understand these things take a while.

As the block insurance is handled by a property management company I have no visibility of who the insurer is or of the policy number.

Numerous calls/emails to the assesor and property management company tell me it is with the insurer and they are reluctant to tell who this is. I feel I am been fobbed off when I enquire.
As of today I still have not received payment. I paid for the repairs on credit card and am now in debt from this.

My questions are is over 4 months a normal time to be still awaiting payment for an agreed claim, also are property management companies obliged to inform home-owners of insurer details.

any help appreciated, my next steps will probably be to the Ombudsman.

pauld

Hi, you should look at the Consumer Protection Code on the Central Bank website. In treating customers fairly, it would be reasonable for an Insurer to issue payment within 10 business days of the settlement amount being agreed by both parties. In your case you seem to suggest that the loss adjuster, who I assume was appointed by the Insurer, agreed a payment amount with you, Did they equivocate the payment amount with the proviso that the payment was subject to the agreement of the Insurer.

If the loss adjuster is refusing to provide you with the Insurer details along with claim number, I would suggest you contact them and advise that you are making a complaint to the Central Bank with regard to their treatment of you. All loss adjusting firms are authroised by the Central Bank, they will not want any hassle.

ravima

Once the insurer agrees the claim, you should have cheque within 10 days. There can be a disagreement as to whether this is 10 calender days or 10 working days from date of agreement.

pow wow

When you say it's been agreed how do you know that when you don't know who the insurer is?

Claims payments on a block policy may well go to the management company who are in turn supposed to forward the money to you. If they already have the settlement this may explain their reluctance to disclose who the insurer is. If you are paying for insurance as part of your management fees you're entitled to see a copy of the certificate/policy which will tell you who the insurer is.

I had a claim on a block policy for flooding a few years ago and it took months to get the money from insurer. In the end the management company gave me the money upfront and just cashed the insurer's cheque and kept it when they received it from the company.

oldyouth

What Pow Wow said. Some Management Co. you have there if they won't give you the name of the Insurance Company they have your property insured with.

Bottom line is that, if the Apt Block is insured in the name of the Management Co., then claim settlements are made in the name of the Management Co. It may be that the claim is settled and your issue is not with the insurer.

filthymcnasty

thanks for the replies.

The story is the loss assessor approved the claim and sent info to insurance broker.
Broker got on to Insurer who issued a cheque in name of builder :eek:.
Sent this to broker.
Broker returned it to insurer and asked it to be re-issued in name of property development company, whose name is on the policy.
When property mangement company receive this they issue it to me, the claimant.

So a long paper trail with many different parties involved. Regardless it has been a very slow process imo.
Thanks for the info about the insurance claimant code of conduct- i wasnt aware of it but I highlighted it and it seems to have speeded things up. Heres hoping to getting me cheque by Xmas 2011!