What is the definition of 'loss' in property insurance?

orion256

Hi,
I'm looking to claim on my house insurance for a lost but specified policy item. The item has been misplaced in the house and I can now say that it won't be found after 2 months searching. The policy stated that the loss or damage must be reported to gardai within 24 hours of discovering it. I've reported the loss to the gardai and insurance company after the massive searching, but the insurance company says it won't compensate since the loss wasn't reported when first noticed missing 2 months ago.

My question is what is the specific insurance industry definition of loss (google wasn't a help), or is there one? Is there a legal definition of 'loss' and 'lost'? Is the item 'lost' after making a full and thorough search thus knowing it won't be found, or is it 'lost' after first noticing that it wasn't where I left it?

Has anyone else had to go through similar hoops?

Thanks.

peteb2

Was there a definition in your policy wording? I'd start there.

You could argue that tomorrow would be 24 hours after the loss if you looked for it for 2 months and realised today that it was TRULY lost.

orion256

Hi peteb2,

there's no glossary of terms or list of definitions covering the definition of loss in the policy, or on the insurer's website. You hit on the argument I would be making, that I could only know it was truly lost after the search.

The policy wording used is that a report should be made within 24 hours of the discovery of the loss or damage -- so my argument would be it was misplaced with the hopes of finding it in a known space (the house) and only known as truly lost after the search. Walking a fine line, but a costly one.

Thanks.

LostArt

Orion, you need to be a bit more pushy with your insurer. It's quite common for insurers to follow this line at first.
Follow their complaints procedure if necessary.

LostArt

LostArt wrote: »

Orion, you need to be a bit more pushy with your insurer. It's quite common for insurers to follow this line at first.
Follow their complaints procedure if necessary.

+1

I'd say you'll get it out of them yet as it is a genuine claim...

orion256

Thanks LostArt and KaG. We're preparing a good pushy letter for them and will keep at it all the way.

orion256

orion256 wrote: »

Thanks LostArt and KaG. We're preparing a good pushy letter for them and will keep at it all the way.

Did you go through a broker or direct?

orion256

It was direct.

orion256

orion256 wrote: »

It was direct.

Grand I was going to suggest asking your broker to help out.

Send the letter in as a complaint outlying your concerns that it was only recently that you could confirm that the item was actually lost/stolen. If you knew it was stolen it's a different story and you'd have to report it to the Gardai to make a valid claim. I'd point out that if every person was to call when they thought they had lost/misplaced an item initially that they'd need to double the amount of people needed in their claim call centres.

orion256

Deleted User wrote: »

Grand I was going to suggest asking your broker to help out.

Send the letter in as a complaint outlying your concerns that it was only recently that you could confirm that the item was actually lost/stolen. If you knew it was stolen it's a different story and you'd have to report it to the Gardai to make a valid claim. I'd point out that if every person was to call when they thought they had lost/misplaced an item initially that they'd need to double the amount of people needed in their claim call centres.

Thanks for that.

oldyouth

It is usually described as 'on discovery of an incident which may give rise to a claim'. For this incident, you shouldn't restrict yourself to looking at the Cover section of the policy, you need to examine the Claims Procedure section, as that will define the timeframe to make a claim