Case with FSPO against FBD

Agasierpinska

Hi all
Has anyone raised a complaint with FSPO against FBD ( commercial damage?)?
How long would be standard for FSPO to start investigate or arrange meditation?
I have a complaint that I have been trying to sort with a insurance company FBD ( business interruption ) for last 3 years .
I ve been trough their formal complaint procedure, I m currently waiting for the final letter form FBD .

L1011

Moved to Banking Insurance and Pensions

Jim2007

Agasierpinska wrote: »

Hi all
Has anyone raised a complaint with FSPO against FBD ( commercial damage?)?
How long would be standard for FSPO to start investigate or arrange meditation?
I have a complaint that I have been trying to sort with a insurance company FBD ( business interruption ) for last 3 years .
I ve been trough their formal complaint procedure, I m currently waiting for the final letter form FBD .
I really hope that finally FBD will pay me for uninsured losses

You want to make a complaint because an insurance company will not pay you for losses, you know not to be insured....

How does that work? If the losses are not even covered by a policy it is going to be difficult to get them to even look ar it.

Eggs For Dinner

When you get your final response letter from FBD, you can refer your situation to the FSPO (providing the turnover of your business is under €3m). There are various stages including informal discussion with insurers all the way to formal adjudication. They are fairly swamped at the moment with all the Covid related business interruption claims. Minimum I would suggest is 6 months.

Looking at your other thread, can you outline the circumstances?

Agasierpinska

Eggs For Dinner wrote: »

When you get your final response letter from FBD, you can refer your situation to the FSPO (providing the turnover of your business is under €3m). There are various stages including informal discussion with insurers all the way to formal adjudication. They are fairly swamped at the moment with all the Covid related business interruption claims. Minimum I would suggest is 6 months.

Looking at your other thread, can you outline the circumstances?

Thank you for your post
I have all requested docs except final letter .

Eggs For Dinner

Agasierpinska wrote: »

Thank you for your post
I have all requested docs except final letter .

The Ombudsman will not open a file without the final response from insurers. What are the circumstances of your claim? Business Interruption is one of the most complex covers

Agasierpinska

Eggs For Dinner wrote: »

The Ombudsman will not open a file without the final response from insurers. What are the circumstances of your claim? Business Interruption is one of the most complex covers

I m expecting the final letter in 10 days from FBD
I was forced to leave the building due to wall damaged ( building was classified as a dangerous).I lost everything in one day.
The Ombudsman is my last hope for any kind of justice in this matter .

Eggs For Dinner

I appreciate you don't want to divulge too many details, so I can only advise in broad terms.
'
If your wall was damaged by an 'insured peril', such as fire, storm, impact etc. and you were forced to vacate, you would have good reason to claim business interruption for your increased cost of trading (alternative location, reduced turnover and the like)

If you had to vacate for something like structural defect, wear and tear or similar, I doubt you will succeed. The general rule of thumb is that if the physical damage was caused by an event you were insured for, business interruption cover should kick in for additional cost of trading or lost profit.

Hopefully this helps

Agasierpinska

Eggs For Dinner wrote: »

I appreciate you don't want to divulge too many details, so I can only advise in broad terms.
'
If your wall was damaged by an 'insured peril', such as fire, storm, impact etc. and you were forced to vacate, you would have good reason to claim business interruption for your increased cost of trading (alternative location, reduced turnover and the like)

If you had to vacate for something like structural defect, wear and tear or similar, I doubt you will succeed. The general rule of thumb is that if the physical damage was caused by an event you were insured for, business interruption cover should kick in for additional cost of trading or lost profit.

Hopefully this helps

I m a fully aware that , It’s complex case and nobody is taking any responsibility so far .
But the fact that I was left with no income , no place to trade , no staff and outstanding bills cost me lots of stress and sleepless nights.
The High Court might be the only solution in this matter

Jim2007

Agasierpinska wrote: »

I m a fully aware that , It’s complex case and nobody is taking any responsibility so far .
But the fact that I was left with no income , no place to trade , no staff and outstanding bills cost me lots of stress and sleepless nights.
The High Court might be the only solution in this matter

Well speaking about facts.... from your original post:

I really hope that finally FBD will pay me for uninsured losses

Can you confirm that you did in fact have a policy with FBD that covered the loss of income in these circumstances.

Otherwise, this thread is going no where.

Eggs For Dinner

Not disputing the huge effect on your business, but success will be dependent on an "insured peril" causing the physical damage in the first place. Did insurers compensate you for the damage itself?

Agasierpinska

Eggs For Dinner wrote: »

Not disputing the huge effect on your business, but success will be dependent on an "insured peril" causing the physical damage in the first place. Did insurers compensate you for the damage itself?

As I mentioned before I didn’t get any compensation from insurers, landlords, and anyone involved with the accident.
I paid for premium policy ( whatever that means ) .
I hired 2 different loss assessors so far and they couldn’t help me .
If FSPO ll advised me to brig the case to High Court and meet all of them there , I certainly do that.

Agasierpinska

Jim2007 wrote: »

Well speaking about facts.... from your original post:



Can you confirm that you did in fact have a policy with FBD that covered the loss of income in these circumstances.

Otherwise, this thread is going no where.

Propety damage
- buildings
Trade contest
- stock
- money
2. Buisness interrupted
Etc

Jim2007

Agasierpinska wrote: »

Propety damage
- buildings
Trade contest
- stock
- money
2. Buisness interrupted
Etc

That was not the question I asked, but this says it all:

As I mentioned before I didn’t get any compensation from insurers, landlords, and anyone involved with the accident.
I paid for premium policy ( whatever that means ) .
I hired 2 different loss assessors so far and they couldn’t help me .
If FSPO ll advised me to brig the case to High Court and meet all of them there , I certainly do that.

So at this stage, you either start to take this seriously and stop wasting people's time or I close the thread as it has ran it's life.

Eggs For Dinner

You're saying "accident" but won't clarify the specifics. If you weren't paid for the property damage, you won't get paid for business interruption

Agasierpinska

Eggs For Dinner wrote: »

You're saying "accident" but won't clarify the specifics. If you weren't paid for the property damage, you won't get paid for business interruption

From 2013 until 5th of December 2017 I rent a cafe space in big warehouse.
In the same place was also located organic shop ( at the entrance )
Place was quite busy ( specially during weekends / food markets and different events )
On 5 th Of December 2017 I got a phone call from the Manager of that place with with an order for immediate evacuation.
The working construction company next door accidentally hit the back the wall of the building and the cafe wall has started crumbling.
In next few days the owner of the building had provide us with engineers report to confirmed that “ the building is classified as a dangerous “
I never had opportunity to fix anything or even tried to do so .
I ve been waiting almost 3 months for any kind updates or news regarding this situation.
Never back there .

I was forced to move away all equipment and stock.
I wasted stock at least for 6.000€ ( most busy period for us / Christmas markets )
The builders assured that the wall had been repaired, and the owner kept repeating that the building was not fit for use.
I thought my policy is covering this kind of accidents .I can send you more details regarding what areas my policy was covering.

Akesh

Agasierpinska wrote: »

From 2013 until 5th of December 2017 I rent a cafe space in big warehouse.
In the same place was also located organic shop ( at the entrance )
Place was quite busy ( specially during weekends / food markets and different events )
On 5 th Of December 2017 I got a phone call from the Manager of that place with with an order for immediate evacuation.
The working construction company next door accidentally hit the back the wall of the building and the cafe wall has started crumbling.
In next few days the owner of the building had provide us with engineers report to confirmed that “ the building is classified as a dangerous “
I never had opportunity to fix anything or even tried to do so .
I ve been waiting almost 3 months for any kind updates or news regarding this situation.
Never back there .

I was forced to move away all equipment and stock.
I wasted stock at least for 6.000€ ( most busy period for us / Christmas markets )
The builders assured that the wall had been repaired, and the owner kept repeating that the building was not fit for use.
I thought my policy is covering this kind of accidents .I can send you more details regarding what areas my policy was covering.

1) Did the landlord provide any evidence the wall was repaired/fixed and what is the unit being used for now? If the landlord is disputing the repair work done then that would be a separate issue to your loss of income. At what point did your landlord serve you notice?

2) I assume you're claiming for loss of income and for the stock? Did you have income protection insurance? Did you have the stock insured? On what basis was your initial claim rejected?

Also, what did the loss assessors say to you? Considering they couldn't help you I'm assuming they have provided you with a reason and reviewed your policies?

If your policy isn't covering the above have you any reason to believe why you should have been covered for the above claims?

Eggs For Dinner

Your right of action would appear to be against the construction company who caused the damage by their apparent negligence. I don't see how your policy comes in to play. If your insurers have refused the claim and the Ombudsman cannot help, along with 2 loss assessors you have appointed, I don't think a trip to the courts is wise, unless a solicitor does it on a no win, no fee basis

Jim2007

Agasierpinska wrote: »

I thought my policy is covering this kind of accidents .I can send you more details regarding what areas my policy was covering.

Insurance policies are very exacting documents, for a good reason... It does not matter what other areas your policy covers, if does not cover this specific area then it is just going to get thrown out. It is the easier defence in the world if all the insurance company has to do is present a copy of the policy showing it's not covered and the discussion will end there.

You may have some action against the other parties involved, assuming they still have assets/insurance to cover a claim. You need to get proper legal advice and you need to move quickly because the longer you leave it the less likely you'll have a successful outcome.

PatrickSmithUS

Has anyone been sent out a new policy for 2021 yet?


I'm presuming that FBD will be amending all terms and conditions and charging for the addition of pandemic cover in future?

Eggs For Dinner

PatrickSmithUS wrote: »

Has anyone been sent out a new policy for 2021 yet?


I'm presuming that FBD will be amending all terms and conditions and charging for the addition of pandemic cover in future?

Most insurers are fine tuning their wording to fully exclude pandemic cover. It was (rightly) never the intention of insurers to pick up the tab for such a devistating pandemic, but some left the back door open, so as to speak, with their policy wording