Re: quick Insurance Question

Ste wrote:
On 9 Feb, 09:01, "kat" <kat.n...@xxxxxxxxxxxx> wrote:
Ste said:





On 8 Feb, 19:21, "Peter Crosland" <g6...@xxxxxxxxxxx> wrote:
Been dealing with Zurich over a claim since May 2007, there total
offer is £2650 in repect of a flood from a water tower in the
ceiling .
We are arguing over a one point, I have what in real terms is a
worthless 46" Rear projection TV, I took out a long warranty with
it and recently had new bulbs fitted (before the accident), I
bought this specifically for the sound of the TV.
I have asked for more than there offer of £200 on compensation, I
want £650 to replace it, they have come back with prices on ebay (
not completed listings) and say im having a laugh basically, they
have not come back with the same model and the cost of transporting
such a TV is quite high, we are on the 100Kgs + two man job
There policy is to put me in the position I was before the
accident, for me I want the full value I paid for the TV
Shall I carry on arguing or take the offer that has been made for
some time now ?
Unless the policy is one that allows the value to be the replacement
cost then the offer is generous. As you say it is essentially
worthless £200 sounds like a good deal.
Peter Crosland
I would say your advice would only apply if the policy is one that
explicitly does not allow the replacement cost. It is inherent in the
definition of the word "insurance" that the payout should be the
replacement cost, and if a policy of "insurance" did not pay the
replacement cost, then I would expect this to be written in bold red
lettering on the cover of the policy document.
Some policies specifically mention replacement as new - so wreck and old tv,
get a new one.

But no insurance police can do more than try to put you in the same position
because replacement isn't always possible. You make set fire to the
sofa - you'll get the cost of another sofa of the same quality and age, but
that doesn't mean you'll find the same style colour and age to replace it
with. Even with a new for old policy that might not be possible. The
Insured also has a duty to minimse his losses. That doesn't mean accepting
inferior replacements, but it does mean he should be looking at suitable
alternatives.

I don't know where he gets the £650 from. There seems to be an implication
that he wants to buy a brand new one, but I could be wrong. Unless he has a
policy covering that, he isn't entitled to it.

Of course he will have to justify any figure that he demands. But it's
quite possible that, when you factor in the cost and hassle of getting
an old projection telly from one place to another, not to mention the
risk of hernia, it probably does approach the cost of buying a new
modern television outright.

Fundamentally, you are looking for a figure that puts you back in the
position you were before the loss. That does not mean exactly the same
position, it means substantially the same position with regard to all
the relevant factors.

Repairing a tv suffering water damage will NEVER give a satisfactory guarentee for its future operation so you will not find a decent service engineer who will touch it.
.

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