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Wednesday, 27 October, 2010

Another Success!

Great news this morning from Des O'Sullivan who runs our operation in the West & North West......

An Accountant, insured under an office policy, was using a nearby building to store files. The building was flooded and the files were destroyed.

For the last 11 months the Underwriter refused to pay on the basis that the building "was not in use". They did not have a leg to stand on and their Adjusters agreed with us.

Unfortunately, we had to appoint a solicitor and this morning we got the good news that the claim will be paid in full and the Underwriter will now have the additional cost of legal fees.

At Owens McCarthy we have also taken the view that if a claim is not covered, you tell the Customer/Broker at the earliest convenience and do not waste everybody's time pursuing same. However, if the claim is covered, then we will fight it to the bitter end.

Regulation will not tackle the lack of professionalism apparent in some organisations. In the case of the Accountant's claim - that young Claims Handler has cost their company an extra 1,200.00 euro to deal with the legal fees, and where will that money be found?

By increasing premiums!