Insurance - Will They Pay.

[Tornado]

? anyone know?

[The_Moog]

Depends on the wording of the Policy.

If 'Act of God' is on there, then rest assured, a trip to Court will be necessary to get the Insurance Company to pay.

Building Insurance for the World Trade Centre is still going through Appeals - Insurers don't want to pay out.

[meom]

Depends on the wording of the Policy.

If 'Act of God' is on there, then rest assured, a trip to Court will be necessary to get the Insurance Company to pay.

Interesting discussion since the insurance company would have to prove there is a God in order for it to be an "Act of God"

[Digger]

Depends on the wording of the Policy.

If 'Act of God' is on there, then rest assured, a trip to Court will be necessary to get the Insurance Company to pay.

Building Insurance for the World Trade Centre is still going through Appeals - Insurers don't want to pay out.

<{POST_SNAPBACK}>

If I am not mistaken the issue revolves around the fact that the owners claim that two attacks took place and want to claim twice the cost of the insured value wheras the insurers argue it was one attack they want to pay out one times the value of the insured. In many countries, the insurance policies are written in such a way that the total paid by all insurance policies will not exceed the total value of the incident. i.e if you had 8 car insurance policies on one vehicle and the car was written off, you could not claim for the full value with all 8 companies, but rather those 8 companies would each pay 1/8th of the total value of the vehicle.

[lukamar]

I wondered the same thing when i heard the reinsurers estimate of damages. They said it was 13.5 Billion which seemed very low to me.

I would think that if they can show in the earthquake as the cause of the the Tsunami, they may not pay unless the insured have earthquake insurance.

My policy, in Canada, excludes, "earthwuake and earthquake related" losses unless I buy extra insurance specificly for that loss.

In my dealings with insurance companies i have found that they don't want to pay unless they have to.

I would also think that a lot of the Thai people had little if any insurance on their houses or their belongings, which is very disturbing.

[mrvietnam2001]

Will insurance pay on this?

Please, how naive can you be? Most insurers will simply leave and that will be that.

Mr Vietnam

[aqua4]

Well that depends on the wording of the policy. The usual "Act of God" and "Act of War" are included in policies, however in Life Insurance at times "Act of God" is left out. For property usually both are in.

[usatrader]

I am advised by my family there our policies have these act of god/ natural disaster and war clauses. Both I understand in the North and BKK are with differenct companies.

I assume they are universial in Thialand maybe a Thai attorney can so advice everyone?

We know the major outcomes as to the word assume is the its first three letters.

I have always assumed any losses insured will be difficult to collect any way under the best circumstances.

Likewise, as someone said bye bye and bankruptcy will probally be the screening tool of choice for those weakened in liability exposure.

Then again what do I know.

That is all!

Edited January 1, 2005 by usatrader

[taxexile]

..............Interesting discussion since the insurance company would have to prove there is a God in order for it to be an "Act of God"...........

do policies actually specify "act of god" these days or do they say something like " natural disaster"and go on to list things like flood,storm,earthquake etc.??

[meom]

..............Interesting discussion since the insurance company would have to prove there is a God in order for it to be an "Act of God"...........

do policies actually specify "act of god" these days or do they say something like " natural disaster"and go on to list things like flood,storm,earthquake etc.??

Makes more sense to call it natural disaster. Don't know really; sometimes they call it Force Majeure which is basically anything beyond control such as war, flood etc.

[kasi]

As far as auto insurance I understand Thaskin told the insurers to pay up if they want to continue doing biz in Thailand. My neighbors new truck is being covered.

[mrvietnam2001]

..............Interesting discussion since the insurance company would have to prove there is a God in order for it to be an "Act of God"...........

do policies actually specify "act of god" these days or do they say something like " natural disaster"and go on to list things like flood,storm,earthquake etc.??

<{POST_SNAPBACK}>

When you are chairman of the board of an insurance company you can call it whatever you like.

Mr Vietnam

[mrvietnam2001]

As far as auto insurance I understand Thaskin told the insurers to pay up if they want to continue doing biz in Thailand. My neighbors new truck is being covered.

<{POST_SNAPBACK}>

That's what happened after hurrican Andrew caused 25 billion in damage in Florida. Prudential, Allstate, State Farm etc all bailed. The then governor essentially issued a warning that if they bailed then they couldn't do any kind of insurance business in Fla. Well palms were greased, claims eventually were paid in some cases taking 2 years and our premiums tripled and quadrupled.

Now we had 4 in a row with one as big as Andrew. Can't wait to see what the renewal premium is next year.

So it goes

Mr Vietnam