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    • Hi guys.   Ok - so since I was last here I have set up a new basic bank account, which my salary and priority dd's will come out of from March.   Just wanted an opinion on a couple of thoughts I've had -   1) I have just agreed with my mortgage provider a 3 month covid payment holiday, which will help for the short term - however, I have an overdraft is with this bank. Am I causing a problem if I contact them now about my financial situation, or should I leave it until the holiday ends?   2) My salary has recently come down, which is a contributing factor to my plight - However, my income over the last few months will not reflect this. On my budget sheet, I have put in the new ongoing i and e.  Is my bank likely to turn down my request of freezing interest etc. on this basis? They can see what has been coming in and going out. I'm concerned they'll think I've been creative with my income sheet?! Or can I simply refer to this new situation in the pro-rata letters?   Thanks again.   A  
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    • My advice - submit the completed Tax Return first. Then worry about who owes what to whom. That's dealt with separately from the form itself. Have you checked your account with HMRC to see what they owe you (or you owe them) as of today? What's the situation?
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    • Hi @BankFodder
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I'm not sure the 5k is right, but we seem to be getting a bit bogged down in figures.

 

 

oh ok, had thought #8 they were offering 5k!

IMO

:-):rant:

 

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The loss adjuster would add the current value at risk to the amount being claimed to give the total value of property at the time of the loss.

 

Taking figures from the first post:

 

i.e. amount of property stolen £53,000 plus amount of property left valued at £35,000 giving a total value of property at the time of the loss as £88,000 (money may not be included as contents but insured under a separate section so may not come into the calculation)

 

Sum insured is £40,000 which is 45.45% of the value of the contents at the time of loss.

 

Therefore the claim would be settled as 45.45% of the amount claimed i.e. claim £53,000 X 45.45% = £24088.50 if there wasn't a limit for valuables.

 

As there is limit for valuable of £15,000 then the loss adjuster may calculate the offered settlement as £3,000 for the non valuables plus £15,000 being the limit for valuable = total £18,000 X 45.45% = £8181.00

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yes that right . We lost Items worth 60 K but the policy was only for 40 K .

 

and now the claim adjustor has sent me a value of good at home ( not stolen ) at 35 K.

 

Sorry..I could be confusing everyone.

 

So you're saying that the total value of your contents at the time of the burglary was the £60k that was stolen plus £35k that is still there?

 

HB

Illegitimi non carborundum

 

 

 

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yes that right . We lost Items worth 60 K but the policy was only for 40 K .

 

and now the claim adjustor has sent me a value of good at home ( not stolen ) at 35 K.

 

Sorry..I could be confusing everyone.

 

going by that average policy would then be around 2/3 of the difference?

IMO

:-):rant:

 

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So you're saying that the total value of your contents at the time of the burglary was the £60k that was stolen plus £35k that is still there?

 

HB

 

no, the adjuster says that whats there now after the burglary is 35k. #12

IMO

:-):rant:

 

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That's what I was trying to say. :)

 

HB

 

:) am with you. had thought it was 50/53k! re the loss

Edited by Ford

IMO

:-):rant:

 

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This is the note from adjustor

 

I also attach an appropriate value at risk form that I have collated on the basis of my initial

observations at the time of my visit and would appreciate your input to confirm the figures are

correct or if any ammendments need to be made. I would ask you to sign and return the form

accordingly as this needs to be submitted to Insurers for their consideration.

 

So will I get only 5 K back ..

 

maybe don't sign if disagree, or put down your corrections/amendments/objections etc

 

from what you said prior, had thought they were only offering 5k.

Edited by Ford

IMO

:-):rant:

 

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Thank you every one.. Never thought I will get so much help .

 

I also wanted to know.. in the evaluation of what is remained in house ( sent by Insurance Co Adjustor ) -

 

Should the value of the furniture be at the value we bought or depreciated or what it will cost us to get a new one.

 

For example -

 

Furniture in sitting room ( 3 + 2 Sofa Set ) was bought for 750£ 5 years back so depreciated will be around 200£ ( hope so ) .. So should my assessment of furniture be 700£ or 200£ or what it will cost me to buy a new one today .

 

Hope I dint confuse ...

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Thank you every one.. Never thought I will get so much help .

 

I also wanted to know.. in the evaluation of what is remained in house ( sent by Insurance Co Adjustor ) -

 

Should the value of the furniture be at the value we bought or depreciated or what it will cost us to get a new one.

 

For example -

 

Furniture in sitting room ( 3 + 2 Sofa Set ) was bought for 750£ 5 years back so depreciated will be around 200£ ( hope so ) .. So should my assessment of furniture be 700£ or 200£ or what it will cost me to buy a new one today .

 

Hope I dint confuse ...

 

To answer that, I think it might be helpful for you to tell us the policy wording about replacement of damaged or lost items, please.

 

HB

Illegitimi non carborundum

 

 

 

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Okay the policy says -

 

If the contents are damaged as result of any of the clauses insured under this policy : -

 

1. We will at our option

- Replace as new

- Pay the cost tu us of replacing as new

- repair or

- pay the cost to us to repair

any items of contents ( except for clothing more than two years old )

 

2. We will make a deduction for wear and tear from the cost to us of replacement or repair if clothing more than two year old is stolen or damaged.

 

Does this help..

 

 

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Replacement at the new cost will apply to everything apart from clothing. I suspect that the Insurers replacement company will be involved in organising replacements, as Insurers can get a substantial discount for the same items. Arguments can occur in regard to jewellery where people do not like what is being offered by replacement companies and you will have to see how this goes. If you check the FOS site, they have made example cases where they have dealt with complaints where people have been unhappy with the way claims have been settled. The FOS normally expect the Insurers to offer a cash settlement where the Insurers are unable to replace an item.

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When there is apparent under insurance at the time of a material damage claim, the "condition of average" is usually applied. What I believe the Loss adjuster is trying to do is to establish the total value at risk at the time of the loss.

 

The condition of average means that any claim will be reduced in proportion to the amount of under insurance. For example, if the total value at risk at the time of the loss was £80,000 and you were only insured for £40,000 (i.e. 50% of the value at risk), the payment will be reduced by 50%

 

Is the correct answer.

 

Davekat I hope you're not with Sheila's Wheels or any other one of the Esure group.

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Na .. this is L&G

 

They should handle the claim fairly but will want to ensure they only pay out what you're entitled to.

 

Did you buy it through a broker or direct?

 

It's important that you do not lie to L&G (Or any Insurer) when completing the spreadsheet and dealing with the claim.

 

Here's L&G's contents calculator, which is basically but may help you and also might help with the claim if they've made any mistakes on the calculator that work in your favour

 

legalandgeneral.com/insurance/customer-portal/contents-calculator/

 

When you deal with the L&G staff be really polite and contrite, they have very high principles and most of their staff are very helpful, if you get them on your side they will sometimes bend the rules in your favour so being friendly may work in your favour.

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Slightly off topic, but the Telegraph does mention that not all companies use an averaging clause. Does anyone know about L&G at all please?

 

And would it be in the poiicy terms somewhere?

 

HB

Illegitimi non carborundum

 

 

 

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I agree there is no point lying .. Rather be honest in what went wrong and see how the company can help.

 

Lesson learned - dont go by the default of contents that comes up .. do a proper assessment .

 

This was through legal and general website ..

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I agree there is no point lying .. Rather be honest in what went wrong and see how the company can help.

 

Lesson learned - dont go by the default of contents that comes up .. do a proper assessment .

 

This was through legal and general website ..

 

Exactly which L&G policy did you buy eg Essentials, Extra or Enhanced?

 

If you can post this, posters can have a read of the relevant policy booklet to see if it contains an "Averaging" or "Under Insurance" Clause.

 

Honeybee the policies that typically do not apply under Insurance are the policies aimed at High Net Customers eg Chubb and Hiscox etc.

 

The L&G policy might not have an averaging clause depending which contract it's on

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There is a £500 limit on the money taken.

Were any of the electricals computers? As they would also fall into the high risk definition.

 

Was any of the jewellery gifts for Christmas? I only ask because they will increase the contents sum insured by 10% for 30 days either side of religious festivals, which possibly helps reduce the underinsurance (in 5 years of handling household claims I've never actually seen this section used)

 

Interestingly, I've looked through the booklet loads and cannot find a section on underinsurance anywhere - maybe someone else can double check. Usually it would come under the claims settlement section but I can't see it.

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There is a £500 limit on the money taken.

Were any of the electricals computers? As they would also fall into the high risk definition.

 

Was any of the jewellery gifts for Christmas? I only ask because they will increase the contents sum insured by 10% for 30 days either side of religious festivals, which possibly helps reduce the underinsurance (in 5 years of handling household claims I've never actually seen this section used)

 

Interestingly, I've looked through the booklet loads and cannot find a section on underinsurance anywhere - maybe someone else can double check. Usually it would come under the claims settlement section but I can't see it.

 

I could not find anything about under insurance in the policy when I looked this morning, their policies always used to have an under insurance clause which is good news for the OP and incredibly fortunate for them.

 

They also cover £2500 for new purchases for 30 days which may help.

 

L&G are a nice company and I would expect them (In the absence of an under insurance clause) to pay the claim as per the policy limits and for future reprints of the policy to contain an under insurance clause.

 

The completion of the spread sheet will therefore be so they can ascertain what contents / valuables the OP has and has lost so the claim can be settled.

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I could not find anything about under insurance in the policy when I looked this morning, their policies always used to have an under insurance clause which is good news for the OP and incredibly fortunate for them.

 

They also cover £2500 for new purchases for 30 days which may help.

 

L&G are a nice company and I would expect them (In the absence of an under insurance clause) to pay the claim as per the policy limits and for future reprints of the policy to contain an under insurance clause.

 

The completion of the spread sheet will therefore be so they can ascertain what contents / valuables the OP has and has lost so the claim can be settled.

 

Thanks this helps.. I have been called twice already by the underwriter - to understand why was there under insurance.. was I hiding anything .. Not sure how much I can read into it . They said they will get back to me by end of day today with the decision.. Not sure what decision are they talking about ( policy being valid or not ) ..

 

Keeping my fingers crossed.

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