Hi all
Appreciate some guidance on this tricky issue.
Recently had a fire in our rental property, 24 Aug, (caused accidently by the tenant) and the process was initiated with IAG.
The policy was under a Total sum insured. We do have the option of a pay-out under our policy.
Our case manager is very professional and good. When I discussed the option of the pay-out he did say that it was possible but subject to the quote to build, by the loss adjuster. Meaning if the total sum insured was X then the pay-out would be (X-the quote to build).
However when we spoke to the loss adjuster, he said that the pay-out was subject to an indemnity/depreciation amount which is contrary to what the case manager advised me and what is on our policy wording.
Can some kindly throw some light as I am confused as to why, if we opted for a TOTAL SUM and paid the premium all along, shouldn't we be entitled for the TOTAL amount.
thanks an regards
Dax
Appreciate some guidance on this tricky issue.
Recently had a fire in our rental property, 24 Aug, (caused accidently by the tenant) and the process was initiated with IAG.
The policy was under a Total sum insured. We do have the option of a pay-out under our policy.
Our case manager is very professional and good. When I discussed the option of the pay-out he did say that it was possible but subject to the quote to build, by the loss adjuster. Meaning if the total sum insured was X then the pay-out would be (X-the quote to build).
However when we spoke to the loss adjuster, he said that the pay-out was subject to an indemnity/depreciation amount which is contrary to what the case manager advised me and what is on our policy wording.
Can some kindly throw some light as I am confused as to why, if we opted for a TOTAL SUM and paid the premium all along, shouldn't we be entitled for the TOTAL amount.
thanks an regards
Dax
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