Damaged Vehicle – Case Study
At WSIB we answer why it is in your best interest to have our support in claims advocacy when we have provided your insurances for your personal or asset protection.
So, what happens when an Insurer applies narrow, inflexible or restrictive interpretations:
The Claim: Our Client’s commercial vehicle sustained accidental damage to the roof (turret) of their vehicle after striking an overhead object.
The Issue: The Insurer advised that the turret was not readily available and would take some months to procure. Insurers interpreted the policy as one whereby they could elect to repair, replace or settle for cash. None of these options enabled the insured to use the vehicle.
The Resolution: We reviewed the factual circumstances and offered a more contemporary claims practice. We successfully persuaded the Insurer to treat the vehicle as a constructive write-off given that repairs, whilst in good faith, were unable to be undertaken in a timely and conducive manner. The Insurer ultimately agreed to our representations, thus taking the vehicle as salvage by settling as a total loss and consequent lease costs. Our ability to represent an improved pathway for the claim and harmonise a balanced and mutually agreeable result achieved the benefits of the policy coverage and renewed our Client's faith in the Insurer's deftness to respond.
Case Reflection: It is possible that a Client could make their own representations or seek tertiary advocacy in the form of a Legal Advisor. This however would have been unnecessary with the experience of our claims professionals within WSIB.
With WSIB’s, you will have Claims professionals on your side and our experienced team may be all you need.
Incorrect Coverage for Storm Damage – Case Study.
At WSIB we pride ourselves in drilling down into the detail of your insurance coverage to ensure your cover responds when you need it.
The Client: Our Client is a Licensed restaurant damaged in a storm who, at the time, had arranged their insurance themselves online with a direct Insurer.
The Issue: A storm caused significant water and building damage resulting in the business being forced to close until the premises was properly cleaned and repaired. The online Insurer provided them with a ‘risk adviser’ however they did not provide much advice. As a result, the Client was under-insured and was facing hundreds of thousands of dollars worth of damage. With a very limited knowledge of the process and insurance in general, they were left negotiating on all aspects of their claim directly with the Insurer on what was a complex matter. This client was then put onto WSIB for expert assistance with their claim and to review their insurance program moving forward.
The Resolution: With the help of the expert service of one of our Claims Preparers we managed to get this claim back on track. The final figure secured was $60,000 for Material Damage and $228,000 for Business Interruption which was approximately $58,000 more than what was first offered to the Client.
Case Reflection: Had the Client been insured through us from the start and thus structured their insurance in the correct manner, the payment from the Insurer would have been closer to $400,000.