Insurance Query

[Malcolm3]

My Bowman 48s keel has been repaired now. The insurance company has sent a form as below
"SUBROGATION AND COMPENSATION DECLARATION
I confirm that on receipt of full indemnity by payment
I will not lodge any further claims, whatever they might result from, against brokers, agents or companies in connection with this loss."

Is this normal insurance practise and what does it mean. They are not paying out till it is signed. What if the repair failed or was inadequate.? The repair was made to the specification of their surveyor.

Malcolm

 

[sailorman]

My Bowman 48s keel has been repaired now. The insurance company has sent a form as below
"SUBROGATION AND COMPENSATION DECLARATION
I confirm that on receipt of full indemnity by payment
I will not lodge any further claims, whatever they might result from, against brokers, agents or companies in connection with this loss."

Is this normal insurance practise and what does it mean. They are not paying out till it is signed. What if the repair failed or was inadequate.? The repair was made to the specification of their surveyor.

Malcolm

if you experience further problems associated with this claim IE stress cracking ect, your on your own with no further claim being allowed. its like " Full & Final Settlement " of the claim.
you would only have redress against the repairer for warrenty / bad workmanship ect

 

[rivonia]

Before signing it put in a few words of your own, such as; If at any time faults are found in the workmanship and/or any damage is caused by bad/faulty workmanship then further claims shall be made. Only a suggestion. Maybe a legal eagle on this site could advise?.

Peter

 

[sailorman]

Before signing it put in a few words of your own, such as; If at any time faults are found in the workmanship and/or any damage is caused by bad/faulty workmanship then further claims shall be made. Only a suggestion. Maybe a legal eagle on this site could advise?.

Peter

that ia a warrenty issue
he need to say any further un for seen matter arrising from this claim

 

[Malcolm3]

Thanks for comments . Is this a usual clause in insurance settlements. Re warranty the repair has been done in Antigua. Technically I think the standard of work is good but see no prospect of ever being able to claim against the contractor if there was a problem. I think that the issue is more whether we have done the right thing, and whether the problem (unexplained stress cracking) recurs. Hopefully there are no further problems but obviously would be better from my point of view not to have this clause. I think though in resisting it knowing if it is a usual clause may be the important part. However amending it by adding to it may be a good idea. Malc

 

[PeterGibbs]

My Bowman 48s keel has been repaired now. The insurance company has sent a form as below
"SUBROGATION AND COMPENSATION DECLARATION
I confirm that on receipt of full indemnity by payment
I will not lodge any further claims, whatever they might result from, against brokers, agents or companies in connection with this loss."

Is this normal insurance practise and what does it mean. They are not paying out till it is signed. What if the repair failed or was inadequate.? The repair was made to the specification of their surveyor.

Malcolm

If you were happy that the work was well done, I presume you would be content to sign the insurer's waiver, which is nothing more than a "have we finished our business?" note.

It seems you arranged for the work to be done and are responsible for paying the contractor from the insurer's payment to you. If you are not confident that the item is dealt with permanently you could have the work independently surveyed, but with keels this can be difficult and expensive, I appreciate.

Your position is otherwise protected by the insurer's surveyor having passed the work. Be sure to retain his report. Any recurrence could not then be easily discounted by the insurer as a failure by you to get the work done properly the first time.

If you want to reserve your position in case of having to return to the same problem, you could write for the file saying as far as you can see, not being an expert in this area, the keel is restored to pristine condition, BUT you are relying on the insurer's surveyor for final confirmation this is so.

But there is nothing in the waiver, as such, that precludes you making a further claim should something similar arise. Sign it and take your cheque.

PWG