Location: Grand Rapids, MI | Cowboyhannah - 12/20/2007 4:49 PM
Didn't sign off on anything as it was added to our homeowner's policy which was preexisting. I trusted the company researched the values of the boat/motor/trailer and divided up the 43$K correctly. Only after the loss did I find out is was not correctly divided up.
There you go. If it wasn't a stand alone policy and you gave them the amount of the total purchase and the agent did not confirm the amount of insurance on the trailer it is his fault. In this case they are going to be liable for the entire loss. We're talking a relatively small amount of money for a insurance company in this situation and they will likely avoid any litigation in favor of keeping a customer. If you don't agree with their settlement do not accept it and then weigh your options. As Jonesi mentioned the agent carries E&O (errors and omisions) professional liability insurance for this type of circumstance.
I would highly recommend a stand alone boatowners policy to everyone. It will give you better coverage and any claim will not count against your homeowners policy. |
