Premium Payment Vs Claim Payment - Getting What You Deserve

摘要

There is an old English adage stating "Many a slip between cup and lip". Never is that more true than in the claims adjustment process under certain types of insurance contracts. You pay your money to the insurance company - it must usually be paid within 60 days or you get a notice of cancellation for non-payment. Now you feel pretty comfortable that you have full protection. But wait, what happens when you have a fire or robbery or a tree falls through the roof? Do you get your claim paid within 60 days? Chances are you don't. Chances are that you may not get your money at all, if each and every condition of certain policies isn't met. We are going to review the 2 contracts most commonly found in the market place for buildings, machinery and precious metals stock. The Domestic Insurance Market typically uses a 'standard property' contract for real property (buildings) and 'business personal property" (machinery, equipment, furniture, fixtures - sometimes stock). Generally, a Jewelers Block policy format is used for precious metal and jewelry stock coverage.