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  • #16
    It is actually Gross profit minus "savings" - from trade a year ago. Worth a google search if you have this insurance. It may force you to rethink how you do your books.

    - - - Updated - - -

    Originally posted by David_AVD View Post
    I wonder if their insurance didn't cover it because of exclusions in the policy. Maybe they only took out insurance for burglary and public liability?
    We have every Insurance known to man. If legal experts can't agree on how to read a lease and the insurance policies, then how can us mere mortals.... Let me be very clear. This is much more complex than is being suggested.

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    • #17
      I get a PDS when I renew or get a new insurance policy - does anyone actually read them? Unless you have thousands to spend on a lawyer, you're pretty much just guessing you're covered for everything.

      Absolute garbage, they love taking your money, but time comes to pay out.... they'll go looking for every loop hole they can. Arseholes.

      Hope it all works out for Dave & Tanya.

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      • #18
        You will find that the insurers are just trying to baffle you with Bullshit, They quite happily take your premium, but when you claim they pull out all the old tricks to get away without paying, keep pushing and let them know any more costs that you incur will be added (lawyers fees, ongoing costs, selling of machines to fund being out of pocket), .

        Most people take what they say as being the final word, but there are other avenues, first is to talk to them and tell them that you did not understand the PDS, nor was it explained to you, and that if you did understand you would have saved the money and not purchased income insurance as it is not what you thought it was (legal loophole with PDS), Ombudsman is the second port of call, Third, talk to a Lawyer that has insurance knowledge, first contact is usually free, Contact newspapers, use social media (be careful what you say), contact today tonight, only give up when there are no more avenues.

        Hope things start looking up.

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        • #19
          Pincadia Closed Until Further Notice.

          Originally posted by prktkljokr View Post

          Most people take what they say as being the final word, but there are other avenues, first is to talk to them and tell them that you did not understand the PDS, nor was it explained to you, and that if you did understand you would have saved the money and not purchased income insurance as it is not what you thought it was (legal loophole with PDS), Ombudsman is the second port of call, Third, talk to a Lawyer that has insurance knowledge, first contact is usually free, Contact newspapers, use social media (be careful what you say), contact today tonight, only give up when there are no more avenues.

          Hope things start looking up.
          This is a good idea. If they were told by your insurer or broker that they were covered for this kind of event, regardless of what is in the PDS or policy certificate, then they are obligated to cover the loss. Of course they will have to provide evidence of this communication taking place. This is harder if it is contrary to the policy wording.

          If they used a broker then they may very well be able to sue him as his responsibility is to fund you an adequate level of cover. Kitchen fires are one of the most common major losses suffered by commercial premises. If he recommended a policy that didn't cover this then I would question their abilities as a broker.

          The next issue is what actually caused the fire. Some fires events are covered while others are not. An appliance malfunction? For sure. A deliberate fire set by staff? Probably not. Something caused due to negligence or lack of due diligence such as maintenance? 50/50 chance depending on circumstances.

          It also depends on how the cause of the fire was determined. I would hope the insurer organised for a proper forensic company to determine the cause, otherwise they may be making a decision on incorrect information.

          All of the above is just general advice only of course based on my own experience and doesn't necessarily reflect this fire.

          http://www.afpinball.com
          "Pinball... harmless recreation for a modest consideration"

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