Bad news, then good news about DAN equipment insurance

[BadeInBulverde]

Also posted on Rodales ... but think it's worth posting here as well ...

I strongly suggest you seek insurance for your diving equipment elsewhere!

On a recent diving vacation I LOST a Canon S30 & Housing while reboarding after the dive ... attached to BC (I grant that I should have detached and passed camera up but seas were rough and reboarding several divers at the time was chaotic) .. must have broken off while BC was 'dragged' aboard.

I filed a claim with DAN equipment insurance for $530-$100 deductible = $430.

I was advised today by claims adjuster and then again when I called the insurer directly that a "NEW RESTIRICTION TO COVERAGE" had been added to their policy that states ...

Perils excluded ... ITEMS LOST WHILE IN YOUR CARE CUSTODY AND CONTROL. WHILE IN USE BOTH IN AND OUT OF THE WATER, DROPPED OVERBOARD OR SWEPT OVERBOARD

Basically the web site tells you ".. insured against risk against direct physical loss .." unless of course you actually LOSE something ... that isn't covered ...

So ... basically they will not pay the claim ... in my opinion this clause basically makes the policy fairly worthless and I will be cancelling it as soon as I can find out if I can get any of my recently paid $274 premium returned.

I can't say that DEPP is better because I haven't done the research but I can tell you this seems fairly restrictive in my opinion.

[Genesis]

That's cute.

BTW, they can't change the conditions of your contract for insurance until it comes up for renewal. If you originally contracted for insurance without that stipulation, they can't change the terms of the deal after the fact - that's illegal.

[5615mike]

That's cute.

BTW, they can't change the conditions of your contract for insurance until it comes up for renewal. If you originally contracted for insurance without that stipulation, they can't change the terms of the deal after the fact - that's illegal.

This is correct. Terms and conditions of insurance contracts can not change during the policy period. The only T&C that can change during a policy period would be those that favor the insured........this has rarely happended. I would suggest that you contact DAN and let them know if they do not cover the claim as stated in the contract you orginally purchased that you will contact the insurance commissioner of your state. They can be issued a cease and desist order for selling insurance in that particualr state and I would assume they don't want that to happen. If you need help finding info on this PM me and I will be glad to assist.

[diverrick]

I has a similar experience with my house insurer. I had asked about a claim for some siding damage that was 100% covered. Then the truth came out. They cover any damage to siding, 100%, as long as it didn't involve mold, mildew, rot, SO I asked what was left, and they replied "warpage"! When I looked into it more it seemed that my concrete slab floor was also 100% insured, EXCEPT for, cracking, spliting, chipping, and settling. Again I asked what was left for concrete to do, and they said "spalling" Well gee... let's see here... If my floor is spalling, I think I have a larger problem at hand. I cancelled them right after I found this out. They just take your money and rarely if ever pay out. It's just legalized robbery in my opinion. Sorry to hear about your loss. Maybe it would be worth going back and look for it, as you know where it was lost.

[BadeInBulverde]

DAN equipment representative has made contact.

Jay Haldeman from DAN equipment insurance called me within 15 minutes of me leaving a message for him.

He has been reasonable on the phone and since he wasn't in his office has promised to follow-up with me in the next day or two.

Basically he is telling me that "loss" in insuance lingo doesn't mean 'you lost it and don't know where it is ...' .. it means it was ruined/damaged/destroyed and is lost to you from a functional standpoint. Sooo ... for those of you that like me thought 'insured against physical loss ...' would mean you no longer have 'access' to the item ... think again ...

He did say he was going to contact DEPP to see if they would have covered this claim .. .he didn't seem to think so. I believe I will see if I can find out from them as well ...

I am still waiting to see what the outcome of my request for premium refund will be ...

To be completely fair ... I do believe he is trying to work with me on this and I appreciate that ...

[5615mike]

Depending on your homeowners carrier, they might cover it. Direct physical loss is defined differently by different carriers. My back ground is corporate insurance and not homeowners so I can't speak too specifically about homeowners but it might be worth a try. They might cover it even if you did not have it specifically scheduled. Call your agent.

[CBulla]

Thanks to being burned several times I dont trust Credit anything nor do I trust Insurance anything. One of several cases I use as a point, Geico's roadside coverage actually acts as a claim against your policy... AAA doesnt.

[5615mike]

Thanks to being burned several times I dont trust Credit anything nor do I trust Insurance anything. One of several cases I use as a point, Geico's roadside coverage actually acts as a claim against your policy... AAA doesnt.

That's an interesting way of adjusting claims in order to "ADJUST" the premium........LOL

[CBulla]

Totally.. then they also can pull your credit report and adjust it according to your credit score as well.

[Genesis]

READ THE POLICY!

The "descrptions" do not control - the policy does.

If it says physical loss, then that's physical loss. There should be a definition section - look it up.

If they are trying to play games, get the insurance commission's office in your state involved. Immediately.

This kind of thing is all too common.

I love insurance companies that quote you a given rate "subject to underwriting", pull a FICO score, then on that basis uprate you - yet won't tell you what score qualifies for the lower rate.

I had this done once - exactly once - and filed a number of complaints over it. See, I know what my FICO score was at the time - I knew they were playing games.