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I don't think you will win this one, after all, the ring was recovered. I wish you luck.
Salvage diving question
- Thread starter VanHalen5150
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First, the divers salvaged a lost treasure. It's there's. Finders Keepers.
Secondly, in the future, file the claim and stop. Wait til the insurance company pays the claim. Then go get the ring. Insurance companies aren't in the habit of paying top dollar for these types of things.
10'ish years ago, my father in law leaned up against the only wall in his house that wasn't concrete block. He fell through. Termites had eaten it. It was just dumb luck that it happened while I was there. I was a building contractor with 12 employees, so within 3 hours, I had 10 guys there and materials to replace this 30' section of wall with new doors and windows. We even had it painted before we left. He filed an insurance claim for termites and the insurance company denied the claim because we should have left the damage alone until their adjuster could estimate the damage. Gay huh?
This ring is no difference. The insurance companies' job is to leave you in a state of being prior to the loss. As far as insurance cares, the ring (which is what is insured, not your money) is not lost. So no payment will be made.
Pete
Licensed Florida Insurance Agent.
Secondly, in the future, file the claim and stop. Wait til the insurance company pays the claim. Then go get the ring. Insurance companies aren't in the habit of paying top dollar for these types of things.
10'ish years ago, my father in law leaned up against the only wall in his house that wasn't concrete block. He fell through. Termites had eaten it. It was just dumb luck that it happened while I was there. I was a building contractor with 12 employees, so within 3 hours, I had 10 guys there and materials to replace this 30' section of wall with new doors and windows. We even had it painted before we left. He filed an insurance claim for termites and the insurance company denied the claim because we should have left the damage alone until their adjuster could estimate the damage. Gay huh?
This ring is no difference. The insurance companies' job is to leave you in a state of being prior to the loss. As far as insurance cares, the ring (which is what is insured, not your money) is not lost. So no payment will be made.
Pete
Licensed Florida Insurance Agent.
Yes you screwed yourself on the deal.
The insurance company was willing to settle by paying the loss and cutting your mother a check. That's where this should have ended.
If your mother had waited for the check and then wanted to use that check to fund a search effort, that would be fine - except for one little detail. The insurance company paid the claim and now owns the ring and obviously has a legitimate claim to the ring, since they paid off our mother's loss. Consequently, while you may be entitled to a recovery fee, you'd have to work out who owed who for what as the company now owns the ring, not your mother. The bottom line is that the insurance company would in no case be out more than they paid for the loss of the ring, and you'd have to buy the ring back, minus a fair recovery fee. Again, insurance companies place no value on sentiment.
And a complicating factor here is that this is not like a car accident or a shipwreck where there is some proof of loss. Given the potential fraud involved, the insurance company may take a dim view of what could have transpired.
You might do well to just consider that your mom got her ring back for $2100 and then hope she's content with that.
The insurance company was willing to settle by paying the loss and cutting your mother a check. That's where this should have ended.
If your mother had waited for the check and then wanted to use that check to fund a search effort, that would be fine - except for one little detail. The insurance company paid the claim and now owns the ring and obviously has a legitimate claim to the ring, since they paid off our mother's loss. Consequently, while you may be entitled to a recovery fee, you'd have to work out who owed who for what as the company now owns the ring, not your mother. The bottom line is that the insurance company would in no case be out more than they paid for the loss of the ring, and you'd have to buy the ring back, minus a fair recovery fee. Again, insurance companies place no value on sentiment.
And a complicating factor here is that this is not like a car accident or a shipwreck where there is some proof of loss. Given the potential fraud involved, the insurance company may take a dim view of what could have transpired.
You might do well to just consider that your mom got her ring back for $2100 and then hope she's content with that.
OP
VanHalen5150
Registered
Yeah, Looks like Mom screwed the pooch on this one. I feel bad for her though. Shes the most honest person on the plannet. She wouldnt take a straw from McDonalds withough buying a coke. Hate to see the insurance company collect her payments and leave her short when she needs them. Its not an issue of if she can afford the divers, She can, Its an issue of wether she should have to afford them. I hope she takes this as a lesson learned on dealing with her insurance company.
The insurance company is not in error here. Your mom is. Had the ring been lost forever, the insurance would have paid. Your contract or your mom's for that matter has no stipulation for salvage. Lol
OP
VanHalen5150
Registered
I understand what you're saying. I feel as though if its lost, which she has coverage for they should pay. If she used the money to replace the ring at a jewlery store or to pay divers to recover it its all the same to me. Mostly I am just happy she will get it back. What I am unhappy about is the insurance company playing semantics to avoid paying.
That's what they do!
OP
VanHalen5150
Registered
Agreed.
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The problem here though is, it's not lost.
I lost my phone last month.
I found it a day later, Should my phone insurance cut a cheque for $700? after all I pay premiums, and it was lost.
No.
There are no semantics here.
The insurance company in this case are being entirely reasonable.
The fact that you had to pay someone to find it is neither here nor there.
The ring was misplaced, then found.
It was never lost.
The insurance company has no obligation legal or moral to hand over any cash.
technicalbeast
Contributor
ok how much that ring costs..........
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