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embezzlement insurance payout

Discussion in 'Life Insurance, Annuities & Other' started by CloggieBoots, Mar 6, 2005.

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  1. CloggieBoots

    CloggieBoots Law Topic Starter New Member

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    Hi all,

    I'm new to this forum and don't really know where this post belongs, so excuses if it is the wrong forum ?! and I'll try to make a long story short about marine insurance.

    Our overseas company owns a boat, flagged and registered since 1996 overseas. Marine insurance premium paid by us. In sept. 2004 the boat was damaged, flashflood of the river. Insurance company agreed on a constructive total loss and paid full amount to our 43% shareholder, who claimed to be owner of vessel and is keeping the full payout.
    Insurance declaration page: Insured - shareholders name and/or company president's name.

    Which way is the best way to fight this?

    Thank you

    CB
     
  2. freebird

    freebird Member

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    I'm sorry to hear about your problem. First, I'm not sure what you are asking. If it is a question of jurisdiction then you may want to first look at the insurance policy and see whether there is a choice of forum clause (which states the venue where to bring an action, if necessary.) You may first want to discuss this payout with the insurance company as to why you believe it was wrongfully paid to the 43% shareholder. What does the policy state? How and why did the insurance company pay off this amount? Paperwork was likely submitted and if the corporation has ownership of the vessel, then you would likley do best in speaking to them and sending the paperwork. I'm sure the insurance company would like to recoup this amount from the shareholder, if wrongfully paid.
     
  3. CloggieBoots

    CloggieBoots Law Topic Starter New Member

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    Hi Freebird

    Thank you kindly for your response.

    Sorry to all if my post seems a bit funny, but after what has happend i have become a little bit more carefull and afraid of what I say and to who. The story is a bit more complicated as one might expect. The insurance agent of the broker has during the handling of the claim turned into a bad faith case for one of the named assured and taken sides with the other named assured.I think that the brokers are not aware of all that has been going on between the agent and both the named assured and with regard to the insurance policy and cover as a whole. Not to speak about Lloyds of London who the brokers are underwriters for (not incorporated). Contacting the agent is out of the question, we have ground to start a libel case against him, which we are considering. The brokers may not at all be so happy if they know the details of the contract. We have very good reason to believe that the agent sent us one set of paperwork when he accepted the insurance and the information just slightly different to the brokers. When we saw a discrepancy regarding the insured vessel, we instantly called the agent and we were told not to worry, just a computerglitch. So how might the brokers react if they find out that they are caught between Lloyds on one side and their agent on the other? The agent was aware of the vessel being a company asset i.e. the survey attached to the policy states the owner and both claims adjusters wrote it in their survey, still, in an e-mail sent to the brokers during the handling of the claim he himself states the vessel belongs to the other named assured. Unless he didn't read those ofcourse.

    I feel caught between a rock and a hard place, will we not be trowing in our own windows by contacting the brokers?

    Thank you for your time.

    C.B.
     

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