Insurance coverage public adjuster and commentator Invoice Prepare dinner requested the next query:
“Are you able to touch upon how the rule of prejudice for late submitting doesn’t apply to a late Proof of Loss?”
Invoice, right here is my easy reply:
At any time when a policyholder recordsdata a proof of loss after a date required within the coverage, the rule of prejudice all the time applies. In just a few jurisdictions, the quantity of prejudice is zero as a result of if you’re late, you’ve gotten forfeited your rights to restoration. It’s important to know the state rule and apply it to the coverage language to find out if a late-filed proof will bar restoration. File proofs well timed or get written extensions so that you don’t have to name me about this situation.
Please learn the submit, The Doom and Gloom Assumes a Costume of Plume—The Insurance coverage Trade Must Cease Being So Unfavorable and Watch Out for Its Clients.
Then, learn yesterday’s submit, The Discover Prejudice Rule Is By Far the Accepted Rule of Legislation Relatively Than the Forfeiture of Coverage Advantages Rule.
In case you have additional questions on late filed proofs of loss, please learn “How A lot Time Does a Policyholder Must File the Proof of Loss?” Then, you should utilize the search perform of this weblog and get 37 posts on the subject of “late filed proofs of loss.”
If that’s not sufficient, you may name me, Chip Merlin, at my cell quantity (813) 695-8733. If I don’t choose up, depart a message and easily textual content me your query. I’ll reply. I wish to know what you don’t perceive about late filed proofs of loss.
I really like to listen to from commentators and other people with concepts. That is how we be taught.
Questions and truthful debate are welcomed.
Cheers!
Thought For The Day
The one factor standing between you and your purpose is the bullshit story you retain telling your self as to why you may’t obtain it.
—Jordan Belfort