Commercial Property Insurance Question?

[ultrarunner]

My Dad and Uncle owned a parking lot in the city... it is paved with a small cashier hut and toilet.

To be on the safe side I placed a liability policy on the property when Mom inherited the property should someone "Trip and Fall"

New policy placed with my broker of 38 years and we have zero claim history.

Several years pass and Broker retires and policy gets assigned to new Broker/Office.

Just before Christmas Insurance company sends out someone to visit property and I receive a list of "Recommendations"

Add Fire Extinguishers, Paint Door of Hut and Restripe Lot...

No one Restripes in December or Jan, Feb, March, April, etc... wettest winter in years here.

Insurance Company says failure to complete "Recommendations" will result in cancellation...

I did not like the tone so I found another company to insure and notified the old company through Broker replacement coverage placed and to cancel...

Two months go by and received notice of cancellation in the mail from old company for failure to complete "Recommendations"

Fine but where is my refund of unearned premium... old company says it needs proof of new coverage... fine... I provide it.

Now old company states new company/coverage is not "Like for Like" and refuses refund with 6 months left on old policy.

This is taking way too much time... several of the parties have retired... lots of old line neighborhood Insurance Brokers retire or being forced out... a real consolidation happening.

At this point... thinking of filing a small claims action for unearned premium, file complaints with the State and BBB... it been six months of this non-sense... tired of chasing this.

 

[mrmikey]

Re: Commercial Property Question?

Now old company states new company/coverage is not "Like for Like" and refuses refund with 6 months left on old policy

So what concern is it of theirs if you even insure it as long as their butt is safe................Mike

 

[dusty3030]

If you have proof that you requested cancellation I'd fight them tooth and nail daily. It doesn't make a dimes difference what coverage you have now.

 

[Big Barn]

They are simply giving you the runaround and stalling hoping you will give up in frustration. Business as usual for them. Insurance companies do this all the time.

It would appear you are in the right. How you proceed will be up to you.

Good luck.

 

[Industrial Toys]

What could they care about a door being painted? Sounds like a case for Judge Judy.

 

[Jstpssng]

You need to be asking here, Consumer Information not on TBN.
That’s what you pay taxes for.

 

[ultrarunner]

My take is they no longer wanted to insure property in this part of town... just my opinion but I have run into it before here in Oakland.

Rather than jump through hoops regarding "Recommendations" which in itself is misleading... I simply fired them and found coverage elsewhere.

The Broker said my notification was not valid as it has to be on a form called an ACCORD.

OK... fine... but not a word back in two months... you have to be kidding.

I went to his office to sign the ACCORD and he found my email from 2 months prior... stating I have new coverage with XYZ company effective date and to process my refund...

It is almost like a jilted lover... not letting go...

PS… I contacted Tapco directly but was told they only work through their Broker network...

 

[ultrarunner]

You need to be asking here, Consumer Information not on TBN.
That’s what you pay taxes for.

Yep... filled out the complaint form last Sunday...

Only thinking others may have going down this road before.

Also, I am certain that having my original long term Broker retire and assigning my policy to a new Broker who was forced to close his business after 42 years isn't helping me... they have no clout as they are no longer generating business.

As an aside... they both are a little bitter saying they had a good run, ran an honest business for decades and found it harsh when the home office said they are consolidating and buying out their book of business... forced retirement as it were for the neighborhood Mom and Pops...

Last December I was closing on my new in the city home with fire hydrant on property and tile roof and fully fire sprinklered and was told Farmers is not longer writing new policies due to the California fires...

Thankfully, the Auto Club and Costco of all places said not a problem and were quite reasonable... they stepped up where Farmers bowed out.

 

[Jstpssng]

Yep... filled out the complaint form last Sunday...

I see, now you're just playing the waiting game.

 

[ultrarunner]

Yes... and venting and wondering if I should cut to the chase in Small Claims but it seems there is a mandatory Arbitration Clause...