Householders are missing out on thousands of euro and in some cases tens of thousands when settling an insurance claim due to the under insurance of their property. In the wake of the economic downturn, this is one of the major problems encountered by Loss Assessor Sean Manicle of Manicle Property Claims. Mr Manicle says, “We have found in our dealings with homeowners that up to 1 in 5 people are underinsuring their property for two main reasons:
There are no official statistics available for the level of under insurance in the Irish market, however figures published by Insurance Ireland Fact file 2015 reveal that there were some 52,373 Household Claims made in 2013 costing insurers €180.2million. A further 20,356 Commercial Property claims in the same year cost €109.7 million. Therefore, it can be conservatively estimated from these figures that property owners nationally lost out on over € 6million in claim settlements due to underinsurance. Manicle Property Claims recently dealt with an oil leak claim outside Dublin where a domestic oil tank leaked and travelled under the entire house. The property was insured for €300,000. The cost of the works to clean up the oil leak was a staggering €200,000 due to the major earth and structural works required. In this case insurers inspected the property and valued it at €400,000 and considered it was underinsured by 25%. This meant the home owner was liable for over €50,000 of the cost of the oil clean-up themselves! Manicle Property Claims successfully managed to have the insurer’s valuation revised to €300,000. It finally worked out, but it did cause a lot of additional stress and anxiety for the home owner dealing with the potentially crippling bill from insurers. Mr Manicle says, “There is help out there to easily calculate the demolition and rebuild value of a property. We recommend that home owners use the rebuild calculator on the Society of Chartered Surveyors Ireland website. You need to know the floor area of your property and follow the instructions outlined to calculate the costs. It is important to note that insurers would argue that the SCSI values are the minimum values that you should use in calculating your insured sum of your property.” Manicle Property Claims offers a complete independent claims management service providing invaluable support, professional help and advice at a time of crisis. Acting on behalf of the home owner, Manicle Property Claims will ensure any claim is settled fairly and as quickly as possible. It’s never too late to contact a loss assessor, as a settlement can be taken over even if an individual has already begun proceedings, or if the person is unhappy with a settlement receive. www.mpclaims.ie Sean Manicle t/a Manicle Property Claims is regulated by the Central Bank of Ireland. For further information, consult the Irish Society of Chartered Surveyors rebuilding costs guide.
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Homeowners in the south east are reminded to be aware of the possibly of damage to properties during the predicted cold snap and stormy weather which forecasters have warned could see temperatures plummet to below zero in coming weeks.
Forecasters have predicted that Ireland is facing a freezing December and January in particular, with temperatures to hit -10C accompanied by 100kph winds. Sean Manicle of Manicle Property Claims in Kilkenny has outlined a number of tips that householders can adhere to in order to avoid damage to their property during wintry conditions.
Mr Manicle advises homeowners to seek a professional however, if affected by property damage or loss of property through theft, over the winter months as a loss assessor will ensure the best pay-out for the client. Manicle Property Claims offers a complete claims management service, providing invaluable support, professional help and advice at a time of crisis. Acting on behalf of the victim, MPC will ensure the claim is settled fairly and as quickly as possible with a highly-experienced Loss Assessor as the client’s single point-of-contact. It’s never too late to contact a loss assessor, as they can take over a claim even if an individual has already begun proceedings, or even if the person is unhappy with a settlement received. For immediate advice, call Manicle Property Claims, 10 Ormonde Street, Kilkenny on 086 6655155 for a free half-hour consultation. THE CENTRAL BANK says it is “concerned” by the findings of an inspection they carried out in to how insurance companies deal with customers and their claims for water and flood damage.
The Central Bank of Ireland today published its findings from a themed inspection into household property claims resulting from water damage. They said they considered such a specialised report appropriate given the increased frequency of floods in recent years. Claims. The report identified a number of shortcomings by the insurance companies. They stated there was weak oversight and controls over outsourced claims handling or loss adjusters and in isolated incidences there was potentially unfair settlement. This highlights the need to have an advocate working on your behave. Manicle Property claims will help you through your claim every step of the way. For more info on the above article click on the link http://www.thejournal.ie/central-bank-flooding-insurance-companies-claims-1145003-Oct2013/  Insurance Companies employ experts to assess your claim therefore you should too. Very often, people’s first response is “My insurance company’s assessor will take care of it”. What this really means is that a “loss adjuster” acting for the insurance company has been instructed to visit them. But what you’re perhaps unaware of is that the loss adjuster acts on the insurance company’s behalf with their interests in mind – they don’t get paid to ensure you get your full claim entitlement! If water damage occurs in your home from a burst water pipe or flooding it is very disrupting. Depending on the extent of the damage the house may not be liveable and you may have to live in temporary accommodation. This type of situation can be very stressful and dealing with insurance companies can also be a source of stress. At Manicle Property Claims we deal with the insurance companies and ensure you get full compensation available under your policy.
On Behalf of Manicle Property Claims I just want to say a massive thank you to everyone for there help and support over the last few weeks in exceed the fundraising goal for The Irish Heart Foundation. Over €30,000 was raised by the Strictly Lets Dance contestants. Which was fantastic. The overwhelming support on the night made for a fantastic occasion. A special thanks to Denis Coughlan and Victor Young from Kilkenny Sub Aqua Club who kept me safe during the video shoot. With their help Sarah Kennedy and we won best video on the night (see post below). Vesper Project Management did a great job organising the night well done Rachael Ellard and Colin. TopHat Kilkenny got me looking presentable and the team at Kilkenny Physiotherapy Clinic got me walking on the night following a serious knee injury. Thanks again to everyone for your support it was a privilege to be involved in what was a fantastic event. Strictly Lets Dance Kilkenny. With Sean Manicle and Sarah Kennedy staring in the winning video of the night “The Dream Date". Directed by Rachael Ellard and Produced by Colm McCarthy of Vesper Project Management.  Manicle Property Claims are delighted to be a sponsor and associated with the Irish Heart Foundation Strictly Let's Dance Kilkenny.
The event itself is taking place in the Lyrath Estate Hotel Kilkenny on Saturday 8th of June at 8pm. we ensure you receive your full entitlement under your insurance policy. What does a loss assessor do?
A loss assessor will:
The services of a loss assessor should be sought for all claims following loss by fire, flood, theft, Burst pipes, storm, business interruption, oil and chemical pollution, subsidence, computer loss, natural disaster. Why would I need a Loss Assessor? The only reason why anyone effects insurance is against the possibility of a claim. So when a claim does arise you have the right to expect that your insurance Ccmpany will deal with it in a sympathetic manner and in such a way that does not leave you financially disadvantaged. Sadly, the reality is often very different. In dealing with a claim of any size, the insurance Company will appoint a loss adjuster. He may tell you that he is there to deal with the claim impartially, but bearing in mind that he is engaged and paid by the insurance company it is not difficult to see where his loyalty will lie in dealing with a grey area. And there are always grey areas. Claims assessing is not an exact science and there are many instances where there is no absolute answer to to the way a claim for a particular item should be settled. Human nature being what it is, the loss adjuster is likely to lean towards his principals, the insurance company. Loss assessors charge a fee agreed with you in advance, for the work undertaken on your behalf. When should I appoint my Loss Assessor? The way a claim is prepared and presented is every bit as important as the way in which it is negotiated and settled. You therefore need to appoint a loss assessor as soon as you realise that you have a claim. Don’t wait until things start to go wrong – when the insurance company’s loss adjuster tells you that you are not entitled to claim for something which you were convinced rightly forms part of your claim – or when the loss adjuster tries to reduce the amount you are claiming, often quoting “small print” in the policy. Business Claims The services of a loss assessor for business are a must. Following any sort of claim your main concerns are:
Did you know your insurance company is legally obliged to inform
you their loss assessor acts in the insurance company’s interest not yours (7.9 Consumer Protection Code 2012). Your insurance company is legally obliged to notify you that you can appoint a Loss Assessor (Manicle Property Claims) to act in your interests in dealing with a claim (7.10 Consumer Protection Code 2012). |
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May 2017
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Head Office: Kilkenny City Centre 10 Ormonde Street, Kilkenny Sean Manicle t/a Manicle Property Claims is regulated by the Central Bank of Ireland. |
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