I wanted to buy a home insurance (basically structure insurance).
Went through many companies policies, called many of them. Most of them , don’t even oblige a callback request.
Anyways, the main issue is almost all POLICES states that ” On the happening of loss or damage to any of the property insured by this policy, the Company may:
1: Sell any such property or dispose of the same for an account of whom it may concern.
2. Keep Possession of the property.
The powers conferred by this condition shall be exercisable
by the Company at any time until notice in writing is given
by the insured that he makes no claim under the policy, or
if any claim is made, until such claim is finally determined
or withdrawn, and the Company shall not by any act done
in the exercise or purported exercise of its powers
hereunder, incur any liability to the Insured or diminish its
rights to rely upon any of the conditions of this policy in
answer to any claim.
The Surprising part is “SELL ANY SUCH PROPERTY” When I enquired about this clause from the companies, NONE of them ( and I mean 3-4 big companies) were able to answer this part.
No one is willing to even call me:)…haha….Imagine a situation wherein you want to buy something at the price set by the seller but no one is selling that to you. Something is wrong..seems
Just an observation to share with you. Maybe you could investigate it further.
Almost all companies have this clause in an home insurance policy.
Hi Bashu…ANy update on this one?
The discussion is already going on in blog post and enjoying the discussion and knowledge sharing of both of you. Providing link to others of the same..