After a full year I have just realised that my buildings and contents insurance has been covering another property that I used to live in.
This was the fault of my financial advisor who also sorted out my other policies and mortgage, albeit for the correct new address.
For some reason he set the policy up at my old address and now it has come to the end of the policy, I have just realised when the renewal went to my ex wifes house (my old address).
When I questioned my FA about this he said I had nothing to worry about and that if I had to claim it would have been noted as a clerical error and I would have been paid out in the case of a claim.
Am I entitled to any re-embursment for the past 12 months from my FA and what do people think is the best course of action? (if any)

jason,
not sure what your next course of action should be but with respect YOU surely should have checked the policy was correct yourself when it started for the years renewal. that way theres no comebacks.
scotty

What happened to the docs?

As I was still in the process of changing addresses the docs were sent to my old address but I assumed my FA was intelligent enough to arrange my policy (as he had with my morgage and life cover) for my new address.
All other docs went to my new address.

To be honest that sounds a bit of dodgy advice from your FA. Couldn't the Insurance Company argue that you didn't notify them of a change of circumstances.

I have known claims refused for less.

quote:

Originally posted by jason.g:

Am I entitled to any re-embursment for the past 12 months from my FA and what do people think is the best course of action? (if any)

It seems as if you were covered and therefore are not entitled to a refund.

Nor would they be responsible for your accountant's errors.

In any case, I doubt they would refund anything in any scenario you can dream up.

quote:

what do people think is the best course of action? (if any)

Make sure you have the proper house and contents insured for the proper amount and put the past behind you. You didn't loose out.

Cheers

Don

If the house had burnt down and you had tried to claim, it may have resulted in you losing everything. On the other hand, you may have been covered. As it turns out, the house didn't burn down, everyone is okay and you had no disaster.

There are generally around 600 house fire related deaths each year, and a good percentage of those deaths are children. Rather than concentrate on the blame and compensation, why not think yourself fortunate and be thankful?

quote:

what do people think is the best course of action? (if any)

You could move to the US and try to sue here.....

I'm with Don and Ewan - move on and do it right in future - or if it makes you feel better then change FA and hurt him in his pocket.

Cheers

Jim

quote:

I assumed my FA was intelligent enough to arrange my policy (as he had with my morgage and life cover) for my new address.

Did you actually tell him what you wanted?

G

quote:

mike_lacey
1st Timer

Eh?!!

quote:

Am I entitled to any re-embursment for the past 12 months from my FA and what do people think is the best course of action? (if any)

Reimbursement for what? You appear to have lost nothing. A claim against your (possibly incompetent) FA would just be greed.
Ken

quote:

if I had to claim it would have been noted as a clerical error and I would have been paid out in the case of a claim.

Jason

Where is your real financial loss?

I'm not saying the situation is perfect - but on the information provided I don't immediately see how you are financially in a worse position than you would have been if the insurance had been placed as you had anticipated.

I'm not actually saying don't complain but simply look at it pragmatically... and then if I'm right claim for the trauma of just possibly being uninsured

Chris

I think that as the FA is likely to be an agent for the insurance co, then any valid claim would have been paid.

Even if not, the factual detail of what was covered would have been the issue at hand and what premium had been paid.

Same thing happened to me when I moved house and I insured from exchange of contracts for the new one but then the insurance co renewed the cover at my old proper address - and I didn't notice the 'covered adress' detail.

I think the phrase 'no harm done' applies -- just be alert next time and when you need a favour, remember it!