Post ad
LOGIN

Lost password? | Login trouble?

+


Info4u

| I.I.S. Interesting Insurance Stuff

Zev Stub    
Sunday, 11 November 12:58 PM

By Shimon Cohen

How is this for a claim?

Our client was a tenant in the building in Jerusalem that was destroyed in a gas explosion a few months ago. The building collapsed partially, and the city declared it a danger area (in other words the building must be razed to the ground and no one is around allowed to enter). Our client can see the contents of his apartment untouched! However, he can’t physically remove his clothes, fridge, stove and all the other parts of his daily life.

The question

Is this an insurance claim?

The actual apartment doesn’t belong to the client but what about his contents? For all intents and purposes, they are “destroyed or lost”, therefore the insurance company should pay up. This seems especially true if the Iriya were to take down the whole building in order to rebuild it. All his belongings would be destroyed.

The debate: The insurance company invoking the policy wording claimed that this is secondary damage. In other words, the contents are not actually damaged as the result of a fire, explosion or water damage as covered in the policy. They would be destroyed because of a secondary cause, which is not covered. They told our client to sue the Iriya. The Iriya in turn, passed the ball to the gas company who are the prime cause of the trouble!

Result (partial)

We are pressurizing the insurance company to pay our client and then have them sue the other parties. This is still under discussion.

Additional questions

In general, what are the options for a person who owns an apartment in a building? Your own apartment is usually insured for the rebuilding value (which is approximately 6,500 NIS sq. meters) but obviously this isn’t enough to buy a new apartment. For example, let’s say your apartment in Rechavia is 100 sq. meters—the insurance coverage will be 650,000 NIS which is not nearly enough to purchase a similar apartment.


What to do? You can add what is called “land value” onto your policy.

This means you can add up to four times the value of the policy. In this case up to 2,600,000 NIS which is much more reasonable.

In the gas explosion scenario, if the apartment would have been totally destroyed (as many were) the difference between the people who had purchased the additional coverage and those who hadn’t, would be very significant. Contact your agent (or us) for more details.

Interesting coverage

This request really challenged the insurance underwriters!

Our client has a special hobby/interest—making complex, beautiful Sukkah decorations! (This is not your paper-chains or printed Sukkah walls!) The insurance assessor asked her to put a value on them. She worked out the average number of hours spent on each piece plus the cost of materials. Based on a reasonable hourly rate. She came to a figure of 1,500,000 NIS! (Her collection is the fruit of years and years of a labor of love!) The coverage is for fire and water damage (including storm damage) and the Special Risks department agreed to cover her.

Our client was able to display her amazing talent over the Chag and we were able to give her peace of mind.

Baruch Hashem—the collection is safely back in her storeroom, waiting for Succot 2019.

What’s on the insurance shelf?

  1. Term-life insurance – A must for any young couple

  2. Supplementary health insurance – Top up your Kupat Cholim with coverage for transplants, medications not in the Sal Briut and surgery overseas.

  3. Financial summaries -We will get all your pensions and Bituach menahalim together and give you a detailed report (there is a cost involved here).

P.S. We just saved a family over 1,000 NIS in monthly payments!

  1. International Health insurance – Do you have someone living or working overseas? We have the solution!

Shimon Cohen is the manager of Egert & Cohen Insurance.

Egert & Cohen is a family business that specializes in serving the Anglo and new olim populations. They provide a friendly and professional one-stopshop for all your insurance needs. ABOUT Egert & Cohen can be reached at 02-622-7999 or through their website www.egertcohen.co.il.


         
FEATURED:

       PREMIUM BUSINESSES
Daniel Fund, M.Sc., L.L.B. - Psychotherapist
0546522038
Modiin & Jerusalem
4 reviews
David Holstein - Lawyer And Family Mediator
02-533-3385 ; 052-240-6030
Jerusalem
Aboulafia, Avital, Shrensky & Co.
026515155
Jerusalem


Download Janglo for Android or iPhone



Janglo

Jerusalem's Best Jobs
Tel Aviv's Best Jobs
Jerusalem's Best Events
Jerusalem's Best Apartments
Jerusalem's Best Sales
Free Stuff in Jerusalem
About Janglo
Email Subscriptions
Contact Us
Advertise
FAQ

Privacy Policy
Advertising Contract Terms and Conditions

The eternal nation is not afraid of a long journey.

Duby The Locksmith
050-333-9833
Beit Shemesh