My question involves insurance law for the state of: Mississippi
Hello, my name is Patrick Guilbeaux. For the past two years I have been working non-stop on building a beautiful Scandinavian Full-scribe log home for my family. I have subcontracted a couple of things, however, for the most part, I have put my own blood, sweat, and tears into this beautiful home.
In May of this year, when the project was about 80-85% complete, I finally succumbed to spending the two thousand bucks on a Builders Risk policy. I called USAA, since I am a long-time member, and they referred me over to their affiliate Zurich.
Via a very quick two-minute application, they wrote a policy for me, never explaining the policy or going over any details. I signed digitally and that was that.
I never received a hard-copy of the policy, only a couple pages of declarations and so forth. Like the rest of the “stuff” that comes into my office, I stuck it out of place, underneath a book or something.
Three weeks ago the home burnt down in it’s entirety. The large diameter trees basically got so hot that they disintegrated everything, leaving a 1” pile of ashes on the ground and nothing else. It is still under investigation, so I do not know the cause, although electrical has been ruled out.
Prior to meeting with the adjuster, I requested a copy of the policy. One of the questions that “supposedly” was asked of me was ‘percentage of completion’. As a very senior-level Project Manager who has managed projects around this world, I am qualified as an EXPERT on percentage complete, that I am confident. In the blank was 30% complete. For the life of me, as my project was in the stage of being 80-85% complete, there is no way in “HECK” that I would have stated otherwise; certainly no benefit at all to do such a thing.
Nonetheless, I have received a letter from Zurich stating of “existing inventory” and that I may be covered for NO MORE that 30% of the policy. I absolutely, without a doubt, have enough evidence (in pictures, receipts, workers testimony, etc.) to prove that the home was at a much further stage than 30%.
I am quite frightened by this and need some clarification, please. Thank you.
Hello, my name is Patrick Guilbeaux. For the past two years I have been working non-stop on building a beautiful Scandinavian Full-scribe log home for my family. I have subcontracted a couple of things, however, for the most part, I have put my own blood, sweat, and tears into this beautiful home.
In May of this year, when the project was about 80-85% complete, I finally succumbed to spending the two thousand bucks on a Builders Risk policy. I called USAA, since I am a long-time member, and they referred me over to their affiliate Zurich.
Via a very quick two-minute application, they wrote a policy for me, never explaining the policy or going over any details. I signed digitally and that was that.
I never received a hard-copy of the policy, only a couple pages of declarations and so forth. Like the rest of the “stuff” that comes into my office, I stuck it out of place, underneath a book or something.
Three weeks ago the home burnt down in it’s entirety. The large diameter trees basically got so hot that they disintegrated everything, leaving a 1” pile of ashes on the ground and nothing else. It is still under investigation, so I do not know the cause, although electrical has been ruled out.
Prior to meeting with the adjuster, I requested a copy of the policy. One of the questions that “supposedly” was asked of me was ‘percentage of completion’. As a very senior-level Project Manager who has managed projects around this world, I am qualified as an EXPERT on percentage complete, that I am confident. In the blank was 30% complete. For the life of me, as my project was in the stage of being 80-85% complete, there is no way in “HECK” that I would have stated otherwise; certainly no benefit at all to do such a thing.
Nonetheless, I have received a letter from Zurich stating of “existing inventory” and that I may be covered for NO MORE that 30% of the policy. I absolutely, without a doubt, have enough evidence (in pictures, receipts, workers testimony, etc.) to prove that the home was at a much further stage than 30%.
I am quite frightened by this and need some clarification, please. Thank you.
Other Insurance: Coverage Dispute Under a Builder's Risk Insurance Policy
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