Insurance & Ethics?

[TonyMadrid]

Sorry to hear about your ordeal.

I am not that familiar with boat insurance, but with car insurance, coverage usually begins at 12:01 am on the date that the policy is bound. When dealing with an agent or broker, that occurs the minute you hand a premium check over to the agent and the agent gives you an insurance ID card.

First, I would start with a thorough review of the policy declaration page. This is the sheet that lists the coverage dates (poliicy period) and it also lists the various coverages, i.e., fire, theft. liability, etc.

Second, I would seek out advice from an attorney that specializes in insurance issues, especially coverage issus.

Thirdly, I would follow-uo with a complaint to the State Insurance Department. If you have already done this, stay on top of it.

Next, if it's the agent or broker who caused the problem by something he did or did not do, I would pursue a claim against him. Agents are supposed to carry an E&O policy (errors and omissions policy).

Finally, if for nothing else but for a matter of principal, I would sue, both the carrier and the agent. I see you are in Florida and I believe that in Florida you can sue for treble damages (three times the loss incurred) plus your out of pocket expenses and your attorney fees. I would also look into suing for "bad faith" in that you paid for a policy in "good faith" and the carrier did not act in "good faith". Every state has stautes covering "fair claims handling".

If you are successful with a "bad faith" action, courts usually grant compensatory damages (the actual loss you incurred plus your expenses) and PUNITIVE damages. Punies are the biggie and could amount to a home run in the millions. Many carriers, when they hear the words "bad faith action" are quick to settle rather than have to face a bad faith action.

Good Luck and I hope you are successful, and don't give up and don't give in.

Tony