Originally posted by cyrilng
I've insured my stuff with Income. Recently my F100 film back cover was damaged in transit. Replacement cost at Nikon SG was $75. I submitted the claim & after about 2-3 weeks, got a cheque for $63 only as they said they had deducted $12 for depreciation. I pointed out to them them that for repairs or replacement of parts, compensation should be for the full amount as stated in the policy. How do you calculate depreciation on repairs costs or a part that has been replaced with a brand new one? Only if the entire camera had to be replaced would the depreciation cost deduction apply based on the original price it was bought for. The Claims Officer haughtily insisted that they were right & my 'interpretation' of the clause was wrong! I asked her how could an insurance policy clause be open to 'interpretation' when it should be very specific & clear.
Only after calling them twice & demanding to speak to the manager & having informed them that I had consulted my lawyer on the issue, did the officer get back to me & say that she 'was wrong' (fullstop) & would send me a cheque for the difference. Not a word of apology was forthcoming! I wonder how many claim payments went unchallenged & ended up filling their coffers at the expense of the ignorant or unquestioning policyholder.
The amount involved was small but it is a matter of principle, just like the recent case concerning their motor insurance. It seems only after you make a big noise & fuss about it, will they then do something about it or else they'll just quietly & conveniently going about business as usual for them.
