What are the options for settling out of scope claims when an owner is in a multi-dwelling or cross lease situation and dates for dwelling repairs are unknown and the insurance company wants to finalise settlement?
Asked: 16 November 2014
Category: Out-of-scope works
Insurers are liable for the costs of repair on the date of loss.
However, Lumley will assess and price the damage at the date of assessment, and will make a cash offer – sometimes a percentage will be added to “futureproof” the payment by allowing for cost increases due to delayed repairs.
There is no option for a managed repair as Lumley does not have the resource to handle this situation available.