Originally Posted by AllezCat
it sure would be a good start.
so lets say i sign-off on having no claims for the year.
And they return my entire premium - nov 2010 - nov 2011 - <= 10k.
they have spent some time "working" on this claim - surveyor/admin time.
I probably will not need them - and likely need lawyer to handle them anyway.
And if yard doesn't repair would have to hire lawyer anyway.
So everything should be fine.
BUT, what could the insurance do on a nefarious level? Charge me for surveyor time?
And why would they be so keen to do it? Surely they could subrogate this claim anyway...
I have refrained from making any comments on this thread as I felt I could offer no more than others have already provided but on this matter I think/know you are making a mistake. You have/had a contractual relationship with your insurer to provided coverage for losses. Your obligation was to pay the premium for such coverage, which you did. Your insurer's obligation is, accordingly, to cover your losses save any exclusions stipulated in your policy. Based upon the discussions to date, it would seem that you may/certainly will have losses not entirely covered by the boatyard that should be picked up by your insurer. You waiving coverage in return for a refund of your premium will let the insurer off the hook and very likely for far less than its obligatory liability at this point.
While I can appreciate your reluctance to involve an attorney, failing to do so at this point, and waiving coverage, is the height of folly unless you are so well-to-do that the consequential costs to you will be immaterial. If the insurer refuses to fulfill its contractual obligations it will remain liable for such obligations, and your legal fees
and putative payments which--due to fallout from insurers trying to avoid paying claims in recent hurricane
events--are not insubstantial in Florida
At the least you need to consult with competent legal
counsel before taking any action on this alternative.