Compensation for the death of insured under householder policy.
Not everyone buys householder insurance, after the mandatory homeowner insurance as a prerequisite for the bank house loan. Even more shocking, most insured will not have fire or homeowner after settling the housing loan. What more to say the householder insurance.
The question of why the owner does not purchase householder policy? isn’t the fault of the intermediary or the house owner. Let us find out.
Most agents after hearing the owner had a housing loan with the bank. The agent applies the hand brake. Why not cross-selling for the householder product to the insured, beside the car insurance?
I had a corporate client called me one day, ” Mr. Jamin, would you come over to my residence to discuss the householder policy?” Initially, I was a bit reluctant to affirm the yes answer. After he gave a few calls me.
” Mr. Robert, let us make on this Saturday evening at your home,” I confirmed it. After a long thought, I gave in to him, as his factory insured Marine open cover with a yearly sum insured valued more than US$ 80 million plus with plus or minus 5. Besides he also insured with me ten types of factory policies namely, fire, business interruption on machinery breakdown, Consequential loss, Money in transit and in premises, public liability, product liability, Group personal accident, employer benefit, burglary, and fidelity guarantee.
On my arrival, the maid invited me into their mansion with an outdoor Olympic size swimming pool.
“Mr. Jamin, please be seated, my boss called her an hour ago the flight from a neighbor capital delay by 30 minutes. Would you like to a have a coffee or tea, sir?” she continued ” If you are feeling a bit boring, I ask 3 gardeners to accompany around to see the flower and our own organic vegetable plot. Please make it into your home.”
The insured arrived home 15 minutes pasted 6.pm.
The couple said sorry profusely for the 30 minutes late.” The factory has an unexpected crisis crop out. We settle immediately but too late to catch the last flight home last night. All morning seats fully booked due to the weekend.”
The insured felt the previous agent did not have an in-depth knowledge of insurance matter. The agent had lumped all the content of 2 million dollars in one sentence.
Determine householder sum insured
Let us go from 3 mains halls, 2 dining room plus 12 bedrooms and a wine chiller room and a bar counter with a display showcase of various brandy. Kitchen and customised make pet kennel that keeping 12 guards and fury small dogs taking care one pet lover maid. She daily bath and brush their teeth with dog toothpaste.
The insured’s wife loves crystal light. She went to Austria to sort out 3 Swarovski crystals light. The 3 chandelier elegantly displayed at the 3 main halls Valued US$300 000.00. It is not part of the fixed and fitting as the crystal can be stolen or removed easily. 3 pure Italy leather cool and comfortable sofa set valued US$ 150 000.00.
The 2 teak wood antique dining table match with 10 seats valued for US$100 000.00. Two giant wall mirrors decorated with seashell by one the famed best Indonesian craftsman valued at US$25 000.00.
The French wine stocked in the chiller room valued for US$50 000.00. The owner loves wine, often drink with 4 children during happy occasions and festive season.
He often entertained his close relative and friend at the bar counter. The display set neatly arranged row by row with antique brandy. A few bottles with a more than 100 years lifespan so valued at US$100 000.00. A customised completed set Italy coffee maker from grinding to the fresh aromatic coffee bean to the flow of a cup of self-home make Italy cuppa valued for US$30 000.00
A pet kernel specially builds for the 12 dogs, as dog help to reduced working stress for a jet traveler manufacturer like him. A monthly visit by a veteran doctor gives the dogs for the pet health and wellness. 2 guard dogs insured for US$5000.00 and those small toy dogs valued for US$10 000.00. The customised make order kernel valued for US$25 000 installed 4 units of air-conditioned.
The owner master bedroom and 4 children bedrooms with Myanmar teak wood valued for US$100 000.00. The 7 visitors ‘ bedroom with valued for US$10 000.00 each.
One of the sons who were previously a professional photographer attached to National Geography. He treated his camera set like his own life. Besides, working as a wedding planner, he loves landscape and micro photography. He had left his footprint on all the seven continents. Insured his Canon set of the camera with its accessories for US$100 000.00 with All risk with theft by deception extension clause.
The designed kitchen cabinet and cutlery and cooking utensil and electrical appliances insured for US$100 000.00
Being a business person, his wife and two daughters often go with him to attend an important function. Lady often dresses to kill, is not an exception for them too. Their jewelry, necklace and diamond ring insured for US$300 000.00
Rolex watch is an everlasting asset; it appreciates its value over time. The filthy rich like to keep it as an investment, likewise is the same for Mr. Robert. The whole family goes on a winter holiday to Swiss Alps for ice-skating is an annual affair. Bit by bit the accumulation of watches so valued at US$300 000.00
The wall painting, laptop, TV, CCTV, karaoke, and the sound system, mobile handphone insured US$35 000.00 only. I added a full theft policy for the insured. The policy issued joint name stating the couple as the insured.
A beautiful Sunday morning, after having our family breakfast at a local cafe, I received a call. The panic maid called me informing, two robbers burgled the family. Mr. & Mrs. Robert hospitalized in a private one. I rushed to meet them.
On seeing all the children was too there. I advised the elder son to make a police report. The coma wife was still in the ICU. Mr. Robert narrated to me the occurrence of the event took place just before the youngest daughter arriving home with at 3.00 a.m.
I heard the dogs baked fiercely, excluding the 2 guard dogs. The servant quarter was quite a distance away. The alarm was silence too. The couple woke up by the dog barking.
Two young lads clad in helmet dashed into the main hall with two chisels.
“Money” they yelled at them.
“We don’t have much money at home, take whatsoever you want.” this statement might be had provoked one of the robbers. One briskly slain the man, he used his bare hand to protect him. The panic wife started to scream for help.
” Hel…….p, Hel………P.” she blasted out. The fresh blood oozed out from her stomach. The robber had stabbed her in the abdomen. One seeing the children rushed out to their parent rescue. The robber went off empty hand.
The robbers poisoned the guard dogs and tied up 7 servants respectively in their quarter.
Mrs. Robert breathed her last after 10 days in the ICU due to infection. She was a diabetic. How much is the insurer liable for her death? Does the insurer pay the couple her medical expenses?
Compensation for the death of insured under householder policy.
What is the main point of consideration?
- A forcible and visible of entry by the robbers burgled into your home.
- The insurer pays for the death of the person if he or she died within 90 days caused by the thieves or fire.
- If more than one person involved, prorate rate for compensation shall apply.
- The corporation is not entitled to this benefit Unless a person is nominated for signing up the proposal form.
The liability for this benefit is one half of sum insured on Contents or whichever is less. The lesser amount shall apply.
Claim for Compensation of Death
Dear reader, let us crack our brain, how much is the compensation of the death in this case? Learning together is fun. I would really appreciate your comments in the comment box below. Don’t worry your email address should not be published in the comment box.
Answer for Compensation of Death benefits
What is the final total of this claim here? There are only two answers here. The full policy wording on Compensation for death is as below.
Compensation for Death
What is covered?
- You are covered against fatal injury (death) occurring in the Private Dwelling House due to external or visible violence caused by thieves or by fire, if the death occurs within three (3) calendar months of such injury.
- If there are more than one (1) named insured, we will be liable for a prorate proportion of the compensation.
- For a Corporation, You must nominate a person or persons and lodge their name(s) with us.
- The limit of liability of this benefit is the sum specified on the Schedule or one-half of the Total Sum Insured on Contents, whichever is lesser.
As usual, I would love to hear any thoughts or questions that you have in the comments section below.
Email me at email@example.com.