Legal Question in Insurance Law in New York
still waiting for holdback money
I posted on here about a month or so ago about our holdback money for a fire claim we have open. We are still waiting. I have a few questions.
1. We have sent a copy of the checks that shows we used the money we have received thus far from the insurance company. The settlement statement shows that we have a morgage for the rest of the amount it cost us to purchase this property. Do we have to send a copy of the morgage note to the insurance company? This is personal information and I see no reason that they need to know this. All they need to know is that we spent the required amount (which we spent well over) we used the money we have received so far from the insurance (which we did) and that the house appraised for that amount or more. What reason would they have to know the details of our morgage.
2. We sold our exsisting property for $7,000 and now he wants all the details of that. The insurance company did not insure our land and that is what we sold the property for the value of the land. Can they say they are going to deduct that from our holdback check? Also they are requesting a copy of a canceled check for the rest of the funds. These funds were electronically filed from our lending institution, we never saw or touch.
2 Answers from Attorneys
Re: still waiting for holdback money
If the mortgagee is named on the policy, all that is needed is the mortgagee's consent to the payment. Nothing more is needed; nothing less will do. If the mortgagee is not named on the policy, then the insurance company is (no surprise) pulling a hold up.
You should put the claim in suit at one. The longer you wait to sue, the longer it will take to get paid.
BTW, I handle this sort of thing for a living. Just go ahead and google "Anderson Kill" and you'll get an idea.
Re: still waiting for holdback money
If the mortgagee is named on the policy, all that is needed is the mortgagee's consent to the payment. Nothing more is needed; nothing less will do. If the mortgagee is not named on the policy, then the insurance company is (no surprise) pulling a hold up.
You should put the claim in suit at once. The longer you wait to sue, the longer it will take to get paid.
BTW, I handle this sort of thing for a living. Just go ahead and google "Anderson Kill" and you'll get an idea.
Related Questions & Answers
-
LIfe Insuance my husband died in 1994. His mother recently passed away and left... Asked 9/27/07, 10:41 pm in United States New York Insurance Law
-
Bodily injury litigation How do calculate legal fees? Asked 9/18/07, 9:24 am in United States New York Insurance Law
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
