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BartEsq
BartEsq, Researcher
Category: Business Law
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Experience:  Juris Doctor
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Hello, I made a purchase from a supplier in the amount of

Customer Question

Hello,

I made a purchase from a supplier in the amount of $25,000 for 10 pallets of closeout merchandise.
I had it trucked over to me, and insured it for $50,000 as its actual wholesale value was 200k plus. The merchandise was stolen in transit and I am now in the midst of an insurance claim. The insurance company wants to only pay $25k, as that is the actual dollar amount I paid. I however, want them to pay 50k being that the value is way more and that's what I insured it for! When I asked them to quote which policy clause they were making that decision under, they quoted

""""VALUATION
A. Valued at invoice value (premium included), including all charges in the invoice and including prepaid and/or
guaranteed and/or advanced freight, if any; or
B. in the absence of an invoice, goods shall be valued at the actual cash value at destination on the date of shipment,
but in the event of loss, less any charges saved which would have become payable upon delivery at destination. """""


HOWEVER, there was NO actual invoice between me and my supplier, rather he sent me a 'proforma-invoice' before I wired him payment for the goods. I want to claim that a Pro-forma invoice should not be a sufficient 'invoice' according to their policy, and therefore the 'valuation' should be done under 'B' and Insurance should pay me the full amount that I insured it for.

Can you tell me if I am right?

Thanks.
Submitted: 2 years ago.
Category: Business Law
Expert:  BartEsq replied 2 years ago.

bart0358 :

Hello, I'm researching your answer now.

Customer :

Thank you. Is this chat viewable by other people?

bart0358 :

This is a quite common scenario when dealing with insurance companies. They are trying to mitigate whatever they have to pay out, and the claimant is attempting to recover the maximum amount.

bart0358 :

Not as were speaking, but it will be in a public forum at some point.

bart0358 :

Considering the amount of money that is involved, you may even want to consider hiring a were to negotiate with the insurance company.

bart0358 :

Considering the amount of the claim, they're going to try and limit their liability to the utmost.

Customer :

Did you mean *lawyer

bart0358 :

yes

bart0358 :

If you try to negotiate this on your own, I'm willing to bet you're going to get the runaround.

Customer :

Ok, do you have any actual insight on my question?

bart0358 :

Not to mention, they will try and interpret your coverage contract in their best interest every time.

bart0358 :

It comes down to dollars and cents. And the language of the coverage contract which can be manipulated by anyone with legal training.

bart0358 :

Under your circumstances, I think you got a strong argument.

Customer :

Ok. Thank you.

bart0358 :

But realistically, you are unrepresented, and they have lawyers to help interpret and write their contracts to mitigate their payout.

bart0358 :

If you try to do this on your own, I'm not sure how far you will get. If the possibility of going to court is presented to them, even by hiring a lawyer to negotiate your side of the story, they will have more of an incentive to settle as opposed to having a long drawnout legal battle.

bart0358 :

If I were you, I would hire a lawyer to help negotiate a settlement so they know you're willing to fight for your claim and not just accept their interpretation of the contract and how they wish to settle your claim.

bart0358 :

I hope this helps, let me know if you need anything else. Please remember to accept if this information is useful so I can get credit for my work.

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