Business Law

Ask a Business Lawyer. Get Business Law Questions Answered ASAP.

Ask a Lawyer,
Get an Answer ASAP!

Business Law

Hello, I made a purchase from a supplier in the amount of

Customer Question
Hello, I made a purchase from...
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: 5 years ago.Category: Business Law
Show More
Show Less
Ask Your Own Business Law Question
Answered in 2 minutes by:
4/3/2012
Business Lawyer: BartEsq, Researcher replied 5 years ago
BartEsq
BartEsq, Researcher
Category: Business Law
Satisfied Customers: 1,506
Experience: Juris Doctor
Verified

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.

Ask Your Own Business Law Question
Ask BartEsq Your Own Question
BartEsq
BartEsq
BartEsq, Researcher
Category: Business Law
Satisfied Customers: 1,506
1,506 Satisfied Customers
Experience: Juris Doctor

BartEsq is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises!

Gary B.Edmond, OK

My Expert was fast and seemed to have the answer to my taser question at the tips of her fingers. Communication was excellent. I left feeling confident in her answer.

EricRedwood City, CA

I am very pleased with JustAnswer as a place to go for divorce or criminal law knowledge and insight.

MichaelWichita, KS

PaulMJD helped me with questions I had regarding an urgent legal matter. His answers were excellent.

Three H.Houston, TX

Anne was extremely helpful. Her information put me in the right direction for action that kept me legal, possible saving me a ton of money in the future. Thank you again, Anne!!

ElaineAtlanta, GA

It worked great. I had the facts and I presented them to my ex-landlord and she folded and returned my deposit. The 50 bucks I spent with you solved my problem.

TonyApopka, FL

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

< Previous | Next >

Meet the Experts:

Infolawyer

Infolawyer

Attorney

1,793 satisfied customers

Experienced lawyer

Dimitry K., Esq.

Dimitry K., Esq.

Attorney

1,611 satisfied customers

Run my own successful business/contract law practice.

MShore Law

MShore Law

Attorney

1,233 satisfied customers

Drafted Negotiated and/or Reviewed Thousands of Commercial Agreements

RGMacEsq

RGMacEsq

Attorney

742 satisfied customers

Licensed Texas General Practice Attorney

Barrister

Barrister

Attorney

640 satisfied customers

17 years practicing attorney, JD, BA, MBA

Ely

Ely

Attorney

564 satisfied customers

Counselor at Law.

J.Hazelbaker

J.Hazelbaker

Attorney

393 satisfied customers

Experienced and trained in the area of business law.

< Previous | Next >

Related Business Law Questions
When you perrenthsiaround something on a contract, Im a
When you perrenthsiaround something on a contract , Im a contractor and I did that on a color that I was using for the Travertine patio I installed for a customer Now there taking me to court over the… read more
Law Pro
Law Pro
Doctoral Degree
19,000 satisfied customers
I need a simple contract to define a business relationship
I need a simple contract to define a business relationship between a consultant and our company. Essentialy the consultant is willing to work for a % of ownership in lieu of payment. I need a contract… read more
NYLAWLADY
NYLAWLADY
attorney solo practice nyc
Doctoral Degree
685 satisfied customers
A settlement has been reached between the parties. The party
a settlement has been reached between the parties. The party to whom the payment was to be made, did not submit W9 info for some time, thinking it was not necessary. For how long after reaching the se… read more
RGMacEsq
RGMacEsq
Attorney
Doctoral Degree
742 satisfied customers
This in continuation to the lawsuit of breach of contract.
Hi, this in continuation to the lawsuit of breach of contract. There is no contract and they have answered our motion to dismiss the claims and indicated that our statue of frauds reason on our dismis… read more
Brandon M.
Brandon M.
Attorney at Law
Juris Doctorate
12,463 satisfied customers
Regarding terminating a business contract with a billing
Regarding terminating a business contract with a billing company that processes our billing. Both I and my partner signed contract as required by our Operating Agreement for the business . The billing… read more
LegalGems
LegalGems
Juris Doctorate
10,196 satisfied customers
In Wisconsin, if a Contract does not contain an limited
In Wisconsin, if a Contract does not contain an limited liability company's address, registered company name and either the initials "LLC" or "Limited Liability Company" or any indication it is a limi… read more
Damien Bosco
Damien Bosco
2,998 satisfied customers
I need a review of a contract for services. This is the
I need a review of a contract for services. This is the final draft of a contract for environmental cleanup from an underground fuel tank that was removed from a site we bought. This company did the r… read more
PaulmoJD
PaulmoJD
Attorney At Law
Doctoral Degree
106 satisfied customers
DOES THE FACT THAT A FLORIDA SETTLEMENT AGREEMENT WHICH
DOES THE FACT THAT A FLORIDA SETTLEMENT AGREEMENT WHICH LACKS A WAIVER OF CALIFORNIA CIVIL CODE § 1542 INVALIDATE THE RELEASE WITH THE CALIFORNIA PARTY IN A FLORIDA STATE COURT PROCEEDING?… read more
Ray
Ray
Lawyer
Doctoral Degree
30,244 satisfied customers
Question about business/contract law breach of contract and
question about business/contract law breach of contract and file a complaint I like to consult with an attorney preferably from ILLINOIS… read more
Damien Bosco
Damien Bosco
2,998 satisfied customers
I am going to file the motion to amend settlement agreement
I am going to file the motion to amend settlement agreement since the original agreement which was made in the Court had one article said that the number of principal balance needs to be negotiated du… read more
Ray
Ray
Lawyer
Doctoral Degree
30,244 satisfied customers
Contract I'm being contracted by a divorce attorney to
ContractI'm being contracted by a divorce attorney to provide accounting work in a case. Do you have samples of contracts that I can use to send to the attorney? It is mainly to protect any emails or … read more
Legal Eagle
Legal Eagle
Attorney
Doctoral Degree
5,946 satisfied customers
In a divorce settlement, the my former wife kept the house
In a divorce settlement, the my former wife kept the house and I remained on the deed in order to secure the mortgage. If the house ever sold, part of the agreement was that 20% of the sales proceeds … read more
Ely
Ely
Attorney
Juris Doctor
564 satisfied customers
I received an email from and Pham looking for a settlement
I received an email from Johnson and Pham looking for a settlement for items I sold on eBay (P90X dvd). According to them, they suit me. They are suiting from California and I live in Texas.… read more
Richard - Bizlaw
Richard - Bizlaw
Juris Doctor
3,685 satisfied customers
I have a default judgement on a settlement agreement that
i have a default judgement on a settlement agreement that was 50% paid. In a separate case for the same debt he is sewing my girlfriend for fraudulent conveyance. My question is if i pay him on the de… read more
Thelawman2
Thelawman2
Doctoral Degree
1,240 satisfied customers
In 2008 i entered into a settlement agreement for 225k. I
in 2008 i entered into a settlement agreement for 225k. I managed to pay 110k and a default was entered against me. in the renewal of judgment he states that he go 1300 bucks in connection withe the j… read more
Infolawyer
Infolawyer
Attorney
Doctoral Degree
1,793 satisfied customers
Second opinion] I just received as plaintiff a Settlement
Second opinion] I just received as plaintiff a Settlement and Release agreement from a company, a Bank in PA, to sign for a substantial amount of money to be rewarded to me. The case was Complaint, co… read more
Legal Eagle
Legal Eagle
Attorney
Doctoral Degree
5,946 satisfied customers
I just received as plaintiff a Settlement and Release
I just received as plaintiff a Settlement and Release agreement from a company, a Bank in PA, to sign for a substantial amount of money to be rewarded to me. The case was Complaint, contract other unf… read more
RGMacEsq
RGMacEsq
Attorney
Doctoral Degree
742 satisfied customers
Product liability: Tobacco Master Settlement Agreement
product liability: Tobacco Master Settlement Agreement (MSA). How does one join a settlement group in a state?… read more
PaulmoJD
PaulmoJD
Attorney At Law
Doctoral Degree
106 satisfied customers

DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

Show MoreShow Less

Ask Your Question

x