Brendan Burgess
Founder
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Financial Services Ombudsman, Joe Meade, today on his website (PDF)
gives details of 21 significant findings made in the insurance area in the July/November 2008 period - 11 were upheld and the other 10 rejected. Findings in the banking and other credit institutions area will be published in January 2009.
(Mod's note: I have moved the findings on investments to the investments forum)
Upheld
€325,000 specified illness cover directed to be paid and application of Insurance Company’s ‘loss of independence’ test criticized
Reduction from 50% to 20% in no claims bonus for minor car damage caused by a 70 year old was too harsh; reduced to 5% for one year only
· Reduction from 50% to 20% in no claims bonus for minor car damage caused by a 70 year old was too harsh; reduced to 5% for one year only
· Sale of €20,000 assurance policy did not meet sale guidelines- €5,000 award
· Permanent Health Insurance benefit confusion resolved and €91,000 arrears paid
·
· Personal Accident Benefit definition was not clear - 50% benefit to be paid
· Travel Insurance
o Definition of ‘relative’ / ‘step-parent’; Ombudsman directs 75% refund of €1,100 claim
o Cancellation of holiday due to pre-existing illness merits 50% award of Stg£1,500
Not upheld
· Provider was entitled to alter inpatient only medical insurance cover
· Medical Expenses Insurance and Pre-Existing Condition Waiting Period
gives details of 21 significant findings made in the insurance area in the July/November 2008 period - 11 were upheld and the other 10 rejected. Findings in the banking and other credit institutions area will be published in January 2009.
(Mod's note: I have moved the findings on investments to the investments forum)
Upheld
€325,000 specified illness cover directed to be paid and application of Insurance Company’s ‘loss of independence’ test criticized
Reduction from 50% to 20% in no claims bonus for minor car damage caused by a 70 year old was too harsh; reduced to 5% for one year only
· Reduction from 50% to 20% in no claims bonus for minor car damage caused by a 70 year old was too harsh; reduced to 5% for one year only
· Sale of €20,000 assurance policy did not meet sale guidelines- €5,000 award
· Permanent Health Insurance benefit confusion resolved and €91,000 arrears paid
·
· Personal Accident Benefit definition was not clear - 50% benefit to be paid
· Travel Insurance
o Definition of ‘relative’ / ‘step-parent’; Ombudsman directs 75% refund of €1,100 claim
o Cancellation of holiday due to pre-existing illness merits 50% award of Stg£1,500
Not upheld
· Provider was entitled to alter inpatient only medical insurance cover
· Medical Expenses Insurance and Pre-Existing Condition Waiting Period
- Other private car insurance cover did not extend to commercial vehicles
- Travel insurance
- Loss of money and valuables while mugged on holidays
- Lost baggage complaint and delayed baggage issue