Posted: Mon Oct 25, 2004 11:59 am
I am having an argument with a claims adjuster regarding the application of the deductible on the CR0001 10-90 fEmployee Dishonesty Coverage Form. Here are the specifics. The Insured has a $100,000 limit with a $1000 deductible. The recent claim resulted in a total loss of $150,000, however the adjuster has only paid $99000. When I questioned why, he advised that in crime coverage the deductible is not "absorbed". Huh? When I read the form, it clearly states "We will then pay the amount of loss in excess of the Deductible Amount, up to the Limit of Insurance".
To me this says we will be the amount of loss in excess of the deductible which would be $149,000. Since this is over the limit of coverage, I expect them to pay the full $100,000. So, am I crazy or what?
To me this says we will be the amount of loss in excess of the deductible which would be $149,000. Since this is over the limit of coverage, I expect them to pay the full $100,000. So, am I crazy or what?