Marine H & M Policy is expired Insurnace company dening to renew the policy?

Question

Subject ship got an accident and under repair. Existing policy is being expired and Insurance compnay denied to renew the same. what remedy is available against the refusal by the Insurance company.

Answer 1

OK, the policy IS expired? Or it is going to be expired? Did the accident happen while coverage was still in force?

I am assuming that you are having an uncovered claim because the renewal did not get paid on time and the policy expired prior to this accident. Am I right? Unfortunately, there is not enough info to answer your question, but if my assumption is correct, then you really have no recourse. You are required to pay AT LEAST a down payment (would have been told to you on your bill) prior to the expiration date to avoid your policy expiring. I am sorry to be the bearer of bad news here.

However, if this claim IS covered and they are non-renewing BECAUSE you had the accident, then that is somewhat of a different story. You still may not have any recourse to get your coverage renewed, because that may just be that companies guideline, however, you did not have an uncovered claim, so be happy. If this is the case, then you should still be able to find a new company. Check with your agent on your options.

Good luck!

Answer 2

You need to read the policy (or at least have your agent explain it) to find out what the exact cancellation language is. Most policies allow the insurance company to non-renew when the original term expires. Some have nice features that will allow you to buy another 6-12 months of coverage; again, read the policy and/or consult your agent to find out what you need to do.

This type of policy is pretty non-standard; each company will have developed their own language.

Answer 3

If an insurer does not wish to renew a policy that is their perogative. You can ask your broker/agent to try and convince them to renew (perhaps coverages/deductibles can be modified), however if the insurer does not wish to renew then your broker/agent will have to place coverage with another insurer. Not being renewed by another insurer will not be looked upon favourably by future insurers, so don't be surprised if you find it difficult to place coverage elsewhere.