Financial Today
An insurance contract only insures property that the insurance company is advised of at the time that the insurance is purchased.
The Insured sought indemnity under a property insurance policy. The Insured and the Insurer disagreed on whether various provisions of the policy and a Statement of Values signed by the Insured, but not expressly incorporated into the policy, limited the recovery of the Insured. The Insured sought a declaration that it was owed the unpaid balance of its claim.
The Insured filled out the Statement of Values after it had already applied for insurance. Effectively, the Statement of Values assigned value to the property insured by the policy. The Insurer sought to limit its liability to the Insured based on this Statement of Values. Ultimately, the Court found that the Statement of Values was not part of the contract and therefore, the Insurer’s liability to the Insured would be determined by reference to the policy. In the result, the Insured was successful.
A girlfriend is not a spouse or dependent under an automobile policy.
A Girlfriend of insured is not spouse or dependent for purposes of unidentified driver provisions of an insurance policy.
Pepe v. State Farm Mutual Automobile Insurance Co., [2010] O.J. No. 2138, May 20, 2010, Ontario Superior Court of Justice, D.A.
Bank of America to Eliminate Overdraft Fees
A recent proposal by the Federal Reserve Board would prevent lenders from automatically issuing overdraft fees when consumers surpass their debit limits.
One commercial bank is echoing this effort by eliminating overdraft fees on debit accounts this summer. According to a recent announcement, Bank of America customers will only be able to make transactions if they have enough money in their account. The company currently charges $35 for those who overextend their debit cards.
The bank’s Overdraft Protection plan will allow consumers to use another form of payment or funds from their savings or other accounts to cover purchases. Consumers will also be warned at ATMs if withdrawing a certain amount of cash would overdraft their account.
Inaccurate statements about insurance coverage made by an insurance adjuster may create a claim for negligent misrepresentation.
An action by a homeowner (“Cole”) against her insurer (“Aviva”) was allowed in part where Cole was entitled to damages resulting from the failed sale of her property based on misrepresentations by the insurance adjuster that her property was being completely cleaned up.
Cole v. Aviva Insurance Co. of Canada, [2010] N.J. No. 149, April 21, 2010, Newfoundland and Labrador Supreme Court – Trial Division, R.M. Hall J.
Cole’s claim against Aviva arose out of the leakage of furnace oil from an oil tank that was located outside the residential dwelling house of Cole but within the boundaries of her lot. When Cole discovered the oil leak, she contacted Aviva which engaged Mr.
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