Terri Sheer Claim

Discussion in 'Property Management' started by hash_investor, 31st Jan, 2017.

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  1. hash_investor

    hash_investor Well-Known Member

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    Hello everyone,

    I am talking to Terri Sheer at the moment regarding a broken lease and loss of rental income claim. They have finalised the claim and will be paying me soon hopefully. So all good on there but I was wondering why do they need contact details of the outgoing tenant. They said they need it for "recovery".

    Now what does that exactly mean? Are they going to chase the guy for this money after paying me out? Or will sell his details to a collections company?

    Cheers,
     
  2. Marg4000

    Marg4000 Well-Known Member

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    Any insurer has the right to pursue recovery after paying a claim. You will probably find that you are required to cooperate by supplying any information you have about the defaulting tenant and/or person responsible for the claim.

    And yes, if possible, the insurer will chase the tenant for reimbursement. They may also sell the debt. All legal.
    Marg
     
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  3. mikey7

    mikey7 Well-Known Member

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    Exactly the same as a car accident. You need to provide the details of the person responsible for the accident.
    Your insuarance then chases up the money from their insurance, or them personally.
     
  4. D.T.

    D.T. Specialist Property Manager Business Member

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    The insurer will pay you out using their revenue they get from peoples premiums. They then try to seek to reimburse themselves from the tenant. Obviously the better they are at that, the more profitable they are; but that requires all the information you can provide.
     
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  5. Marg4000

    Marg4000 Well-Known Member

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    And the better they are the less chance of premium rises.
    It's a business, and if claims blow out then premiums will rise even more.
    Marg
     
  6. dabbler

    dabbler Well-Known Member

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    They go after the tenant to recover the money if possible, same thing you would be doing if not insured, you would not just let them get away with it.
     
  7. 8650

    8650 Well-Known Member

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    As everyone has else said they will chase the tenants for the outstanding monies that they owe against the property
     

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