When an Auckland-based Finance Company were obliged to repossess a 15 metre pleasure cruiser, they wisely took out a comprehensive marine insurance policy with the advice of one of New Zealand’s leading insurance brokers.
However when the vessel suffered damage whilst in transit, the insurers employed various legal arguments to refuse pay the claim. The original broker was unable to persuade the Insurers to make any offer to settle the claim.
Over two years later, after much legal wrangling, Stamford were asked to carry out a comprehensive review of the claim – it soon became clear that the legal arguments used by the insurers to turn down the claim were flawed and within a couple of months, the insurers and the original broker reached a comprehensive settlement with the client. The claim was paid in full with interest and costs.
Once again Stamford’s expertise and commitment to service had brought about a successful result for their client.