Shimon Cohen – Insurance

Insurance : Who Needs It?!

Have you ever looked at your credit card statement or bank account and thought…do I really need all this insurance?

Don’t even think about it!!

The proof, from our claims desk over the past few months:
Claim #1: An innocent leak which was initially wrongly “diagnosed” by the insurance company assessor. The result: the family has to move homes for six weeks. The kitchen floor is being completely uprooted and replaced; the cupboards, walls, etc. will all be refitted or re-plastered to make it as good as new. All this is covered under their home-owners policy. Claim paid: 80,000 shekels.

Claim #2: Our client’s son was engaged to be married (Mazel Tov!) The happy parents-in-law bought their new kallah two beautiful pieces of jewelry. They also requested that they be insured, of course. The company agreed, but we had to issue a new policy to cover the kallah’s house, which did not previously have insurance. You guessed it–a week after the purchase, burglars broke into the kallah’s home, where the jewelry was being kept, and stole the pieces. The feelings were terrible, but at least the policy was in place. Claim paid: 20,000 shekels.

Claim #3: Because of a misunderstanding, our client neglected to pay his car license and his compulsory insurance (bituach chova). His son was driving the car and had an accident. Boruch Hashem there were no injuries, but damage was caused to both vehicles. In this case, since the son had a valid driver’s license, even though the car license and chova weren’t paid, the insurance company paid the damage. (If someone would have been injured, the lack of compulsory insurance/bituach chova would have been critical – so don’t ever try this!) Claim paid: 10,000 shekels.

Claim #4: Believe it or not, this happened to your own insurance agent – Egert and Cohen!
Two weeks ago, we came to our office only to find that we had been attacked by internet pirates. All our thousands of files had been corrupted, and the “pirates” demanded a “ransom” of $500 to unlock them. After hours of consultation with fellow sufferers and internet security experts, we were told to pay up! What followed was a long process of checking that the “clear” files didn’t contain another virus and shouting at our back-up company for not informing us that our automatic daily back-up had itself had a virus and that we had “lost” nearly 3 weeks of data, scanning etc.
Eventually everything came back, and we are counting the cost in terms of time lost. Thankfully, we had a policy to cover this (called cyber insurance). Claim paid: Still in the process.
Claim #5: One of our client’s daughters has a rare condition that might require surgery overseas. The first stage is to fly her to Europe for a consultation with a surgeon. The family bought supplementary medical insurance a few years ago. Claim paid (to date): $4,000 for the initial consultation.
Claim #6: This does not have a happy ending! A group of madrichim on their way to a summer camp in Europe left two laptops and a briefcase with $24,000 (!) in a parked car in Madrid. The windshield was smashed and the car’s contents stolen. They did have baggage insurance, but this obviously excludes the cash. Regarding the laptops, it is also problematic, as anything stolen from a car is only covered for a much lower amount. The result: $750 for the luggage and a further $1,000 that we managed to get ex-gratia (lifnim meshurat hadin). Better than nothing, but not nearly enough.
Moral of the story – insurance gives you the peace of mind to withstand some of the big and small challenges of life–so, pay up… and smile!!


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