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Signing a Release for Payment of a Homeowner's Insurance Claim

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  • 05-14-2014, 06:30 AM
    Jester One
    Signing a Release for Payment of a Homeowner's Insurance Claim
    My question involves insurance law for the state of: Georgia

    We have had termite damage to our home. The insurance agency for the termite company is going to cover it, but has sent us a release form to sign. It's not really clear to us exactly what we are giving up by signing this form. We are looking to find someone that can explain this to us and answer a couple of questions - hopefully for a reasonable cost. How do we do this? Thanks!
  • 05-14-2014, 10:18 PM
    Mr. Knowitall
    Re: Signing a Release for Payment of a Homeowner's Insurance Claim
    Perhaps these resources will be helpful.
  • 05-14-2014, 10:34 PM
    adjusterjack
    Re: Signing a Release for Payment of a Homeowner's Insurance Claim
    Quote:

    Quoting Jester One
    View Post
    My question involves insurance law for the state of: Georgia

    We have had termite damage to our home. The insurance agency for the termite company is going to cover it, but has sent us a release form to sign. It's not really clear to us exactly what we are giving up by signing this form. We are looking to find someone that can explain this to us and answer a couple of questions - hopefully for a reasonable cost. How do we do this? Thanks!



    I spent 35 years in the insurance industry.

    Quote the entire release, word for word, and I'll explain it to you for free.
  • 05-15-2014, 03:17 PM
    Jester One
    Re: Signing a Release for Payment of a Homeowner's Insurance Claim
    Thank you. Before I do, one section concerns me:
    Quote:

    It is understood and agreed that the amount paid in settlement of the claim or claims hereby released is a matter to be held in confidence by us and our attorney and consultants and that they are not to communicate to any person, firm or corporation any information relating to the facts of the within settlement or the amount or amounts paid. * It is further understood and agreed that this provision, commonly known as a "confidentiality clause," is part of the consideration for the within Release, that a breach of this provision is to be considered as a material breach of the entire agreement, and that the terms of this paragraph are contractual and not a recital.
    Is that saying don't tell anyone the amount or don't tell anyone anything?
  • 05-15-2014, 03:32 PM
    adjusterjack
    Re: Signing a Release for Payment of a Homeowner's Insurance Claim
    Quote:

    Quoting Jester One
    View Post
    Thank you. Before I do, one section concerns me:


    Is that saying don't tell anyone the amount or don't tell anyone anything?

    It says "amount" so don't tell anybody the amount.
  • 05-15-2014, 04:33 PM
    Jester One
    Re: Signing a Release for Payment of a Homeowner's Insurance Claim
    This is it with the amount & names removed. Looks like one section at the bottom is duplicated. Don't know why
    Quote:

    FULL AND COMPLETE RELEASE


    KNOW ALL MEN BY THESE PRESENTS, that <owner name>, the owner of <address> (the “property”), for and in consideration of the payment of the sum of <amount of payment> the receipt of which is hereby acknowledged, for us, our heirs, representatives, successors and assigns, do hereby release, acquit, and forever discharge <exterminators name> and <insurance company> and their inspectors, owners, employees, managers, adjusters, representatives, successors, assigns and all other persons, firms, or corporations who can or may be liable for the acts or omissions of pest controllers, of and from any and all actions, causes of action, (sometimes to include contracts, warranties, guaranties), claims, demands, damages, costs, loss of services, expenses and compensation, on account of, or in any way growing out of any and all work, or known or unknown damages to the Property, including any unknown injuries, damages, loss of use, loss of value, injuries, of whatsoever nature, whether past, present or future, and the results of such injuries and damages, resulting or to result to us as a result of, or as were related to, termite treatments or inspections, or any other work performed or services provided by the pest controllers at the Property from July 2, 2009 through the date of execution of this Release (or the end of time).

    We hereby acknowledge full satisfaction and settlement of all such claims and causes of action and fully understand that neither we, nor our heirs, executors, administrators or assigns can make any further claim against the persons, firms or corporations who are hereby released, or against any person or persons representing them or any of them.

    It is distinctly understood and agreed as follows:* 1) this Release shall act and operate as a Full and Complete Release of any and all persons and entities, whether or not expressly named or described herein, from any and all liability on account of the acts and things above set out; 2) it shall cover all injuries and damages, known or unknown, regardless of whether the injuries or damages are more serious or different than we now know or understand them to be; 3) it shall not be subject to any claim of mistake of fact; 4) this Release expresses a full and complete settlement of all liability claimed and denied (5) regardless of adequacy or inadequacy of the amount paid, it is intended to be final and complete.

    We further represent and warrant that we have not heretofore assigned to any other person or entity all or any portion of any claim whatsoever which we may have or may have had or may claim in the future to have against the persons and entities hereby released, and represent and warrant that we are the sole proper parties to receive the proceeds of the settlement of the aforementioned lawsuit or claim.

    It is further understood and agreed that this settlement is a compromise of doubtful and disputed claims, and that the payment of sums herein mentioned is not to be construed as an admission of liability on the part of the persons, firms and corporations who are hereby released, by whom liability is expressly denied.

    ________Initial _________

    FULL AND COMPLETE RELEASE
    Page 2


    We agree to indemnify and hold harmless the persons and entities hereby released against any loss, costs, damages, liens, expenses (including attorneys' fees), or other liability claimed or imposed upon the persons or entities hereby released, or any of them, by reason of any third person or entity claiming to have an interest in the matters referred to herein, or claiming to be an assignee, subcontractor, or subrogee of any of the claims or causes of action mentioned above, or claiming a right of indemnity against the persons and entities hereby released, or any of them, or claiming to have been damaged as a result of the matters referred to herein.

    We hereby declare and represent that we are of legal age, that in making this Release we relied wholly upon our own judgment, belief and knowledge of the nature, extent and duration of said injuries and damages, and that we have not been influenced to any extent whatever in making this Release by any representations or statements regarding said injuries and damages, or regarding any other matters made by the persons, firms, or corporations who are hereby released, or by any person or persons representing them or any of them.

    It is understood and agreed that the amount paid in settlement of the claim or claims hereby released is a matter to be held in confidence by us and our attorney and consultants and that they are not to communicate to any person, firm or corporation any information relating to the facts of the within settlement or the amount or amounts paid. * It is further understood and agreed that this provision, commonly known as a "confidentiality clause," is part of the consideration for the within Release, that a breach of this provision is to be considered as a material breach of the entire agreement, and that the terms of this paragraph are contractual and not a recital.

    It is further understood and agreed that there is no promise or agreement on the part of the persons, firms and corporations who are hereby released to do or omit to do any act or thing not herein mentioned, that this Release contains the entire agreement between the parties hereto, and that the terms of this Release are contractual and not a mere recital.

    We further state that we either have read the foregoing Release, or have had it read to us, understand the contents thereof, and sign the same as my own free act.

    Signed this ______ day of ________________, 20____


    ____________________________ _________________________________
    William Tuttle Co-owner (if applicable)


    STATE OF ________________, County of ________________ * On this ___ day of* ___________________________, 20____, before me personally appeared _________________________________________to me known to be the persons described herein and who executed the foregoing Release, and acknowledged that they executed the same as their free act and deed.

    SWORN to before me this _____ day of *_________________, 20_____



    My Commission Expires: _________
    WITNESS my hand and seal this ____ day of _______________ 20____








    ________Initial ________
    FULL AND COMPLETE RELEASE
    Page 3

    It is understood and agreed that the amount paid in settlement of the claim or claims hereby released is a matter to be held in confidence by us and our attorney and consultants and that they are not to communicate to any person, firm or corporation any information relating to the facts of the within settlement or the amount or amounts paid. * It is further understood and agreed that this provision, commonly known as a "confidentiality clause," is part of the consideration for the within Release, that a breach of this provision is to be considered as a material breach of the entire agreement, and that the terms of this paragraph are contractual and not a recital.

    It is further understood and agreed that there is no promise or agreement on the part of the persons, firms and corporations who are hereby released to do or omit to do any act or thing not herein mentioned, that this Release contains the entire agreement between the parties hereto, and that the terms of this Release are contractual and not a mere recital.

    We further state that we either have read the foregoing Release, or have had it read to us, understand the contents thereof, and sign the same as my own free act.

    Signed this ______ day of ________________, 20____


    ____________________________ _________________________________
    <owner> Co-owner


    STATE OF ________________, County of ________________ * On this ___ day of* ___________________________, 20____, before me personally appeared _________________________________________to me known to be the persons described herein and who executed the foregoing Release, and acknowledged that they executed the same as their free act and deed.

    SWORN to before me this _____ day of *_________________, 20_____

    _______________________________
    My Commission Expires: _________
    WITNESS my hand and seal this ____ day of _______________ 20____
  • 05-19-2014, 07:34 PM
    Jester One
    Re: Signing a Release for Payment of a Homeowner's Insurance Claim
    Hi -

    Just wondering if you've had a chance to look at the release? Thanks!

    ---Bill
  • 05-20-2014, 05:58 AM
    adjusterjack
    Re: Signing a Release for Payment of a Homeowner's Insurance Claim
    Quote:

    Quoting Jester One
    View Post
    Hi -

    Just wondering if you've had a chance to look at the release? Thanks!

    ---Bill

    That's a very comprehensive release.

    Basically, what it says is, if you sign it today and termites destroy your house tomorrow, you have completely absolved the termite company from any further obligation for anything forever.
  • 05-20-2014, 06:52 AM
    Jester One
    Re: Signing a Release for Payment of a Homeowner's Insurance Claim
    Ok, that was what I was wondering. Seemed like it to me. Makes staying with that termite company rather pointless it would seem. Great, now what.

    Thanks for letting us know.
  • 05-20-2014, 10:00 AM
    adjusterjack
    Re: Signing a Release for Payment of a Homeowner's Insurance Claim
    If you had some sort of warranty or service contract, before you sign the release, ask what happens to it.
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