This is the letter I received after sending a somewhat rude email to them about refusing me a refund on the $1700 premium I paid for production insurance. To keep it short, I had to cancel the two week production for my thesis film and have spent the last few days trying to get some of my money back. So after receiving this.... no wonder our financial system has gone to hell since its too screwed up for common sense. Enjoy.
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Hi Isaiah,
The reason why we are not able to offer you any sort of partial refund is twofold. The first being that the documents that you signed and returned all state that premium is fully earned and cannot be cancelled. While this can sometimes be ignored for a policy that has not been in effect, this was not the case. You did use the policy, even if for one day.
The other reason is the number of days you purchased. The minimum premiums cover a production for 1-15 days. Your policy included 14 days of coverage. Whether you had purchased a 1 day policy or a 14 day policy, with the coverage options you selected, the price would have been the same. If you had purchased a policy that was above the minimum block (15 days) we could of gone to the underwriters and explained the situation and possibly gotten you a refund of the difference.
However, this was not the case. You purchased a policy that had minimum coverage dates and used the policy for at least one of those days. Therefore we are unable to provide you with any sort of partial refund. We are an independent broker, not the underwriting company. We made about a very low amount of money on your policy. Around $150, which is definitely not enough to make it worth losing your business, but you have to understand that there is nothing that we are able to do because of the reasoning above.
I am sorry for the disheartening response and if there were something that I would be able to do to ensure your satisfaction, I definitely would. Unfortunately, my hands are tied. I hope that you can understand that, given the explanation above.
Please address any questions to me and I will ensure that they are answered promptly.
Eric Moody
Frankel & Associates
9233 W. Pico Blvd. #226
Los Angeles, CA 90035
Phone: 800-696-3023
Fax: 310-887-1758
eric@frankelinsurance.com